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.
The Public Company Accounting Oversight Board (PCAOB) has recently approved sweeping new requirements to standardize how audit firms report key metrics. These updates, coupled with a modernization of the PCAOB’s reporting framework, aim to enhance transparency, bolster investor confidence, and improve audit quality.
The Public Company Accounting Oversight Board (PCAOB) delivered a sharp reprimand to five international audit firms that repeatedly failed to meet basic reporting requirements. Bush & Associates, Barton CPA, Crowe Hussain Chaudhury, KPMG India, and RSM Brasil were not just fined—they were publicly called out for undermining the fundamental transparency that investors rely on.
The collapse of FTX in November 2022 was not merely the downfall of one of the world’s largest cryptocurrency exchanges but a seismic event that reverberated throughout the entire cryptocurrency industry. Once the third-largest crypto exchange, FTX handled billions of dollars in customer funds, making its rise and fall a significant case study in financial instability and regulatory oversight. The event exposed profound vulnerabilities within the cryptocurrency ecosystem, a sector once viewed as both promising and robust. The fallout from FTX’s demise extended far beyond its balance sheet, devastating other cryptocurrency services, shaking investor confidence, and prompting global regulatory scrutiny.
The Institute of Internal Auditors (IIA) has released a report that sheds light on the future of the internal audit profession. Titled "Internal Audit: Vision 2035 – Creating Our Future Together," the study draws insights from over 7,000 practitioners and stakeholders worldwide, revealing key trends and challenges that will shape the profession over the next decade.
Organizations today are increasingly turning to their internal audit teams to bridge the widening gap between risk demands and risk management capacity. A recent survey conducted by AuditBoard sheds light on this shift, revealing that the role of internal audit is expanding significantly as companies seek to bolster their resilience against emerging threats.
The Institute of Internal Auditors (IIA) has appointed Terry Grafenstine as the new Chair of its global board of directors, a decision announced during the organization's annual business meeting and 2024 International Conference held in Washington, DC last week. Grafenstine will serve a two-year term, bringing a wealth of experience to the role.