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SEC drops SolarWinds cyber case
The SEC has dismissed its high-profile lawsuit against SolarWinds and its chief information security officer, Timothy Brown, over the 2020 Russia-linked Sunburst cyberattack. The case, filed in 2023, accused the firm of hiding security flaws but faced judicial pushback and industry criticism. A joint motion to dismiss with prejudice was filed Thursday. SolarWinds welcomed the…
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Internal audit profession faces existential pressures faced by finance leaders
A global survey of 213 internal audit leaders by AuditBoard has revealed the profession is under acute strain, challenged by stagnant resources, the rapid rise of AI, and a persistent identity crisis. Despite the belief that AI will transform internal audit within five years, only 28% of leaders feel confident in their teams’ ability to…
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FASB tackles crypto accounting challenges
The FASB has added a project to its technical agenda focused on the accounting for cryptocurrency asset transfers. The initiative aims to expand the existing 2023 standard on crypto assets to include wrapped tokens and receipt tokens, while also clarifying derecognition guidance for crypto transfers. Stakeholders have expressed concerns about unresolved accounting challenges that lead…
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Meta wins antitrust case over apps
A federal judge has ruled that Meta Platforms does not hold a social media monopoly, dismissing the U.S. Federal Trade Commission’s bid to force a breakup of Instagram and WhatsApp. The FTC alleged that Meta acquired the platforms to suppress competition, but the court sided with Meta, marking a major victory for Big Tech and…
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Lugano Diamonds files for bankruptcy
Lugano Diamonds & Jewelry has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware, seeking a buyer after allegations against its founder, Mordechai “Moti” Ferder, of fraudulent diamond sales. The company aims to sell “substantially all of its assets” while securing $12m in debtor-in-possession financing to maintain operations. Interim…
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Reeves set to announce new ‘milkshake tax’
Rachel Reeves plans to lower the sugar tax threshold to 4g per 100ml, hitting milk-based drinks for the first time. The change, expected in April 2027, follows the current exemption for milk drinks under the Soft Drinks Industry Levy, which imposes an 18p tax per litre on soft drinks containing 5g or more of sugar…
