A new report from Transparency International finds that corruption levels have increased around the world, including in some of the countries that have typically scored well, such as Canada, Australia, and the United States. Indeed, among the top 25 least corrupt countries, according to TI’s Corruption Perception Index (CPI), 15 Read More
The Securities and Exchange Commission has awarded more than $300,000 to an internal auditor whistleblower. The SEC said the individual’s “high-quality information and continuing assistance” significantly contributed to a successful enforcement action, earning the whistleblower award. The agency did not reveal the identity of the whistleblower or the company that Read More
The Securities and Exchange Commission voted this week to adopt amendments that will modernize, simplify, and enhance certain financial disclosures, including the Management’s Discussion and Analysis requirement. The changes are intended to enhance the focus of financial disclosures on material information for the benefit of investors, while simplifying compliance efforts Read More
Companies are taking a closer look at how to effectively manage and mitigate compliance risks, especially at a time when many compliance programs are under the microscope from regulators while also dealing with the effects of a global pandemic. The Committee of Sponsoring Organizations (COSO) has released a new publication, Read More
Key management personnel at Franklin Templeton Asset Management, based in India, committed wrongdoings including insider trading, a forensic audit conducted by Choksi & Choksi finds. Managers redeemed personal investments for a profit before the company announced it had closed six debt schemes in April of this year, Moneycontrol reports. “Clearly, Read More
When it comes to preventing or detecting fraud, whistleblower hotlines remain among the best protection money can buy. They can also be an important tool for internal auditors to assess fraud risk and provide information that can increase the quality of audits and should be assessed on a regular basis. Read More
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 Read More
New guidance from the U.S. Commodity Futures Trading Commission (CFTC) to its Division of Enforcement staff outlines factors to consider when evaluating companies’ compliance programs during enforcement investigations. The guidance reflects a principles-based approach that avoids prescribing specific guidelines for compliance program structures. The CFTC aims to encourage companies to Read More
Timelines for security and compliance audits are largely unchanged in 2020, despite the disruptive impacts of COVID-19 on teams that are now working remotely, according to a recent survey of North American CISOs assessing the challenges facing security and compliance professionals. The survey, a joint effort between Shujinko and Pulse, Read More
IBM Australia underpaid 1,647 employees over eight years, resulting in $12.3 million in lost wages, an internal audit finds. Australia’s Fair Work Ombudsman, Sandra Parker, says the full scope of the issue will be “significant in size,” The Sydney Morning Herald reports. “This matter serves as a warning to all Read More
