The Financial Reporting Council has finalized revisions to two of the UK’s most closely watched auditing standards, sharpening how auditors are expected to approach fraud risks and assess whether companies can continue operating.
Sapia will pay more than £19.6 million to clients of WealthTek after UK regulators found the firm failed to put adequate safeguards around client money, exposing customers to the risk of loss.
In this article, Norman Marks explores what the future holds for internal auditing as AI, automation, and rapidly evolving business processes begin to reshape the very foundations of risk and control. Drawing on a real-world anecdote, he challenges auditors to rethink not just their tools, but their purpose, urging the profession to move beyond incremental change and confront the deeper question of what meaningful assurance looks like in a world where the rules are being rewritten in real time.
New Zealand’s Financial Markets Authority has flagged ongoing weaknesses in financial reporting disclosures, even as overall standards remain high and filing timeliness shows signs of improvement.
The Financial Reporting Council has published new guidance aimed at helping audit firms navigate the rapid adoption of generative and agentic artificial intelligence, marking what it describes as the first such guidance from any audit regulator globally.
Macquarie Securities has been ordered to pay about $23 million ($35 million AUD) after Australia’s New South Wales Supreme Court found the firm responsible for years of inaccurate short sale reporting caused by failures in its internal systems and controls.
In a recent LinkedIn post, I posed a question that has quietly lingered in governance circles for years. If courts in the United States have already made clear that boards are expected to oversee risks tied to Mission Critical Objectives, why haven’t regulators directly addressed deficient board oversight in this area?