General Electric announced today that Deloitte was selected to replace KPMG as its auditor in a press release. KPMG will complete its audit services for GE ending Dec. 31, 2020 and will file GE’s 2020 Annual Report on Form 10-K. KPMG and its predecessor firms have worked with GE since Read More
An internal audit found “woefully lax” security in the Central Intelligence Agency’s hacking unit which led to the theft and leak of top-secret hacking tools in 2016. The stolen information was leaked by an employee and released by WikiLeaks in 2017, a disclosure totaling about 8,000 pages with details about Read More
The second-largest lender in Australia, Westpac, says that millions of breaches of anti-money laundering (AML) laws resulted from technology shortcomings and human error, but were not intentional, according to an internal audit. Westpac has recently faced accusations of 23 million instances of AML compliance violations, including failures to detect money Read More
The UK Financial Reporting Council (FRC) reprimanded Big Four KPMG after the accounting firm admitted to shortcomings in audit work. The accounting watchdog said the firm had issues in reserve audits of Foresight 4 VCT plc that led to the company having to restate its distributable reserves twice. The FRC Read More
When it comes to accounting firms, the big are getting bigger. The top ten largest audit firms boosted their share of the external auditing market in 2019, according to a new report by research firm Audit Analytics. The report finds that the market share held by the 10 biggest firms Read More
The role of internal audit has evolved over the years to more than just assurance, and leaders in internal audit need to respond to the new challenges and expectations facing them in the field. As firms recognize the unique value that internal auditors can bring to the company, to meet Read More
The Securities and Exchange Commission announced a record whistleblower award of nearly $50 million to an anonymous individual last Thursday. The award is the largest since the program’s inception in 2011 and brings the total amount of awards given out to over $100 million in this fiscal year alone. The Read More
North Carolina state officials say an audit found bookkeeping errors in the Franklin County Clerk of Superior Court, where court officials had tens of thousands of dollars in wrong accounts. The audit attributes the errors to a lack of training and monitoring, issues that the office says it is trying Read More
Collapsed British construction giant Carillion PLC lost a bid to get access to KPMG audit workpapers in preparation for a £250 million ($314 million) lawsuit against the accounting firm for negligence. The failed construction company, which entered into liquidation in 2018, is seeking to sue KPMG LLP and KPMG Audit Read More
The Coronavirus Crisis has changed how internal audit operates in many ways, but it is the speed required to keep up with rapidly moving developments that may have the most lasting impact on the profession when the pandemic has passed. As Richard Chambers, president and CEO of the Institute of Read More
