A new survey of internal auditors finds that they are most concerned about improving their mastery of IT risks and global accounting standards, but seem to be less worried about their expertise in enterprise risk management. So say the results of the 2010 “Internal Audit Capabilities and Needs Survey,” conducted by consulting firm Protiviti, which […]
Internal Controls
Posted inInternal Controls
OIG Issues Recs to Overhaul SEC Bounty Program
The Securities and Exchange Commission’s bounty program for rewarding whistleblowers is sorely in need of an overhaul, according to the agency’s Inspector General, which issued nine recommendations for improving the program. An OIG review of the program, which stemmed from an issue identified during its investigation of the SEC Madoff examination and investigations, concluded that […]
Posted inInternal Controls
Four Steps to Better Privacy Compliance
The floodgates of guidance about Massachusetts’ new data privacy regulations are officially open. The new rules, bureaucratically known as 201 CMR 17.00, took effect March 1 and are widely considered to be the toughest privacy standard in the nation. They apply to any company that “owns or licenses” personal information—whether stored in electronic or paper […]
Posted inInternal Controls
Split Opinions on Internal Audit Scrutinizing Compliance
Internal auditors and chief compliance officers appear to have differing opinions about the internal audit department’s ability to assess risk and compliance functions. That’s according to the findings of a recent poll conducted by the Open Compliance and Ethics Group, which surveyed more than 500 enterprises in the public, private, government, and non-profit sectors. In […]
Posted inInternal Controls
Learning From Culture Mistakes at Toyota, J&J
Oh, how the mighty have fallen—or at least seen their reputations for quality products and “doing the right thing” for customers badly damaged. Let’s take a look at two recent high-profile cases. Toyota Motor Corp., long known for the high quality of its automobiles and resulting loyal customer base, and the envy of car manufacturers […]
Posted inInternal Controls
SOX Clock Ticking, Senate Financial Reform Bill Advances
A key Senate committee has passed sweeping financial reform legislation, advancing the Dodd regulatory bill for consideration by the full Senate, moving lawmakers a small step forward in their effort to overhaul the U.S. regulatory system. The Senate Banking Committee on Monday evening voted 13-10 along party lines to approve the controversial reform bill put […]
Posted inInternal Controls
Small Filers Struggle With Internal Controls Over Fraud
A large school of thought has developed to support the argument that non-accelerated filers should be exempt from compliance with Section 404(b) of Sarbanes-Oxley, which requires external auditors to review and attest to the strength of a company’s internal controls. But as much as non-accelerated filers denounce the burden of Section 404(b) compliance, they’re still […]
Posted inInternal Controls
Q&A With SOX Compliance Chief for U.S. Postal Service
In the latest of our conversations with compliance and governance executives, we talk with Steven Phelps, manager of the Sarbanes-Oxley implementation program now underway at the U.S. Postal Service. The discussion is below and readers can also visit our archive of Q&A interviews. DETAILS Phelps Steven Phelps, manager of SOX management control and integration, directs […]
