Financial Services Audit News

Basel

Basel Seeks Comments

The Basel Committee on Banking Supervision requests comments on supervisory guidance for assessing the effectiveness of the internal audit function in banks.

Fraud

Fraud Rises

The value of reported fraud in the U.K. skyrocketed to £2.095 billion in 2011, up 50 percent from 2010, acccording to BDO's latest FraudTrack report, the highest ever recorded by the firm.

CFTC

CFTC Declines Delay

The Commodity Futures Trading Commission has rejected a request by two trade groups to delay implementation of position limits aimed at curtailing bets in the commodities markets.

MFGlobal

MF GLOBAL Tussle

MF Global's bankruptcy trustee has refused to turn over documents to the CFTC, which is investigating what happened to an estimated US $1.2 billion in missing customer funds.

In-Depth Features

Fair Lending is High on the Regulatory Radar — Are You Ready?
Internal auditors can help call attention to lending discrimination and compliance issues with federal regulations.

Learning to "BLUF"
By putting the "bottom line up front," internal auditors can ensure that the messages in their emails are received.

Compliance Corner

Asa Sum and Luis Canelon, members of Protiviti’s global financial services and regulatory risk consulting practice, address changing regulations and requirements — Prepaid access products, revised adverse action notices impacted by FCRA amendments under the Dodd-Frank Act, and the New Office of Financial Protection for Older Americans.

Audit Programs

Practical programs to help financial services auditors in their day-to-day activities. Have a program you'd like to share? Send it to the editor.

FSA Buzz

Chairman's Message
& Discussion Board

Read this issue's Chairman's Message or ask questions or share your thoughts about an issue with other FSA members via The IIA's Discussion Board.