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Audit & Governance Weekly Financial News 4th December 2020

New email went out to subscribers today:

Unfortunately, Goldman Sachs has failed to persuade former President Gary Cohn to return over $10 million he received in pay, as part of the bank’s effort to reclaim executive compensation over the 1MDB scandal [full story below]. This relates back to U.S. foreign bribery rules of more than $2B in new sanctions for siphoning off billions of dollars collected for the economic development of Malaysia (see my blog post on 23rd Oct for details).

For the External Auditors and Finance Auditors amongst our readers, the US Journal of Accountancy published some helpful guidance on Auditing Fraud Risk during a pandemic, https://bit.ly/36GOxPv

And finally…. Sky news reports that The Bank of England was told to find… ‘missing’ £50bn cash stash. Meg Hillier, Chairwoman of the Public Accounts Committee said the BofE doesn’t have “…any real understanding of where around £50bn of issued sterling notes are”. Cash is king after all! [story below].

I hope you enjoy this week’s offering.

Paul
In the news this week…
EX-GOLDMAN SACHS PRESIDENT NOT RETURNED PAY AFTER 1MDB CLAWBACKS

Goldman Sachs has failed to persuade former President Gary Cohn to return over $10 million he received in pay, as part of efforts to reclaim executive compensation… read more (https://uk.reuters.com/article/uk-goldmansachs-1mdb-settlement/ex-goldman-sachs-president-cohn-has-not-returned-pay-after-1mdb-clawbacks-bloomberg-news-idUKKBN28C2U7)
BANK OF ENGLAND TOLD TO FIND OUT WHERE ‘MISSING’ £50BN IN CASH IS ‘STASHED’

The Bank estimates that up to 24% of issued notes are used or held for cash transactions – which leaves £50bn unaccounted for… read more (https://news.sky.com/story/bank-of-england-told-to-find-out-where-missing-50bn-in-cash-is-stashed-12150622)
REPORTING ON THE NEW CORPORATE GOVERNANCE CODE IS A MIXED PICTURE

The FRC’s Corporate Governance Code revisions emphase the wider benefits of good governance for the economy and society, but some companies treat the Code as a box-ticking exercise… (https://legal.thomsonreuters.com/blog/synthetic-identity-fraud-worrying-u-s-regulators/) read more (https://www.frc.org.uk/news/november-2020/reporting-on-the-new-corporate-governance-code-is)
UK’S BIG FOUR AUDITORS AWAIT SHAKE-UP AS PROBES AND REG CHANGE ADD UP

A good summary from Risk Screen on exactly where things are with the separation of audit and consulting activities, increasing oversight and competition for the Big 4… read more (https://www.riskscreen.com/kyc360/news/uks-big-four-auditors-await-shake-up-as-corruption-probes-add-up/)
ALGO TRADING: WHY CENTRAL BANKS AREN’T WORRIED ABOUT FX ALGOS… FOR NOW

Disclosure failings feed into FX code; other issues are worrying, but distant says SNB’s Maechler… read more (https://www.risk.net/investing/markets/7718661/why-central-banks-arent-worried-about-fx-algos-for-now)
LEVERAGING THE DARK WEB IN FINANCIAL CRIME INVESTIGATIONS

Safely using the Dark Web in Financial Crime Investigations: Audit and Policy Control: Isolation; Managed Attribution…. read more (https://blog.authentic8.com/leveraging-the-dark-web-in-financial-crime-investigations/)
PROPOSED CONSULTATION ON CESSATION OF US$ LIBOR

FCA / IBA announced that it will consult in early December on its intention to cease US$ LIBOR. The IBA intends, subject to consultation, that settings for 1W and 2M US$ LIBOR will cease at end-2021, and the US$ LIBOR panel at the end-June 2023… read more (https://www.fca.org.uk/news/statements/fca-response-iba-proposed-consultation-intention-cease-us-dollar-libor)
FINANCIAL ADVISORS – FCA WARNS OF SIGNIFICANT ADVICE PRICE CLUSTERING

In its evaluation of the market over the past two years the FCA found a “significant clustering” of adviser charges. The FCA is expected to carry out more work in the market during the first half of next year… read more (https://www.ftadviser.com/regulation/2020/12/03/fca-warns-of-significant-advice-price-clustering/)

** Hiring for your Internal Audit team?
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We have an extensive network of immediately available Internal Audit candidates. Call Paul on 0203 397 1774
Paul Stanbridge
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.
Contact:
[email protected] (mailto:[email protected])
Craig Phipps

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.
Contact:
[email protected] (mailto:[email protected])

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