In this podcast, US Content Manager for GRIP, Julie DiMauro, sat down with Global Relay’s Regulatory Intelligence Director, Rob Mason, and Hofstra professor and CPA, John “Jack” Castonguay, to discuss some recent and some years-old exam-cheating allegations at big audit firms.

The conversation covered:

• the violations of rules and standards and the lack of monitoring as it related to firm quality controls;
• how this relates to nonfinancial misconduct at financial services – an area of increasing concern for regulators on a global basis;
• underlying factors in the CPA and audit firm realm that could be contributing to the occurrence;
• what firms could consider using in terms of adequate deterrence and better crafted incentives and disincentives in compensation, promotion and disciplinary strategies;
• the significant role of gatekeepers in our financial system and the regulatory attention paid to them; and
• how these cases relate to communications recordkeeping cases and other surveillance-based cases when it comes to sufficient monitoring and internal controls.

A transcript for this podcast is available here.