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Deloitte were in the headlines for a third week running, this time for a record £15M fine. Two partners have also been fined.
The IIA speaks up in favor of increasing regulator’s power and also produced it’s survey results on the COVID effect to IA functions – full story below.
FCA has been under heavy criticism from two quarters this week. Firstly because there have been Zero criminal Money Laundering prosecutions this year and secondly for it’s poor monitoring of the defunct peer to peer investment platform Lendy.
Hope you enjoy this week’s offering…
In the news this week…
2 DELOITTE PARTNERS FINED
Two Deloitte audit partners fined £500,000 and £250,000 respectively, and Deloitte fined £15M following an investigation into the audit of Autonomy… read more (https://www.frc.org.uk/news/september-2020-(1)/sanctions-against-deloitte-and-two-audit-partners)
EY TO ‘RAISE BAR’ IN SPOTTING FRAUD AFTER WIRECARD ACCOUNTS SCANDAL
EY said on Tuesday it would improve how it verifies information from clients through greater use of technology… read more (https://www.reuters.com/article/idUSL8N2GC3UD)
INTERNAL AUDIT LEADER MAKES CASE FOR REGULATOR WITH REAL POWER
John Wood, CEO of the IIA, argues that now is the time for the government to deliver on its promise of a powerful regulator… read more (https://www.accountancydaily.co/internal-audit-leader-makes-case-regulator-real-power)
HALF OF INTERNAL AUDIT FUNCTIONS AFFECTED BY CORONAVIRUS REDEPLOYMENT
IIA study reveals 46% of internal audit teams have been affected by redeployment during coronavirus lockdown.. read more (https://www.accountancydaily.co/half-internal-audit-functions-affected-coronavirus-redeployment)
JULIUS BAER MAY PAY MILLIONS IN FIFA MATTER, PROPOSES DIVIDEND
Julius Baer is in advanced talks with the U.S. DoJ over alleged money laundering and corruption that could lead to a double-digit million dollar payment, the Swiss private bank said on Wednesday… read more (https://www.reuters.com/article/idUSFWN2GC0UZ)
PHILIPPINES PROBES 57 PERSONS OF INTEREST OVER WIRECARD SCANDAL
The list includes officers at Philippine lenders BDO Unibank Inc BDO.PS and Bank of the Philippine Islands BPI.PS believed to have forged documents to show Wirecard is a depositor… read more (https://www.reuters.com/article/idUSKBN2621A2)
FCA UNDER FIRE AS INVESTORS GATHER NEW EVIDENCE OF LENDY FRAUD
The Financial Conduct Authority (FCA) missed crucial signs that something was amiss at Lendy before the platform collapsed, investors have claimed… read more (https://www.p2pfinancenews.co.uk/2020/09/17/fca-under-fire-as-investors-gather-new-evidence-of-lendy-fraud/)
ANTI-MONEY LAUNDERING: FCA CRITICISED OVER LACK OF ENFORCEMENT
A Freedom of Information request has revealed that no criminal prosecutions have been made under AML legislation this year…. read more (https://www.estateagenttoday.co.uk/breaking-news/2020/9/anti-money-laundering-fca-criticised-over-lack-of-enforcement?source=newsticker)
** 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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