An internal audit by the Gary, Indiana city audit staff revealed $13,000 in stolen funds from the city’s Genesis Convention Center, according to a statement by Gary’s mayor, Karen Freeman-Wilson released yesterday. The stolen funds were diverted from federal grant money to the convention center by an accountant working for Read More
The demand for internal auditors with financial services knowledge and experience is growing rapidly, propelled by regulatory pressures to appropriately staff internal audit programs with the right volume and caliber of professionals. This has led many internal audit activities within the highly regulated financial services industry to increase their staff Read More
The board of the Federal Deposit Corp. voted to approve changes to the Volcker Rule, which could ease some restrictions under the regulations and provide more clarity on what types of trades are and are not permitted. The Volcker Rule, which is part of the Dodd-Frank Act, generally prohibits banks Read More
Businesses today cannot be separated from their digital assets. Data drives every aspect of business, from strategic decisions to tactical operations, and all that data is stored in, accessed by, and transmitted across networked systems. Keeping cyber risks under control is a critical issue for any company. Even small, non-tech-oriented Read More
More than $8 million in construction cost increases tied to the El Paso Independent School District’s 2016 bond program did not go before the board for approval as required, according to a new internal audit report. As a result, auditors warn final costs are likely to exceed the figures the school board Read More
The City of New Orleans’ Inspector General found that the former management at the Sewerage and Water Board interfered with internal auditors, rendering them completely ineffective. Inspector General Derry Harper said the S&WB auditors weren’t able to provide effective oversight of the agency’s operations between 2016 and 2018. The IG’s Read More
A report by British Columbia’s auditor general has revealed several holes in the safety net that restricts access to provincial government systems with the discovery that some ministries weren’t following the rules. Auditor general Carol Bellringer’s report released this week looked at five ministries and how each allowed employees and Read More
Alexandra was a young manager in a small audit department of a manufacturing company. Her department was facing time-management issues, as the audit engagements could not adhere to the timeframes included in the annual audit plan, which had been developed in line with the Institute of Internal Auditor’s International Professional Read More
Security pros know that compliance does not equal security, yet compliance continues to be a top driver for security investment. Given that compliance and audit mandates are more tangible measures for non-security executives, requesting support for tools and processes that help meet these requirements is an excellent lever to pull Read More
The Institute of Internal Auditors’ Internal Audit Foundation has issued a new guide on data analysis and sampling. It says the guide, Data Analysis and Sampling Simplified: A Practical Guide for Internal Auditors, is designed to live on the desks of internal auditors, not on the bookshelves. “In short, this Read More
