Top Compliance News
Wednesday, January 2nd, 2008Rate of corporate fraud holding steady, global survey indicates
Most US respondents felt that SOX has stemmed the tide of fraud - http://www.itcinstitute.com/info.aspx?id=45903
TJX settles with all the banks, save one, that sued over its data breach
TJX has denied all wrongdoing and will pay up to $40.9 MM to 300 Visa-issuing banks that were involved in the data breach of more than 100 MM credit card records - http://www.itcinstitute.com/info.aspx?id=45904
Auditing fees up 345 percent, thanks to SOX
Median auditing costs rose from $1.4 MM in 2001 to $2.7 MM in 2006 - http://www.itcinstitute.com/info.aspx?id=45905
Morgan Stanley fined $12.5 MM for withholding e-mails
Brokerage falsely claimed that requested e-mails had been destroyed by 9/11 attack, but they actually survived in off-site backups - http://www.itcinstitute.com/info.aspx?id=45906
Despite SOX, internal audit committees kowtow to management
Aggressive audit committees have gained more influence, but management carries the big stick and still dominates in auditor disputes - http://www.itcinstitute.com/info.aspx?id=45907
Minnesota bridge collapse spotlights alert and communications technologies
When a disaster hits, usage spikes and cell phone connectivity drops - http://www.itcinstitute.com/info.aspx?id=45908
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