News Topic: Internal controls

“We’re going to be looking at … what caused us to not be able to close some of these gaps in the past,” Citigroup's new Chief Administrative Officer Karen Peetz says of the effort to fix shortcomings in internal controls that have plagued the company ... Read full article

CEO Michael Corbat and CFO Mark Mason dodged questions from analysts about how much time and money Citigroup expects to spend to address recent enforcement actions. ... Read full article

Jane Fraser, who is poised to become the first woman to lead a major U.S. bank, possesses turnaround experience and strong interpersonal skills that make her well suited for mending fences with regulators and investors, according to present and former ... Read full article

Citigroup will establish new internal oversight guidelines, spend more on technology and take other steps to upgrade risk systems, CFO Mark Mason said at an industry conference in discussing the aftermath of the bank’s mistaken $900 million payment. ... Read full article

The issue, tied to how the company reconciles corporate accounts to its general ledger, is not expected to impact past financial statements. ... Read full article

The New Jersey bank did not say exactly what the problem was, but it is beefing up how allegations of financial-reporting violations are reported to upper management. ... Read full article

Wells Fargo, which has been told by the Fed that it needs to improve its governance and controls, on Thursday received an important thumbs-up from its outside auditor and also named the four senior directors who will retire next month. ... Read full article

Malvern Bancorp’s restatement of nearly four years of results worked out in its favor, but it had to acknowledge — and explain — the reason: Outside accountants spotted a problem in its financial-reporting controls. ... Read full article