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EXCLUSIVE: Is the Internal Audit Market Picking Up?
We’ve been casting an eye over the vacancy data for financial services Internal Audit Markets, and whilst vacancy volumes are still lower than previous years for the quarter, candidate availability has started to fall. Looking at the wider finance market, salaries were significantly reduced and wage deflation in the contract market has eased. As counterintuitive as it might seem, it’s a good thing that candidate availability is low, as more vacancies can be expected to hit the external markets and competition will increase salaries. We are slowly moving back into candidate driven market territory for FS Internal Audit.
Other Highlights this week:
Kodak – Business Insider reports faulty internal controls (https://markets.businessinsider.com/news/stocks/former-kodak-executives-sold-stock-options-never-owned-internal-error-2020-11-1029793461) allowed former executives to make more than $5 million selling options. Five former employees exercised roughly 300,000 in options that they only received through “inadequate” controls and “unauthorized issuance,” Chief Financial Officer David Bullwinkle said in a Tuesday earnings call.
Sadly GE announced that it is winding down its well respected Internal Audit executive program. This will be a blow to those that went through the ‘Green Beret’ programme that gained so much from what a controls role can offer future leaders. Business Insider reports that an amazing 80% of GE’s top CFOs were CAS program members (report below).
And finally…. I’ve not mentioned Wirecard for at least a week, so I’m well overdue… Bloomberg’s Eyk Henning and Benedikt Kammel have penned an enjoyable literary piece in Risk Screen, on the fugitive Wirecard board member, Jan Marselek: ‘The man who could explain the $2 billion Wirecard mystery is missing’ – well worth the read (story below).
I hope you enjoy this week’s offering.
In the news this week…
AUDIT FAILURES, DELOITTE FINED £500,000
FRC imposes £362,500 discounted penalty for admissions and early disposal; breaches “not intentional, dishonest, deliberate or reckless.” .. (https://www.standard.co.uk/business/financial-services/deloitte-fined-ps500-000-over-audit-failings-b52041.html) read (https://www.standard.co.uk/business/financial-services/deloitte-fined-ps500-000-over-audit-failings-b52041.html) https://www.standard.co.uk/business/financial-services/deloitte-fined-ps500-000-over-audit-failings-b52041.htmlmore (https://www.standard.co.uk/business/financial-services/deloitte-fined-ps500-000-over-audit-failings-b52041.html)
AUDIT COMMITTEE – BEST PRACTICES FOR ACTING ON CYBER-THREATS
Compliance Week discusses Cyber-Security Risk Oversight as the area with the greatest increase in Audit Committee disclosures in proxy statements… read more (https://www.complianceweek.com/accounting-and-auditing/audit-committee-best-practices-for-understanding-and-acting-on-cyber-threats/29697.article)
GE DISBANDS CORPORATE AUDIT PROGRAM
The company’s renowned program that was a ‘proving ground’ for young executives has been disbanded… read more (https://www.thebritishjournal.com/world/ge-disbands-corporate-audit-program-thebritishjournal-243443-2020/)
THE MAN WHO COULD EXPLAIN THE $2 BILLION WIRECARD MYSTERY IS MISSING
COO Jan Marsalek still missing in Germany’s biggest corporate scandal… read more (https://www.riskscreen.com/kyc360/news/the-man-who-could-explain-the-2-billion-wirecard-mystery-is-missing/)
CORPORATE GOVERNANCE DISCLOSURES – FCA PRIMARY MARKET BULLETIN
Update on the implementation of the ESEF, temporary corporate reporting measures, delayed disclosure of inside information notifications and corp governance … (https://www.japantimes.co.jp/news/2020/11/05/national/crime-legal/e-money-laundering-japan/) read more (https://www.fca.org.uk/publications/newsletters/primary-market-bulletin-31)
MORE DATA, MORE PROBLEMS WITH FINCEN INTERNATIONAL TRANSFER PROPOSAL?
US: Compliance Week discusses the FinCERN and Fed’s proposal of lowering reporting on wire transfers from $3000 to transactions over $250…. read more (https://www.complianceweek.com/opinion/more-data-more-problems-with-fincen-international-transfer-proposal/29715.article)
UK TO MAKE CLIMATE RISK REPORTS MANDATORY FOR LARGE COMPANIES
Large companies and financial institutions in the UK will have to come clean about their exposure to climate risks within five years under the terms of a tougher regime announced by the Chancellor, Rishi Sunak… (https://uk.reuters.com/article/idUKL1N2HP0K4) read more (https://www.theguardian.com/environment/2020/nov/09/uk-to-make-climate-risk-reports-mandatory-for-large-companies)
PSD2 – FURTHER DELAYS AS UK LAGS BEHIND EUROPEAN COMPLIANCE
The deadline for PSD2 SCA has been extended due to COVID-19, the whole industry needs more time to enable systems and controls for compliance with SCA… read more (https://www.infosecurity-magazine.com/news-features/psd2-delays-compliance/)
** Hiring for your Internal Audit team?
We have an extensive network of immediately available Internal Audit candidates. Call Paul on 0203 397 1774
Before establishing Fleet Search and Selection with Craig Phipps, Paul worked as an Equity Research Analyst in London. Now, a recruitment consultant for almost two decades, he has recruited many senior roles, including Global Heads of Audit and C-Suite executives. His wide network spans Insurance, Asset Management and Banking, with expertise including Audit, Compliance and Advisory.
As with his day job, Paul likes getting people excited about things. He is a passionate competitive foil fencer with 5 caps for Scotland and now enjoys coaching others to enjoy fencing too.
[email protected] (mailto:[email protected])
Craig has spent over 20 years recruiting for the Financial Services Industry, predominately in Business and Technology Audit for Investment Banks and Asset Managers. He has also recruited extensively in Market Risk and Quantitative finance. Prior to establishing Fleet Search and Selection, he headed up the Investment Banking Audit and IT Audit Divisions at two prominent recruitment companies.
Craig has helped 100’s of candidates make difficult career choices. When not at work, his strategic mindset turns to his passions for skiing and rugby and is a huge supporter of Australia’s national rugby team.
[email protected] (mailto:[email protected])
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