Internal Audit & Controls

PwC & Jonathan Hinchliffe Face Sanctions Over Wyelands Bank Audit Failures

For those unfamiliar with Wyelands Bank, it has been around since 1980, but its fate took a significant turn when it was acquired in 2016 by a new owner. This acquisition placed the bank under the umbrella of the Gupta Family Group Alliance (GFG Alliance), a conglomerate with diverse interests, including steel, aluminum, and renewable energy. By 2019, the bank had shifted its primary focus to trade finance, with a staggering 84% of its business tied to GFG Alliance-related entities.

Risk & Audit at a Crossroads

In this article by Tim Leech, we dive into the evolving role of internal audit and risk management functions. The 2025 North American Pulse of Internal Audit report has just been released, and it brings forth important observations that are crucial for understanding the current landscape of internal audit and risk management. The question arises over whether organizations should stick with the traditional model of Risk & Controls Enforcement, or should they shift towards providing decision support services that align with mission-critical objectives (MCOs) and risks?

The Purpose of Every CRO & CAE Should Be to Help Management & Boards with Important Decisions – It Often Isn't Today

The true purpose of every Chief Risk Officer (CRO) and Chief Audit Executive (CAE) should be to support management and boards in making informed, critical decisions. Unfortunately, this is not always the case today. Risk units and internal audit functions should be instrumental in guiding management and boards in the decision-making process, particularly when it comes to managing risks and uncertainties linked to mission-critical objectives (MCOs).

PCAOB Fines Baker Tilly $500,000 for Quality Control Failures in Issuer Audits

Imagine trusting a ship’s captain to navigate stormy waters, only to discover their compass is broken. That’s the unsettling reality investors faced when Baker Tilly US, LLP (“Baker Tilly”) repeatedly dropped the ball on audit quality. Today, the Public Company Accounting Oversight Board (PCAOB) announced a $500,000 fine against the firm for systemic failures in its quality control systems—a hefty penalty that underscores the weight of accountability in the world of financial reporting.

Entergy Faces $12 Million SEC Penalty for Accounting Missteps

The Securities and Exchange Commission (SEC) has charged Louisiana-based utility company Entergy Corporation with internal accounting control failures that distorted its financial records. The company has agreed to pay a $12 million penalty to resolve the matter and adopt new measures to fix the cracks in its system.

PCAOB Sets 2025 Inspection Priorities: Raising the Bar on Audit Quality

The Public Company Accounting Oversight Board (PCAOB) has unveiled its inspection playbook for 2025, and it’s clear: the watchdog is doubling down on tackling risks and driving improvements where it counts most. The new staff report, released today, is packed with insights for auditors, audit committees, and anyone invested in safeguarding the financial system’s integrity.

Macquarie Bank Hit with £13 Million Fine Over Trader’s Deceptive Fictitious Trades

In a costly lesson for the financial sector, the UK’s Financial Conduct Authority (FCA) has slapped Macquarie Bank Limited’s London Branch (MBL) with a £13 million fine. The penalty stems from serious control failures that allowed a junior trader to record over 400 fictitious trades in an audacious attempt to hide mounting losses.