The International Internal Audit Standards Board (ISIA) recently announced the release of the highly anticipated Global Internal Audit Standards, marking a significant milestone in the evolution of internal audit practices worldwide. The comprehensive standards, the result of extensive collaboration and input, are poised to elevate the profession and guide the global internal audit community.
The European Banking Authority (EBA) has initiated a public consultation on two sets of guidelines designed to fortify internal policies, procedures, and controls, focusing on the implementation of Union and national restrictive measures. These measures, comprising both individual and sectoral sanctions, carry legal obligations for entities operating within the jurisdiction of Member States. The consultation period will extend until March 25, 2024.
The Securities and Exchange Commission (SEC) has given the green light to the Public Company Accounting Oversight Board's (PCAOB) budget for the year 2024, along with the corresponding annual accounting support fee. The approved budget, totaling $384.7 million, and the accounting support fee, totaling $358.8 million, underscore the crucial role the PCAOB plays in maintaining the integrity of financial reporting in public companies.
The Public Company Accounting Oversight Board (PCAOB) has issued historic settlements, imposing a total of $7.9 million in fines on three China-based firms and four individuals for violating U.S. securities laws and PCAOB rules and standards. These are the first enforcement settlements since the PCAOB gained access to inspect and investigate firms in mainland China and Hong Kong in 2022.
The United Kingdom's plans for comprehensive audit and corporate governance reforms have encountered a setback, drawing criticism from industry experts and officials. The absence of primary legislation for the proposed reforms raises concerns about the government's ability to respond effectively to future corporate crises, according to a statement released by the Institute of Chartered Accountants in England and Wales (ICAEW).
The Securities and Exchange Commission (SEC) has reached a settlement with Charter Communications Inc., imposing a $25 million penalty on the telecommunications giant. The settlement arises from charges related to violations of internal accounting controls requirements, particularly in connection with unauthorized stock buybacks.
The Securities and Exchange Commission (SEC) has announced that Royal Bank of Canada, the country's largest bank, will pay a $6 million penalty to settle charges of violating books and records and internal accounting controls provisions of securities laws related to its accounting for internally developed software costs.