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
The Public Company Accounting Oversight Board (PCAOB) has fined four audit firms for failing to file Form APs and, thus, failing to disclose who led specific audits for the firm and whether any other firms were involved in those audits. Failure to file Form APs in a timely manner is Read More
The U.K. Financial Reporting Council announced July 18 it has imposed financial and non-financial sanctions, as well as a “severe reprimand,” against Grant Thornton UK and a former audit partner of the firm for failures during 2016 and 2018 audits of the financial statements of British retail company Sports Direct Read More
The Public Company Accounting Oversight Board (PCAOB) adopted amendments to its auditing standards on June 21 to improve lead auditors’ supervision of other auditor’s work. As companies increase their global presence, the use of additional audit firms has become more prevalent in the conduct of external audits. In 2021, 26 percent Read More
In a unanimous vote, the Senate confirmed Democrat Jaime Lizárraga and Republican Mark Uyeda this week to serve as the Securities and Exchange Commission’s newest Commissioners. President Joe Biden nominated the two as Commissioners in April. Lizárraga served most recently as a senior advisor to House Speaker Nancy Pelosi, (D-Calif.). Uyeda is Read More
Registered investment adviser A.G. Morgan Financial Advisors (AGM), its owner, and its former chief compliance officer each face charges by the Securities and Exchange Commission for violations of federal securities laws, the agency announced this week. According to the SEC’s complaint, AGM, owner Vincent Camarda, and AGM’s former Chief Compliance Read More
The U.K. government has issued a 140-page document that outlines a long-awaited proposal to overhaul of the auditing industry. The proposal included plans to revise the definition of “public-interest entities” regarding regulation to include major private firms and to create a new regulatory body to oversee the auditing industry. Missing Read More
Last month, the Securities and Exchange Commission proposed new rules that would require public companies to say much more about their climate-related initiatives. Until now, most environmental, social, and governance disclosures have been voluntary. The SEC proposal has put internal audit functions on alert at the prospect of the biggest Read More
