Corporate boards must guide the CEO’s professional development and performance. Doing so is at the heart of the board’s stewardship role and critical to strategy-setting and execution.
A new disclosure requirement that’s described as the most significant change to the auditor’s report in 70 years is making a difference in the internal controls at large companies, although those looking for scandal so far have been disappointed.
Internal audit is grappling with the whirlwind of technological change—everything from blockchain to artificial intelligence to digital transformation. What use is internal audit in an age of such revolution? It turns out, a lot.
Equifax became the poster child for cybersecurity disasters when hackers breached its systems in 2017, exposing the Social Security numbers of 146 million people, about half the U.S. population. Not only did its CEO and senior executives lose their jobs, the company paid a settlement with multiple agencies as high as $700 million.
If history is any guide, new audit and accounting requirements such as critical audit matters (CAMs), which went into effect last year, could translate to an increase in fees.
Call it the age of the mega merger. Across industries, some of the biggest companies are joining hands and creating even bigger companies.
Kison Patel, the CEO of software company DealRoom, remembers working for a private equity firm trying to do a deal not long ago. His firm bombarded the target company with requests for information — including repetitive requests for the same information, often in Excel spreadsheets. Eventually, the seller got fed up and walked away.
Large corporations are under attack from every corner. A group of states are fighting the proposed acquisition of Sprint Corp. by T-Mobile US. The Department of Justice and the Federal Trade Commission are investigating tech giants including Facebook and Alphabet’s Google for antitrust violations. Democratic presidential candidate Elizabeth Warren is proposing breaking up the big tech companies.
December 17, 2019 Cyber
Artificial intelligence and big data offer some of the most exciting prospects for medicine. But making good use of the data is another story.