The federal government’s focus on the construction industry is growing as more construction companies benefit from the Infrastructure Investment and Jobs Act (IIJA). The IIJA was signed into law by President Joe Biden on Nov. 15, 2021, and is funneling millions of dollars into infrastructure improvement projects. Now, the government Read More
Just as in any other industry, the financial industry has its fair share of questionable behavior, and then some. For this reason, an alphabet soup of regulatory oversight — and accompanying fines for non-compliance, violations, and even fraud — exist to keep financial institutions in line. Regulatory bodies like the Read More
The Federal Trade Commission has filed a complaint against Amazon.com after the e-commerce company allegedly enrolled consumers into its Amazon Prime program for years without their consent “while knowingly making it difficult for consumers to cancel their subscriptions,” the FTC said. According to the FTC’s complaint, filed June 21 in Read More
Audit firm watchdog, the Public Company Accounting Oversight Board (PCAOB), is seeking public comment on a proposal aimed at increasing auditor vigilance against fraud and other forms of noncompliance with laws and regulations. If adopted, the proposal would strengthen auditor requirements to identify, evaluate, and communicate possible or actual wrongdoing and Read More
The Institute of Internal Auditors (IIA) has shared a legislative proposal with Congress designed to promote stronger corporate governance, greater transparency and accountability, and enhanced investor protections at cryptocurrency exchanges operating in the United States. The legislation was shared alongside a letter from Anthony Pugliese, President and CEO of The Read More
The United Kingdom’s Financial Reporting Council (FRC) has unveiled plans to revise its Corporate Governance Code for the first time in five years, aiming to increase accountability among U.K. boards and management teams. The regulator’s proposals comes on the heels of Britain’s long-awaited response to a suggested shake-up of the Read More
The Public Company Accounting Oversight Board (PCAOB) announced that it has censured Friedman LLC, a New York-based accounting firm, and imposed a $100,000 civil penalty for the firm’s failure to reasonably supervise two unregistered Chinese affiliate firms in audits of 12 different public companies with operations in China. Friedman consented Read More
Governor of Bank of Jamaica (BOJ), Richard Byles, says the central bank will continue to insist on the development of strong, capable and well-resourced internal audit functions in all financial institutions that the bank regulates, including commercial banks, merchant banks, building societies, and, in the near future, credit unions, securities Read More
The Institute of Internal Auditors (IIA) has expressed serious concerns regarding an internal auditor provision in the Public Company Accounting Oversight Board’s (PCAOB) recently published proposed standard, entitled: “The Auditor’s Use of Confirmation, and Other Proposed Amendments to PCAOB Standards.” The PCAOB’s proposed standard “unfairly and inaccurately places internal auditors Read More
There is a common joke among physicists that fusion energy is 30 years away … and always will be. You could say something similar about artificial intelligence (AI) and robots taking all our jobs. The risks of AI and robotics have been expressed vividly in science fiction by the likes Read More
