Audit shows Nigeria was paying 23,800 nonexistent employees | Indian president: Internal audit should aid in implementing government programmes | RBI's Rajan: Central banks should be evaluated under global rules
15 March 2016
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The number of internal auditors in financial services in the UK increased 20% to 25% last year, largely because of heightened regulation, says recruiting firm Morgan McKinley. Meanwhile, jobs at external-auditing firms have soared, and compliance vacancies have risen, the firm says.
Nigeria found through an audit that salaries had been going to 23,846 nonexistent workers, said Festus Akanbi, a special adviser to the finance minister. The federal payroll decreased US$11.5 million in February compared with December, when the audit of biometric data and bank verification numbers began, Akanbi said. Some people had been receiving salaries from multiple sources, officials said.
India's internal audits should go beyond compliance with regard to ministries' programmes and "aid management in the effective implementation of programmes and help reduce cost and time overruns," President Pranab Mukherjee said. Audits also should focus more on risk management, he said.
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A global system should be created to assess the "spillover" effects of decisions made by central banks, including unconventional monetary policies, said Raghuram Rajan, governor of the Reserve Bank of India. "We can pretend all is well with the global financial non-system and hope that nothing goes spectacularly wrong. Or we can start building a system for the integrated world of the 21st century," he said at an International Monetary Fund event in New Delhi.
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Challenged by a need to reduce market volatility and fraud, China is considering combining its securities, banking and insurance regulators into a single agency, sources say. The merger would be intended to increase coordination and data sharing among financial regulators, they say.
Foreign governments made 55 requests for mutual legal assistance regarding major fraud cases to the UK government last year, a 62% year-over-year increase, data show. About 20% of these cases had to do with cyberfraud.
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Former Brazilian President Luiz Inacio Lula da Silva faces money-laundering charges in connection with a corruption investigation of Petrobras, a state-backed oil company. Prosecutors are accusing at least 16 people in the scandal.
The head of the Philippine Securities and Exchange Commission warned that the country runs the risk of returning to the money-laundering "gray list" of the Financial Action Task Force. Teresita Herbosa said the Anti-Money Laundering Council is looking into reports that US$100 million in illegal funds has been channelled through the Philippine financial system, with some of the money spent at casinos.
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South Korea is accusing North Korea of trying to hack into its railway system by targeting employees' email. South Korea's National Intelligence Service said it locked down the accounts. It also stepped up rhetoric against the country, which has been accused of a string of state-sponsored cyberattacks.
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Candidates have a few more weeks to save on registration for the internal auditor event of the year -- The IIA's International Conference and 75th Anniversary Celebration. Register by 31 March to take advantage of reduced fees for access to more than 100 global speakers, 70-plus sessions in 10 educational tracks, and networking opportunities with more than 2,000 attendees from all over the world. Registrants will save an additional US$100 by booking hotel accommodations at the time of registration by selecting one of the official conference hotels. Get the details.
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