The Institute of Internal Auditors is calling on the Group of Twenty nations to further strengthen its support of effective organizational governance worldwide. In a letter to G20 Secretary-General Dr. Fahad bin Abdullah Toonsi, The IIA urges the G20 to reinforce the basic elements of governance as described in the […]
The Securities and Exchange Commission today announced charges against technology company HP, Inc. for misleading investors by failing to disclose the impact of sales practices undertaken in an effort to meet quarterly sales and earnings targets. HP has agreed to pay $6 million to settle the charges. According to the SEC, […]
The Securities and Exchange Commission today announced settled charges against Manitex International, Inc., a Bridgeview, Illinois manufacturer and distributor of cranes, forklifts, and heavy equipment, and three of its former senior executives for two accounting fraud schemes that resulted in the issuance of materially misstated financial statements. According to the […]
The Securities and Exchange Commission and Fiat Chrysler Automobiles N.V., a London-based public company that sells vehicles through its Michigan-based subsidiary, agreed to settle charges that Fiat made misleading disclosures about an internal audit of its emissions control systems, according to a SEC press release. The SEC found that in […]
The Securities and Exchange Commission has accused Evolution Lighting Technologies Inc. of committing accounting fraud and falsely inflating its reported revenues over a four-year period. The SEC announced the charges against the Connecticut-based company in a statement released this week. Four Revolution Lighting executives—CEO Robert LaPenta, former CFO James DePalma, […]
As the saying goes, “you can’t make an omelet without breaking a few eggs.” It’s likely an expression internal auditors have heard or even used themselves to characterize the tension that can result from auditing a particular function or process. The role of internal audit is to provide independent assurance […]
Canadian bank Scotiabank will pay $127 million to the Department of Justice to settle charges manipulating prices of precious metals. Four traders at the bank allegedly manipulated thousands of orders for precious metals futures contracts over an eight-year period. The bank was also charged with making false statements and incomplete […]
When asked to reflect on the COVID-19 pandemic during on a recent interview on CNBC, Salesforce CEO Marc Benioff remarked, “the business of business can no longer just be business.” Rather, he said, it must be to improve the state of the entire world. What might have been a controversial […]
An internal audit found “woefully lax” security in the Central Intelligence Agency’s hacking unit which led to the theft and leak of top-secret hacking tools in 2016. The stolen information was leaked by an employee and released by WikiLeaks in 2017, a disclosure totaling about 8,000 pages with details about […]
Collapsed British construction giant Carillion PLC lost a bid to get access to KPMG audit workpapers in preparation for a £250 million ($314 million) lawsuit against the accounting firm for negligence. The failed construction company, which entered into liquidation in 2018, is seeking to sue KPMG LLP and KPMG Audit […]
