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The Perils of Ignoring Internal Audit

The Perils of Ignoring Internal Audit

by Starling Insights

Starling Insights Editorial Board

Sep 27, 2022

Observations

Governance, Audit & Regulatory Failures Audit Australia Culture & Consequences AML/CFT

Earlier this month, the NSW Independent Casino Commission (NICC), an Australian state gaming regulator, declared Star Entertainment Group unsuitable to hold a casino license due to its poor management of money laundering risks. Some have pointed to an apparent disregard for its internal audit function as one cause of the casino operator's deficiencies.

The NICC's probe exposed "serious failures" of corporate governance and culture at Star. One such failure was rejecting and attempting to bury a report into issues with the company's anti-money laundering practices, which the firm's internal audit team commissioned from KPMG.

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