Barclays launches audit as “truly sorry” chairman Agius quits
Citywire, 2 July
Barclays chairman Marcus Agius has handed in his resignation after his bank was hit with a £290m fine for manipulating inter-bank interest rates. At the same time the Barclays board has launched an audit of its business practices in a bid to repair its reputation.
Investors in Asia urged on ethics
Financial Times, 1 July
With shareholders defending their rights in other parts of the world, institutional investors in Asia must take a more active role in advocating good corporate governance in the region, according to Mark McCombe, Hong Kong-based Asia-Pacific chairman at BlackRock.
Regulators “up the ante” on internal audit in banks
Accountancy Age, 29 June
Global banking regulators have published guidelines to strengthen the in-house audit of banks’ internal control, risk management and governance processes. Published by the Basel Committee on Banking Supervision, these require a bank’s internal auditors to report directly to its board and audit committee rather than senior management.
Auditors raise concerns over Stoke-on-Trent City Council cash oversight
Stoke Sentinel, 28 June
A private internal audit report has revealed that Stoke-on-Trent City Council was left unable to account for how more than £700,000 in regeneration funding had been spent after the money was handed to a private firm.
Huge debts threaten to put NHS trust into administration
Public Finance, 26 June
South London Healthcare NHS Trust faces being put administration after ministers took action over its spiralling debts. The trust, which operates three hospitals in Woolwich, Orpington and Sidcup, has accumulated debt of £150m and is generating further debt at a rate of £1.3m a week, the Department of Health said.