Punjab to start internal audit of government spending
Punjab’s government has decided to conduct an internal audit of expenditure made by various departments, boards, corporations, local bodies and other agencies using government money in an effort to increase efficiency, accountability and transparency.
Reserve Bank governor was boss of banknote auditor
Reserve Bank governor Glenn Stevens was the direct boss of the chief auditor who reported on banknote companies during the time they are accused of bribing foreign officials, a court has heard. Eight former executives of Reserve Bank subsidiary companies face committal in the Melbourne Magistrates Court, where they are charged with false accounting or conspiracy to bribe over banknote deals in Asia between 1999 and 2006.
Samsung’s child labour headache
Samsung Electronics has rejected allegations that a Chinese supplier used child labour after conducting an internal inquiry. In August Samsung conducted an audit of HEG Electronics, a contract manufacturer of mobile phones and DVD players, in response to a report by China Labor Watch, a US-based non-governmental organisation, that HEG was employing children at its factory in Huizhou, southern China.
Saudi regulator fines five companies for disclosure violations
Saudi Arabia’s market regulator issued 300,000 riyals ($80,000) in fines against five companies that were in breach of corporate disclosure regulations in the Arab world’s biggest economy. Mediterranean & Gulf Insurance & Reinsurance, Riyad Bank, Saudi Steel Pipe and Tabuk Cement were each fined 50,000 riyals for the violation of corporate governance regulations. Saudi Indian Company for Co-operative Insurance was fined 100,000 riyals.