The U.S. Justice Department has announced the formation of a new unit to combat fraud in government procurement and in grant and program funding. The unit, labeled the Procurement Collusion Strike Force (PCSF) will focus on deterring, detecting, investigating and prosecuting antitrust crimes, such as bid-rigging conspiracies and related fraudulent Read More
Under Armour, the sportswear brand that went from basement start-up to billions, confirmed that its accounting practices are under federal investigation, the latest in a series of blows for a brand that is already struggling to turn around its business. A spokesperson said Sunday that Under Armour has been cooperating Read More
Toy company Mattel announced this week that has completed an independent investigation, led by its audit committee, into the allegations by a whistleblower of accounting improprieties and a lack of independence by the company’s external auditor. The investigation determined that income tax expense was understated by $109 million in the Read More
GUEST BLOG Congratulations! You’ve landed your first job as an internal auditor, either as a young person starting your career in an exciting profession or as someone who is transitioning into internal audit from elsewhere in the organization. Either way, you are about to embark on an interesting and rewarding Read More
Ever since Congress passed the Sarbanes-Oxley Act in 2002—a response to major accounting scandals at such companies as Enron, WorldCom, Adelphia, Tyco, and others—internal auditors have been wringing their hands over their role in assuring compliance with the complex law. SOX, as it has come to be known, created radical Read More
Former internal auditor for the town of Greenwich, Conn., Melinda Frame, is suing the town. Her complaint was filed last week in State Superior Court in Stamford. Frame, who was hired in August of 2016, says the town interfered with her internal audit work and covered up problems in town Read More
In a letter to Parliament, the Chartered Institute of Internal Auditors called on the U.K. government for new legislation to reform how the audit industry is regulated in the wake of a series of major corporate collapses. The professional association, which represents internal auditors in the United Kingdom and Ireland, Read More
The Institute for Internal Auditors has published a new practice guide to help public sector internal auditors improve the work they do to audit public institutions and municipalities. Incorporating the International Standards for the Professional Practice of Internal Auditing and insights for internal audit practitioners in the public sector globally, Read More
Many internal audit shops include a rating or grade at the end of an audit report intended to summarize the findings and bring attention to the most important conclusions of the report. Ratings may be scored with a number—from one to five, for example; a color—often red, yellow, and green; Read More
A new study examines the biggest challenges impacting IT audit professionals as they navigate an evolving risk landscape in an era of digital transformation. The 2019 Global IT Audit Benchmarking Study is the eighth annual audit research project conducted by consulting firm Protiviti and ISACA, a professional association for IT Read More
