It wouldn’t take an internal auditor long to spot the internal control problem with the former spending approval process at Wescom Solutions. An accounting manager, Nadia Minetto, was responsible for approving all spending on company cards at the Mississauga, Ontario-based software company, including her own. That means if she made Read More
According to a recent PwC report, internal auditors don’t require deep technical knowledge to begin engaging in their organization’s digital initiatives. Auditors bring a thorough understanding of risk and process — which is a valuable lens that decision-makers sometimes lack. Internal audit can also connect the dots on risks across Read More
Despite the constant drumbeat on the need for companies to improve and formalize risk management systems, most are still way behind, a new report finds. A study released this week by the American Institute of CPAs (AICPA) and North Carolina State University’s Enterprise Risk Management Initiative finds that while companies Read More
A recently released audit of Connecticut state operations during the 2017-18 fiscal year by the state Office of the Auditors of Public Accounts found several issues with the state’s administration of federal financial assistance programs, particularly Medicaid. Among the auditors’ findings were several issues with the state Department of Social Read More
The Center for Audit Quality reminded internal auditors that they have a role to play in the regular assessment of the job that the external auditor is doing. In an update to its External Auditor Assessment Tool, released today, the CAQ states that while the audit committee should lead the Read More
An internal audit conducted by Wilmar International, a global agribusiness conglomerate based in Singapore, uncovered a wide-scale fraud in the financial department at the company’s Ugandan palm oil subsidiary, Oil Palm Uganda Ltd (OPUL), according to a report in the Ugandan newspaper, the Observer. The internal audit found evidence of Read More
In the post–Sarbanes-Oxley world, internal auditors have increasingly assumed a larger role in corporate governance. For example, Deloitte notes that “if not for the internal audit profession, the business landscape would likely be littered with significantly more disclosures of material weaknesses and revelations of noncompliance with the [Sarbanes-Oxley] Act” (“Optimizing Read More
The Securities and Exchange Commission awarded a total $50 million to two whistleblowers who assisted the agency in bringing a successful enforcement action. One whistleblower received an award of $37 million and the other received an award of $13 million. While the SEC did not disclose the identities of the Read More
Shares of telecom equipment maker Nokia dropped more than 8 percent last Friday after the company revealed that it is investigating potential compliance problems at its Alcatel-Lucent unit, which it acquired in 2016. The Finnish company disclosed the investigation into certain transactions of the unit in its annual report, which Read More
An internal audit of marketing practices at the U.S. unit of Korean electronics giant Samsung may have found some unsavory business practices. According to a report in the Wall Street Journal, Samsung abruptly laid off several marketing employees shortly after an internal audit report was released inside the company that Read More
