Every company must have a deliberate plan to prevent and detect fraud and should never underestimate the potential of an attack from within. According to a recent report to the Nations on Occupational Fraud & Abuse, the typical organization loses 5 percent of revenues each year to fraud. To learn Read More
South Korea’s largest cryptocurrency exchange, UPbit, said it has conducted an internal audit that disproves suspicions of fraud that have arisen in recent weeks. Last week, the South Korean police raided the headquarters of UPbit to investigate into the practices of the exchange after receiving anonymous tips that the exchange 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
A U.S. jury on Monday convicted the former chief financial officer of British software company Autonomy of wire fraud and other crimes related to claims by the government that he inflated the firm’s value before its planned sale to Hewlett Packard, a Justice Department spokesman said. Federal prosecutors brought criminal Read More
The curator of the collapsing VBS Mutual Bank, a troubled South African lender, asked PricewaterhouseCoopers to stop its work as internal auditor amid allegations of fraudulent reporting and accounting violations. The curator, auditing firm SizweNtsalubaGobodo, found evidence of fraudulent reporting and manipulation of financial information in its first report on Read More
Dun & Bradstreet Corp. has agreed to pay more than $9 million to resolve Foreign Corrupt Practices Act charges arising from improper payments made by two Chinese subsidiaries, according to a statement from the Securities and Exchange Commission issued this week. The business data company also announced that it had Read More
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
Last week, Canada-based gold mining company, Kinross Gold, settled a Foreign Corrupt Practices Act case with the Securities and Exchange Commission by agreeing to pay just shy of $1 million. While the SEC did not pursue the case on evidence of actual bribery, it did hit Kinross with charges of 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
