Audit & Governance Weekly Financial News 9th April 2021

Company News

Published on: Thursday, April 8, 2021 by Paul Stanbridge

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It’s been a tough month for Credit Suisse and Nomura as they both warn of a hit to profits from US hedge fund Archegos (https://www.bbc.co.uk/news/business-56564717 ) collapse, reports the BBC. Today CNBC reported (https://www.cnbc.com/2021/04/06/morgan-stanley-dumped-5-billion-in-archegos-stocks-before-fire-sale.html) that Morgan Stanley dumped $5 billion in Archegos’ stocks the night before the massive fire sale. Meanwhile, Goldman Sachs (https://www.cnbc.com/2021/04/06/goldmans-risk-controls-worked-well-during-archegos-fire-sale-ceo-solomon-says.html#:~:text=Goldman’s%20risk%20controls%20worked%20well%20during%20Archegos%20fire%20sale%2C%20CEO%20Solomon%20says,-Published%20Tue%2C%20Apr&text=The%20forced%20selling%20caused%20an,material%20losses%20from%20the%20trades.) , came out with their head above water. “From my perspective, our risk controls worked well,” says Goldman’s CEO David Solomon. Undoubtedly there will be questions from regulators on governance, as well as investors and
C level members on internal controls practices. Two staff at Credit Suisse have already resigned.

UK Accountancy friends, I would urge you to submit your thoughts on the UK Gov white paper (see below). It’s a great opportunity to have your say and influence the government’s approach to the governance and audit framework for major companies.

I hope you enjoy this week’s offering.

Paul

In the news this week…
HAVE YOUR SAY! AUDIT AND CORPORATE GOVERNANCE WHITE PAPER: NEW AUDIT AND ASSURANCE POLICY REQUIREMENT FOR LISTED ISSUERS

UK Gov seeking views on new Audit framework for major companies… (https://www.ft.com/content/de84ddd1-3286-4025-ba2e-756abad57d8b) read more (https://www.gov.uk/government/consultations/restoring-trust-in-audit-and-corporate-governance-proposals-on-reforms)

HOW MIGHT U.K. MANDATE FOR AUDIT TO FIND FRAUD WORK IN PRACTICE?

Hailed by David Herbinet, Head of Audit at Mazars, as “a once-in-a-generation opportunity to transform audit”, firms have generally welcomed the opportunity to revise corporate governance in the UK, but remain silent on direct accountability for corporate fraud… read more (https://www.complianceweek.com/accounting-and-auditing/how-might-uk-mandate-for-audit-to-find-fraud-work-in-practice/30216.article)
EX-SHANGHAI CLEARING HOUSE CHIEF CHARGED WITH CORRUPTION

Xu Zhen was charged with corruption and bribery for violating rules on executive pay to benefit himself and those close to him… (https://www.gtreview.com/news/global/authorities-issue-fresh-guidance-on-trade-finance-money-laundering-risks/) read more (https://www.regulationasia.com/ex-shanghai-clearing-house-chief-charged-with-corruption/)

DANSKE BANK REPRIMANDED BY UK COMPETITION WATCHDOG

Danske Bank has been reprimanded by the UK competition watchdog for the treatment of some small businesses applying for COVID Bounce Back loans …read more (https://www.bbc.co.uk/news/uk-northern-ireland-56650635)

SOUTH AFRICA: RESERVE BANK FINES DEUTSCHE BANK, DISCOVERY LIFE FOR LAPSES IN MONEY-LAUNDERING CONTROL MEASURES

SA Reserve bank fines Johannesburg branch of Deutsche Bank R28 million for weaknesses in anti-money laundering… read more (https://www.news24.com/fin24/companies/reserve-bank-fines-deutsche-bank-discovery-life-for-lapses-in-money-laundering-control-measures-20210401)

EX-GLENCORE TRADER CHARGED WITH MANIPULATING PRICE OF FUEL OIL

Ex-Glencore Trader Charged With Manipulating Price of Fuel Oil… read more (https://finance.yahoo.com/news/ex-glencore-trader-charged-manipulating-171121753.html)

CRIMINAL CASE AGAINST NATWEST TIP OF £90BN ICEBERG IN ‘MONEY LAUNDERING CAPITAL OF THE WORLD’

The latest revelations followed the shock announcement, last week, that the Financial Conduct Authority had lodged criminal proceedings against NatWest for money laundering offences…. read more (https://www.cityam.com/criminal-case-against-natwest-tip-of-90bn-iceberg-in-money-laundering-capital-of-the-world/)
NATWEST £365M MONEY LAUNDERING CASE LINKED TO SEPARATE CASE INVOLVING INFAMOUS GOLD DEALER JAMES STUNT

Criminal money laundering charges against NatWest are linked to a separate case against 13 individuals based in cities around the country… read more (https://www.cityam.com/natwest-money-laundering-case-linked-to-separate-case-involving-infamous-gold-dealer-james-stunt/)

** Hiring for your Internal Audit team?
————————————————————
We have an extensive network of immediately available Internal Audit candidates. Call Paul on 0203 397 1774
Paul Stanbridge
Before establishing Fleet Search and Selection with Craig Phipps, Paul worked as an Equity Research Analyst in London. Now, a recruitment consultant for almost two decades, he has recruited many senior roles, including Global Heads of Audit and C-Suite executives. His wide network spans Insurance, Asset Management and Banking, with expertise including Audit, Compliance and Advisory.
As with his day job, Paul likes getting people excited about things. He is a passionate competitive foil fencer with 5 caps for Scotland and now enjoys coaching others to enjoy fencing too.
Contact:
[email protected] (mailto:[email protected])
Craig Phipps

Craig has spent over 20 years recruiting for the Financial Services Industry, predominately in Business and Technology Audit for Investment Banks and Asset Managers. He has also recruited extensively in Market Risk and Quantitative finance. Prior to establishing Fleet Search and Selection, he headed up the Investment Banking Audit and IT Audit Divisions at two prominent recruitment companies.
Craig has helped 100’s of candidates make difficult career choices. When not at work, his strategic mindset turns to his passions for skiing and rugby and is a huge supporter of Australia’s national rugby team.
Contact:
[email protected] (mailto:[email protected])

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