Archive for: May, 2011

Spammers Preying on Domain Registration Software Flaw

Spammers Preying on Domain Registration Software Flaw

Norton-vendor Symantec Corporation (NASDAQ: SYMC) has revealed a vulnerability in a domain registration software for domain parking services allowing spammers to randomly redirect to any URL. “We recently noticed a large domain parking service being abused by spammers on a massive scale. Each domain hosted on the service contains an open redirect script, allowing spammers [...]

Nothing Wrong with Lease Agreement Between Councillor, Ex-lover – Deloitte

Nothing Wrong with Lease Agreement Between Councillor, Ex-lover – Deloitte

The Democratic Unionist Party (DUP) said last week that the wife of Northern Ireland first minister Peter Robinson did not commit acts of “impropriety” when she awarded a lease agreement to former lover. Former DUP representative Iris Robinson, who paid tribute last week to Queen Elizabeth II at the Dublin Castle during Her Majesty’s historic [...]

Card Security Breaches Storm Australian Banks

Card Security Breaches Storm Australian Banks

SYDNEY, Australia – Major banks have been in red alert after discovering a potential card security breach following a compromise that struck an external merchant. Commonwealth Bank and Westpac-owned St George Bank began sending alerts to customers notifying them that their transactional cards would be cancelled as part of precautionary measures. The banks have also [...]

Consumer Complaints Rules Revised After Bank of Scotland Violations

Consumer Complaints Rules Revised After Bank of Scotland Violations

After penalizing Bank of Scotland earlier this week for lax consumer complaints handling, the Financial Services Authority has today issued a new ruling “as part of a package of measures to drive up standards within the industry.” Bank of Scotland was fined £3.5 million on May 25 in addition to the £17 million customer compensation [...]

Insider Trading at Nasdaq Involves Ex-managing Director

Insider Trading at Nasdaq Involves Ex-managing Director

While working in a specialized department within the NASDAQ Stock Market’s Corporate Client Group (CCG), a former managing director at the stock exchange profited thousands of dollars in an insider trading. The Securities and Exchange Commission has charged today Donald Johnson of Ashburn, Va., a former managing director of The NASDAQ Stock Market for illegally [...]

Revised Guidance for Credit Unions in UK

Revised Guidance for Credit Unions in UK

The Auditing Practices Board (APB) of the FRC has issued a revision of Practice Note 27 “The audit of credit unions in the United Kingdom”. The revision was released following an exposure draft of the revised Practice Note that was issued in October 2010 for public comment. “This Practice Note provides guidance for the audits [...]

Disqualification of Bad Actors, Felons SEC’s New Agenda

Disqualification of Bad Actors, Felons SEC’s New Agenda

The Securities and Exchange Commission (SEC) wants “felons and other bad actors” to be denied the exemption from registering with the SEC when offering securities. A new SEC proposal would implement provisions in the Dodd-Frank Act, particularly section 926 that requires the commission to adopt rules that would deny this exemption to any securities offering [...]

Data Breach at Honda Canada Far from Leading to Identity Theft?

Data Breach at Honda Canada Far from Leading to Identity Theft?

Honda Canada has warned around 280,000 customers of an unauthorized access of information to its 2009 records, but added the data breach may not lead to identity theft. The report came after Sony Canada announced Wednesday the discovery of a data breach in its mobile phone subsidiary in the country, which took place on the [...]

Internal Audit Certification Adds Russian Language

Internal Audit Certification Adds Russian Language

Russian candidates now have increased access to the Certified Internal Auditor (CIA) program as the Institute of Internal Auditors has announced the addition of the Russian language. The expansion was supported by the IIA Russia and Hock Training Inc. to bring the total number of languages in which the CIA program is available throughout the [...]

Fraud at Philips Mexico Arises After KPMG Financial Accounting

Fraud at Philips Mexico Arises After KPMG Financial Accounting

Following allegations of bribery at its healthcare equipment sales in Poland, electronics company Philips has said it is investigating a possible accounting error at its Mexican subsidiary. Earlier this month, three employees of Philips have been tried in the western city of Poznan for charges of corruption relating to the sale of its healthcare equipment. [...]

