Regulators said they won’t immediately crack down on financial institutions once a new anti-money laundering rule takes effect next month. The rule requires financial institutions to identify the true owners of companies when they open bank accounts. It will get a light enforcement touch in the early days after the Read More
Many audit committees, boards and management teams now expect internal audit to advise management on key issues, anticipate risks, and be more forward looking. “As new businesses are created and old ones spun off, processes evolve, technologies are adopted, and regulatory demands fluctuate, the internal audit function must develop new Read More
Blockchain has recently become a topic of major concern to internal auditors. And while there is a lot of hype around blockchain, many internal auditors are just starting to ask basic questions: What is it? What can it do? How can it be used? Is it really as unhackable as Read More
Proxy advisory firms Institutional Shareholder Services and Glass Lewis are urging the shareholders of General Electric Co. to vote against keeping accounting firm KPMG. There are “concerns about GE’s previously-undisclosed liabilities and accounting practices,” noted ISS in a report on the subject. KPMG has served as GE’s auditor for 109 Read More
The Securities and Exchange Commission took aim at two compliance officers at a broker-dealer, alleging that they aided and abetted the brokerage’s failure to file reports on suspicious transactions. Aegis Capital Corp. failed to file reports on hundreds of transactions that were potentially related to the market manipulation of low-priced Read More
The newest release from the Internal Audit Foundation to support high-quality internal audit service delivery is now available. Applying the International Professional Practices Framework (IPPF), addresses the many changes included in the latest version of IPPF, such as a new mission state and the addition of a maturity model and Read More
Internal audits are becoming increasingly complex. A heavy toll is being demanded by outsourcing, the constant emphasis on controlling costs, the impact of IT, the pursuit of efficiency, the need to find and retain top talent, and changing legislation. Good personnel, with up-to-date knowledge of information security, IT compliance, and Read More
The Center for Audit Quality is offering some guidance to audit committees on how to ensure that senior management is ready to adopt the new lease accounting standards that take effect at the start of next year. Preparing for the Leases Accounting Standard: A Tool for Audit Committees is designed Read More
The city of Atlanta’s internal audit function warned city officials of various cybersecurity vulnerabilities months before a recent ransomware cyberattack that has crippled its IT systems. An internal report detailed how Atlanta’s IT systems could easily come under attack if they weren’t fixed immediately, an internal audit obtained by the CBS Read More
As we contemplate trust and transparency in business against the backdrop of unethical sales practices events over the last year—think Wells Fargo—and the need to prioritize customers’ needs and expectations over the sales journey, the various customer touch points along the value chain come to mind. For many companies, moments Read More
