The board of the Federal Deposit Corp. voted to approve changes to the Volcker Rule, which could ease some restrictions under the regulations and provide more clarity on what types of trades are and are not permitted. The Volcker Rule, which is part of the Dodd-Frank Act, generally prohibits banks Read More
Facebook will pay a record-breaking $5 billion penalty, and submit to major new privacy restrictions and a modified corporate structure, to settle Federal Trade Commission charges that the company violated a 2012 FTC order by deceiving users about their ability to control the privacy of their personal information. The whopping Read More
Equifax has agreed to pay at least $575 million, and potentially up to $700 million, as part of a global settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau (CFPB), and 50 U.S. states and territories, which alleged that the credit reporting company’s failure to take reasonable steps Read More
Like companies in many industries, banks are having a difficult time finding and retaining qualified compliance staffers. In fact, recruiting good compliance professionals has gotten so hard that the U.S. Office of the Comptroller of Currency (OCC) says that it has become a top risk for financial firms, especially regional Read More
The Competition and Markets Authority (CMA) in the United Kingdom is recommending some sweeping changes to the U.K. audit industry. After issuing its final report from a large-scale investigation into audit practices in Britain, it says some drastic changes are needed to address serious competition problems in the industry. “Legislation Read More
The State Bank of Pakistan has issued some new standards for financial firms on internal audit and the oversight of the function. The new internal audit guidelines set forth several requirements for how the function is structured and governed. Banks and other companies that meet the state definition of a Read More
The Federal Deposit Insurance Corporation (FDIC) has announced a $335 million settlement with PricewaterhouseCoopers to resolve professional negligence claims arising out of audits PwC conducted of the failed Colonial Bank, located in Alabama. On December 28, 2017, the United States District Court for the Middle District of Alabama held PwC Read More
Starting in April, a new regulation will require public companies and certain government owned business in Vietnam to conduct internal audits. Under a government decree (Decree 05/2019/NĐ-CP), which was issued last month, companies that are listed on a public stock exchange and those that are owned at least 50 percent Read More
Philippines President Rodrigo Duterte launched a tirade against the country’s Commission on Audit, which he claims is hampering the work of his administration. In a speech in Manila, Duterte, who is known for incendiary rhetoric, railed against state auditors in an expletive-filled rant. The Commission on Auditing, known as the Read More
Two new separate analyses by research firm Audit Analytics, finds that even as the use of non-GAAP metrics is growing, the topic has dominated SEC enforcement efforts with a high percentage of SEC comment letters referring to potential misuse of non-GAAP metrics.