Worst Data Privacy Violator Is Barclays

Worst Data Privacy Violator Is Barclays

Lax data privacy handling has become more rampant among major banks while the Information Commissioner’s Office (ICO), the agency tasked to ensure data protection, has been giving only a slap on the wrist to violators. Consumer watchdog Which? claimed in a report that banks have been violating data privacy laws amid increasing rates of confidential [...]

Poor Complaints Handling Costs £20m on Bank of Scotland

Poor Complaints Handling Costs £20m on Bank of Scotland

After failing to uphold a vast portion of complaints it received between July 2007 and October 2009, the Bank of Scotland has been fined £3.5 million today in addition to the £17 million secured by the Financial Services Authority in compensation for customers. The Final Notice issued by the FSA claims to show that a [...]

Limited Staff, Resources No Longer a Problem in New IIA Guidance

Limited Staff, Resources No Longer a Problem in New IIA Guidance

The Institute of Internal Auditors (IIA) has released a new practice guide that acknowledges the challenges faced by many chief audit executives (CAEs) and audit leadership in small audit activities in implementing the IIA‘s standards. Assisting Small Internal Audit Activities in Implementing the International Standards for the Professional Practice of Internal Auditing helps smaller audit [...]

£1m FSA Fine Hits Manchester Man with First High Court Injunction for Market Abuse

£1m FSA Fine Hits Manchester Man with First High Court Injunction for Market Abuse

For the first time in its new penalties system, the Financial Services Authority (FSA) has fined an individual £1 million for “share-ramping” and has secured the first final High Court injunction to prevent market abuse. Samuel Kahn, from Salford, Manchester, allegedly orchestrated a scheme to deliberately inflate the share price of Global Brands Licensing plc [...]

Conflict Between Choice of Auditors Delays Probe into Cricket SA Corruption

Conflict Between Choice of Auditors Delays Probe into Cricket SA Corruption

Inconsistent views among board members on the choice of auditors to be appointed to look into allegations of financial irregularities, including IPL2 bonuses, within Cricket South Africa have further delayed the process. Although Cricket SA has already appointed KPMG to conduct a forensic audit into the bonus scandal in the next four weeks,Ishmael Semenya, a [...]

When Data Loss Strikes

When Data Loss Strikes

Even a simple mistake of deleting a file containing the personal information of customers can spell disaster for small- and medium-scale businesses (SMBs) according to Symantec, which claimed that SMBs do not seem to prioritize disaster preparedness until they experience data loss. “The fact is many small businesses don’t have IT staff or resources dedicated [...]

Failed Construction Company Calls in PwC Administrators

Failed Construction Company Calls in PwC Administrators

A construction company in Northern Ireland has turned to PricewaterhouseCoopers administrators after the firm went insolvent. Carvill Group, one of the leading construction companies in the region, announced that three of its companies would be placed into receivership. PwC administrators are currently assigned only to a holding company of Carvill Group while they are still [...]

Under Fire: Independence of KPMG from IT Services Firm

Under Fire: Independence of KPMG from IT Services Firm

An Indian IT services company has received a voluntary document from the enforcement division of the US Securities and Exchange Commission requesting the firm to prove the independence of its auditors KPMG India Pvt. Ltd. In a regulatory filing with the SEC dated April 20, Wipro Limited said it is complying with the regulator’s request [...]

Robbery at Michaels Stores Register Involving Card Data Explained

Robbery at Michaels Stores Register Involving Card Data Explained

A major card data theft that occurred in Chicago-area stores of Michaels Stores Inc. earlier this month may just have been the tip of the iceberg as the home decoration retailer has confirmed that some PIN pads in selected stores all over USA have also been tampered with. After a preliminary screening of PIN pads [...]

Risk Assessment Division of SEC Has New Head

Risk Assessment Division of SEC Has New Head

The Securities and Exchange Commission (SEC) has named a Madison S. Wigginton Professor of Finance at Vanderbilt University’s Owen Graduate School of Management as the new chief of its risk assessment division. Craig Lewis, a certified public accountant, will oversee the SEC’s Division of Risk, Strategy, and Financial Innovation (RiskFin) and the agency’s economists starting [...]