An audit report found that weak oversight by the St. Louis city council and then-city auditor led to abuses by former-county executive Steven Stenger, who pleaded guilty to three federal counts of pay-to-play schemes that cost taxpayers between $250,000 and $550,000. The audit, conducted by Missouri Auditor Nicole Galloway’s office, Read More
Canadian bank Scotiabank will pay $127 million to the Department of Justice to settle charges manipulating prices of precious metals. Four traders at the bank allegedly manipulated thousands of orders for precious metals futures contracts over an eight-year period. The bank was also charged with making false statements and incomplete Read More
A state lawmaker in Texas wants to conduct a comprehensive audit of IDEA public schools, a Weslaco-based charter school system, after news broke about questionable spending practices. Spending decisions that have recently come to light include a $900,000 severance package for former CEO Tom Torkelson, as well as other extravagant Read More
An audit of Detroit’s Land Bank Authority uncovered troubling accounting practices and weak internal controls. An examination of four years’ worth of financial statements, several bank accounts, and general ledgers from 2014 to 2019 found lack of reporting and irregular transactions. The land bank had strengthened financial reporting in 2015 Read More
The Securities and Exchange Commission charged a consumer loan company $21.7 million to resolve charges that it violated the Foreign Corrupt Practices Act (FPCA). The SEC says that a former Mexican subsidiary of World Acceptance Corporation (WAC), a South Carolina-based consumer loan company, paid more than $4 million from at Read More
Capital One Financial Corp will pay a $80 million fine to the Office of the Comptroller of the Currency for a 2019 data breach that exposed 106 million records of customers and credit card applicants. The alleged hacker, Paige Thompson, was a former Amazon employee and accessed the personal information Read More
Internal audit leaders need to look to the future and improve adopting next-generation auditing techniques, a new Protiviti survey found. Protiviti’s 2020 internal audit capabilities and needs survey “Exploring the Next Generation of Internal Auditing,” examines the competencies of nearly 780 chief audit executives and internal audit leaders in the Read More
The Wisconsin Court of Appeals is expected to deliver a decision regarding alleged fraud and negligence against audit firm Grant Thornton LLP by a small Wisconsin manufacturing company. Arrowhead Systems Inc. is suing the firm for failing to inform the company about a commonly-known tax saving strategy that could have Read More
Ever since longtime president and CEO Richard Chamber of the Institute of Internal Auditors announced his decision to step down next year, the IIA has been looking for a replacement. The organization, the internal audit industry’s acknowledged leader and most recognized advocate, has exclusively tapped global executive search firm Korn Read More
Cryptocurrency is rising in popularity, and national banks were uncertain about how to handle them. The Office of the Comptroller of Currency answered that question, saying that national banks and federal savings associations can provide cryptocurrency custody services for their clients, the banking regulator said in a letter on July Read More
