As internal auditors look ahead to end-of-year reporting deadlines, many are raising concerns that assessments may be impossible to provide or significantly delayed. Remote work options are helping companies stay afloat in 2020; however, many elements of the audit process are more difficult in this “new normal.” Accounting standards provide Read More
The Department of Justice released a rare Foreign Corrupt Practices Act opinion letter in response to an inquiry from a company, highlighting an avenue of communication where companies can get answers to compliance concerns for planned future actions. The inquiry asked whether a prospective fee paid to a foreign subsidiary Read More
A North Carolina watchdog agency recently issued a scathing report on the internal audit program at the state’s Department of Transportation (NCDOT). During an evaluation, inspectors found that the department “has not maintained a robust and viable internal audit effort,” leading to budget and cash flow problems at the department. Read More
The Securities and Exchange Commission charged a consumer loan company $21.7 million to resolve charges that it violated the Foreign Corrupt Practices Act (FPCA). The SEC says that a former Mexican subsidiary of World Acceptance Corporation (WAC), a South Carolina-based consumer loan company, paid more than $4 million from at Read More
Capital One Financial Corp will pay a $80 million fine to the Office of the Comptroller of the Currency for a 2019 data breach that exposed 106 million records of customers and credit card applicants. The alleged hacker, Paige Thompson, was a former Amazon employee and accessed the personal information Read More
The Wisconsin Court of Appeals is expected to deliver a decision regarding alleged fraud and negligence against audit firm Grant Thornton LLP by a small Wisconsin manufacturing company. Arrowhead Systems Inc. is suing the firm for failing to inform the company about a commonly-known tax saving strategy that could have Read More
Ever since longtime president and CEO Richard Chamber of the Institute of Internal Auditors announced his decision to step down next year, the IIA has been looking for a replacement. The organization, the internal audit industry’s acknowledged leader and most recognized advocate, has exclusively tapped global executive search firm Korn Read More
A Colorado city is looking to tighten internal controls after embezzlement by a high-level official rocked the city council. Julie Brown, the former finance director of Durango, Co., is suspected of stealing $700,000 over the course of 17 years. The scale and the length of the theft has left city Read More
The first audits completed under the landmark new lease accounting standard are in, and companies say they were challenging. According to a new survey, half of the public companies that have completed their first post-transition audit under the new lease accounting rules report additional effort was needed for the process. Read More
The role of internal audit has expanded as auditors have taken on more responsibilities. Businesses no longer only look to the function as evaluators of effectiveness, but also urge internal auditors to add value to their organizations. Thus, internal auditors are now expected to improve efficiency and operations, especially in Read More
