- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The United Kingdom’s independent accounting regulator said it has commenced an investigation into the conduct of KPMG for audits it performed on Rolls-Royce.
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The U.K. Serious Fraud Office closed two long-running bribery and corruption cases against Rolls-Royce and GlaxoSmithKline—a decision that casts further doubt around the effectiveness of the SFO’s investigatory powers and makes companies question the purpose of entering a deferred prosecution agreement at all.
A series of severe fines and reprimands involving auditor misconduct raises a thorny question: Could, or should, organizations have independently appointed auditors?
Breaches of the EU’s GDPR can cost companies substantial sums and huge reputational damage. Now some are warning that the implementation of the EU’s AI Act will be just as far-reaching, and could potentially lead to similar numbers of cases.
