The UK has completed a consultation on a plan to introduce a version of the US Sarbanes-Oxley Act. The government also wants to form a professional body for corporate auditors, a proposal the Chartered Institute of Internal Auditors says "could have unintended consequences for the internal audit profession by duplicating the remit and responsibilities of internal audit".
The IIA Australia has issued a guide on auditing risk culture to counter a burgeoning risk-management industry that "has become a very big source of fees for consultants" but has not "done a good job in coming up with a valuable and robust model", says guide co-author Elizabeth Sheedy, a professor at Macquarie University. The guide offers a 10-step, peer-reviewed model created by the university.
Regulators worldwide need to work together to deal with financial risk from climate change, says Randal Quarles, chair of the Financial Stability Board and vice chair for supervision at the Federal Reserve. "Globally consistent, comparable and reliable disclosures, as well as a broader set of high-quality, relevant data, together can provide the basis to assess climate-related financial risks and the impact on financial stability," Quarles says.
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The International Organisation of Securities Commissions has called for establishment of rules to remedy shortcomings in information on climate change provided to investors. IOSCO says it will consider endorsing disclosure rules to be written by mid-2022 by the International Sustainability Standards Board, created by the International Financial Reporting Standards Foundation.
Governance standards in Japan are "closing the gap with Europe and US equity markets", says Archibald Ciganer, a portfolio manager at T. Rowe Price Group. Some areas of concern remain, including the number of women on boards and in management positions, as well as the bloated size of some boards.
The UK's proposed corporate governance change could leave directors personally liable for corporate behaviour, writes Sarah Thomas of Addleshaw Goddard. Directors could be "fined or even temporarily disqualified for actions taken far below them in the chain of command", Thomas notes.
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The European Commission plans to propose this month formation of an agency with direct authority to fight money laundering, according to a draft document. The move is aimed at rectifying a patchwork of enforcement initiatives.
Canada has seen an increase in securities misconduct, with regulators initiating more enforcement actions against companies or individuals related to allegations of insider trading and other issues during the fiscal year ending on 31 March. There were 461 whistleblower tips, up from 291 during the previous period, according to a Canadian Securities Administrators report.
Broaden Your View & Save Earning the CRMA after your CIA broadens your holistic view of the organization's strategies and business objectives. It also proves you are an experienced, credible professional and showcases your ability to enhance governance, risk management, and control processes. Apply for free through 31 December 2021.
China has begun a data-security review of apps managed by two Chinese companies listed in the US. One day after banning the app of ride-sharing company Didi Chuxing, the Cyberspace Administration of China says it is investigating apps from Full Truck Alliance and Kanzhun.
Hackers speaking a Chinese dialect infiltrated Afghanistan's national security apparatus as far back as 2014 to conduct espionage, cybersecurity company Check Point reports. Lotem Finkelstein of Check Point says Dropbox was used to hide the hackers, "a technique that I believe we should all be aware of and that we should all watch out for".
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New Guidance: Auditing Identity and Access Management (IAM)
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