One wonders if the cards are stacked up against the audit community at present and recent failures of U.S banks and fines may not be setting the stage for a pleasant 12 months. It looks like UK financial regulators may…
The process has started, examining the failure of SVB. A complaint filed Friday (Saturday AEST) in the federal court in San Francisco names Silicon Valley Bank chief executive officer Greg Becker and other bank directors and officers as defendants. Alongside…
German audit regulators are taking a strong line with EY, banning the firm from new audits in Germany. The two-year ban is quite a severe sanction which we have not seen before in Germany,⬠said Klaus-Peter Naumann, chair of Germany⬢s…
A great article from the FT, as auditors seem a little worried about the oversight and assurance of crypto clients following the recent FTX collapse. Auditors are caught between a rock and a hard place. Having to assure the books…
Thank you IFACI for the opportunity to discuss cybersecurity risk management, the impact of international cyber regulations, and the role of Internal Audit as the 3rd Line of Defence. Many disagree with the ‘stick’ approach of regulation to address corporate…
An interesting communication from the SEC on the need for high quality financial audits and the role of the PCAOB. Coming at a time when the SEC warned Chinese firms for switching auditors to avoid trading bans. () One suspects…
A nice speech by the chair of the SEC on the merits of Sarbanes Oxley as it reaches its 20 year anniversary, I remember well building the SoX program for a European bank way back in the days of the…
An important read. Strong words from SEC commissionaire Hester Peirce, following the announcement to fine E&Y $100m for its unethical behavior in managing audit professional continuing education and the material misleading response made to the SEC following its requests for…
The SEC has fined E&Y $100Million for cheating by its audit professionals on exams required to obtain and maintain Certified Public Accountant (CPA) licenses, and for withholding evidence of this misconduct from the SECs Enforcement Division. () In addition to…
I have written a white paper with the U.S. Institute of Internal Audit on the Securities and Exchange Commission (SEC) proposal for Cybersecurity Risk Management, Strategy, Governance and Incident Disclosure by public companies. The paper is written in support of…
