The Financial Reporting Council, Britain’s audit regulator, admonished KPMG once again for conducting poor audits. The FRC says the Big Four firm’s banking audits are not up to acceptable standards for the third year in a row. And KPMG isn’t alone as a target of the regulator’s criticism: Out of Read More
The Information Commissioner’s Office, the United Kingdom’s independent authority established to uphold information rights in the public interest, has released beta guidance on managing artificial intelligence and data protection risks. The guidance, which the ICO calls a “toolkit,” contains risk statements to help organizations that are using AI to process Read More
The Securities and Exchange Commission has released its 2021 “Agency Rule List” to give companies an idea of the regulations in its pipeline and when they can expect them to move forward. The list includes a schedule of proposed and final rules on such topics such as climate change disclosures, Read More
KPMG unveiled a new program, KPMG Impact, to provide its clients with assistance in improving performance and reporting in environmental, social, and governance areas. The new unit will help clients improve their ESG performance while also carrying out KPMG’s own ESG commitments. The program builds off efforts from last year, Read More
Akron General Health System, a regional hospital system based in Akron, Ohio, will pay $21 million to resolve allegations under the False Claims Act of improper relationships with certain referring physicians, resulting in the submission of false claims to the Medicare program. The settlement resolves charges that between August 2010 Read More
The Institute of Internal Auditors announced today the election of the 2021–22 Global Board of Directors, including Charlie T. Wright, CIA, as Chair of the Global Board. The election was held during The IIA’s Annual Business Meeting. Wright is an experienced chief audit executive with more than 35 years of Read More
A recent survey found that accountants and auditors are more likely to return to their firm’s offices than other professions. While many professionals indicate that remote work, necessitated by the pandemic, is likely to become more prevalent even when the pandemic is over, a larger portion of accountants say that Read More
In what appears to be a developing trend, congressional leaders have asked the Federal Communications Commission to conduct a racial diversity and equity audit. Reps. Jamaal Bowman (D-N.Y.), Yvette Clarke (D-N.Y.), and Brenna Lawrence (D-Mich.) penned a letter to the FCC requesting an assessment of whether the agency’s policies and Read More
The Ohio Auditor’s office uncovered enough fraud in the state’s unemployment system to prompt a separate audit while simultaneously investigating the state agency that oversees unemployment assistance payments. To date, a total of $2 billion in fraudulent payments have been identified. A full audit report will be released in September. Read More
A group of bipartisan senators continued the decades long tradition of calling for a clean financial audit from the Department of Defense. In a letter to the Pentagon’s Chief Financial Officer, Michael McCord, the senators called attention to the thousands of outstanding recommendations from internal auditors and the limited progress Read More
