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 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
The Federal Bureau of Investigation has created a new Office of Internal Auditing intended to enhance compliance, oversight, and accountability of national security activities at the Bureau. It also named Mark J. Gerber, a former PwC partner and FBI special agent, as the assistant director to lead the new office. Read More
The next time a CEO or board member questions the value of internal audit and compliance, just point to the colossal sum of cash that Goldman Sachs is shelling out to settle bribery and corruption charges. The investment bank agreed to pay a whopping $2.9 billion, with a “B,” to 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
Commerzbank’s London unit was fined 37.8 million pounds ($47.3 million) by the U.K. for failing to have proper money-laundering controls, according to the Financial Conduct Authority. The bank, Germany’s second-largest lender, did not conduct on-time due diligence checks on 1,772 customers in 2017, and most of the clients had continued Read More
The Justice Department published a revision to its document that guides its processes for evaluating corporate compliance in a criminal investigation last week. The revisions give internal audit some important guidelines for assessing the corporate compliance function. The guidance on Evaluation of Corporate Compliance Programs helps prosecutors ask companies the Read More
The Public Company Accounting Oversight Board released a new advisory report to provide information for auditors and audit committees about audits involving cryptoassets, such as Bitcoin and other digital currencies. The Spotlight document, Audits Involving Cryptoassets – Information for Auditors and Audit Committees, calls for a greater focus by some Read More
The aftermath of COVID-19 may change the way attorneys and other legal professionals think about or execute their work, but the privacy landscape could remain largely untouched. While obligations under the Health Insurance Portability and Accountability Act have been temporarily relaxed to facilitate the public’s access to telemedicine, the enforcement Read More
Deutsche Bank’s regulators in the United States have criticized the German lender in an internal audit for weaknesses in fighting money laundering and in risk management, according to a German newspaper on Wednesday. The paper, Sueddeutsche Zeitung, said the bank has 90 days to respond to the audit, which was Read More
