Internal controls over financial reporting
Internal controls over financial reporting sits at the center of regulatory scrutiny for U.S. financial and capital markets firms, with the U.S. Securities and Exchange Commission and the Public Company Accounting Oversight Board both pressing for tighter documentation, faster remediation timelines, and cleaner audit trails after a run of material weakness disclosures in 2023 and 2024. The Financial Industry Regulatory Authority adds a parallel layer for broker-dealers, particularly around supervisory control testing under Rule 3120. No quiet period is coming: both the SEC and PCAOB have open rulemaking and inspection priorities that directly touch how firms design, test, and certify controls.
Watch
- PCAOB AS 2201 inspection findings on IT general controls across broker-dealer audits
- SEC Staff Bulletin guidance on CEO/CFO certifications under Sarbanes-Oxley Section 302 and 906
- Material weakness disclosure trends in 10-K filings: remediation timelines drawing comment letters
- FINRA Rule 3120 supervisory control annual reporting cycle: Q1 deadline pressure for calendar-year firms
- PCAOB proposed amendments to AS 2101 scoping rules for multi-entity financial groups
Recent material activity in Financial & Capital Markets
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Australia ASIC Securities & Investments release pending Cresthaven Analytics full analysis: 26-166MR Federal Court finds former Noumi CEO breached directors’ duties and financial reporting obligations
Australia ASIC Securities & Investments published a regulatory release titled '26-166MR Federal Court finds former Noumi CEO breached directors’ duties and financial reporting obligations'. Cresthaven Analytics' full int…
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SEC seeks public comment on extending Rule 13f-2 short position reporting collection under institutional investment manager regime
The SEC published a proposed collection extension notice on July 27, 2026 for the information collection requirements under Rule 13f-2, which governs short position and short activity reporting by institutional investmen…
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RBI extends supervisory directions over Sonpeth Nagari Sahakari Bank Maryadit by three months to October 30, 2026
The Reserve Bank of India has extended its binding supervisory directions over Sonpeth Nagari Sahakari Bank Maryadit, Sonpeth, Maharashtra. The extension runs from July 30, 2026 to October 30, 2026, subject to review, wi…
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RBI extends supervisory directions over Irinjalakuda Town Co-operative Bank by three months to October 30, 2026
The Reserve Bank of India extended its supervisory directions over The Irinjalakuda Town Co-operative Bank Ltd., Kerala on July 24, 2026. The extension runs three months, from close of business on July 30, 2026 to close …
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SEBI issues final quasi-judicial order against front-running of Axis Mutual Fund trades
SEBI's Enforcement Division issued a final order on July 24, 2026 concluding proceedings against parties who front-ran trades of Axis Mutual Fund. The order resolves a named enforcement action and establishes a concluded…
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SEBI issues ex parte interim order against Stark Investments and associates for unregistered investment advisory and portfolio management operations
SEBI issued an ex parte interim order on July 24, 2026 against Stark Investments and associated persons for conducting unregistered investment advisory and portfolio management services. The order reflects SEBI's sustain…
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SEBI issues quasi-judicial enforcement order against Nalwa Sons Investments Limited
SEBI's Enforcement Division issued a quasi-judicial order on July 24, 2026 against Nalwa Sons Investments Limited. The specific findings, charges, and remedial directions are not disclosed in the available source text.
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SEBI issues quasi-judicial enforcement order against Hexa Tradex Limited
SEBI's Enforcement Division issued a quasi-judicial order against Hexa Tradex Limited on July 24, 2026. The order originates from SEBI's enforcement directorate, confirming a formal adjudicatory proceeding against the na…
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SEBI issues final order against Madhav Stock Vision and associates for front-running violations
On July 24, 2026, SEBI's Chairperson or a Member issued a final order against Madhav Stock Vision Pvt. Ltd. and associated parties for front-running conduct. The order concludes an enforcement proceeding and carries bind…
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SFC issues binding circular restructuring compliance baseline for listed structured funds in Hong Kong
On July 24, 2026, the Securities and Futures Commission issued a circular setting out conduct, disclosure, and structural requirements for listed structured funds operating in Hong Kong.
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