Recent corporate scandals linked to problematic company cultures have led directors to look for ways to better monitor corporate culture, while trying to understand potential cultural risks and address problems before they get out of control. By treating culture risk as part of an integrated process of oversight that addresses Read More
Paint maker PPG Industries has fired its controller and reassigned employees after it found accounting errors mounting into the millions of dollars and said its investigation into alleged violations of its accounting policies continues. PPG said that errors pertained to the first quarter and would result in a $7.8 million Read More
Symantec investors are turning on the cyber-security company after it revealed its board’s audit committee will be conducting an internal audit investigation. Shares are down more than 35 percent, and on track to post their worst day since the tech bubble burst in 2001. The internal audit investigation was reportedly Read More
As an investigation continues into a scandal involving a failed incentive plan to encourage homeowners in Northern Ireland to adopt renewable energy, an internal auditor is taking a measure of responsibility. Elaine Dolan, former senior auditor of Northern Ireland’s Department of Enterprise, Trade, and Investment (DETI), which administered the Renewable Read More
Former athletic director Mark Hollis and his staff failed for years to fix lax financial oversight in Michigan State University’s athletic department, according to internal audits that reported some of the same problems year after year. An MSU spokeswoman said auditors found no evidence of fraud and the audits mention Read More
China is drafting new rules to rein in businesses offering multiple financial services after runaway growth in recent years has left regulators without a firm handle on their risks to the economy. Officials at China’s central bank are preparing to roll out new rules to bring risk management and capital Read More
Risk and internal audit expert Norman Marks recently expounded on the idea of what are the attributes of a great risk officer. “While for some situations, especially where a key decision is needed and multiple possibilities (and multiple effects) need to be carefully analyzed, quant methods such as modeling and Read More
The Institute of Internal Auditors’ (IIA) 2018 International Conference in Dubai, United Arab Emirates, begins today with a program that will address highly topical, global issues impacting the internal audit profession. The internal audit conference is estimated to be the largest gathering of internal auditors ever. The conference will take Read More
Due to a bug discovered during an internal audit, social media company Twitter is recommending users change their passwords. An audit found that passwords were being stored in plaintext before an encryption process took place to secure the passwords on internal files. The company has fixed the bug, but is Read More
An internal audit has found extensive mismanagement within the budget-challenged Washington State athletic department, including the possible inflation of home football attendance figures and the improper distribution of free tickets to football games. “The environment within Athletics … did not support a culture of compliance or fiscal responsibility,” according to Read More
