Health care providers have some new guidance on adopting a solid internal control framework. The Committee of Sponsoring Organizations (COSO), along with advisory firm Crowe LLP and Common Spirit Health have published an updated version of its COSO Integrated Framework specifically for the health care provider industry. COSO says the Read More
The most recent skirmish in the ongoing battle between Lyft and Uber played out in the finance and internal audit executive offices of the ride sharing services. Today, Lyft announced in a blog post that it had hired away Michelle DeBella, who, until last month, had been global head of Read More
As part of its continued efforts to put a series of massive scandals behind it, Wells Fargo recently outlined some changes it has made to how the internal audit function is structured, including adopting a more centralized system of internal audit. The troubled bank also named a new chief audit Read More
Starting in April, a new regulation will require public companies and certain government owned business in Vietnam to conduct internal audits. Under a government decree (Decree 05/2019/NĐ-CP), which was issued last month, companies that are listed on a public stock exchange and those that are owned at least 50 percent Read More
The Securities and Exchange Commission has settled charges against four public companies for failing to maintain internal control over financial reporting (ICFR) for several annual reporting periods. Two of the charged companies also failed to complete the required evaluation of the effectiveness of ICFR for two consecutive annual reporting periods. Read More
French data protection regulator CNIL has imposed a €50 million ($57 million) fine on tech giant Google for failing to comply with the EU’s General Data Protection Regulation (GDPR). The EU privacy law, which took effect last May, is among the most strict set of data privacy regulations in the Read More
An internal investigation launched at the behest of the audit committee of USA Technologies, a cashless payments processor for vending machines, has found revenue recognition and other accounting problems. The company is working to remediate the problems and enhance internal controls and governance. The probe found that for some transactions Read More
Philippines President Rodrigo Duterte launched a tirade against the country’s Commission on Audit, which he claims is hampering the work of his administration. In a speech in Manila, Duterte, who is known for incendiary rhetoric, railed against state auditors in an expletive-filled rant. The Commission on Auditing, known as the Read More
Hertz Global Holdings has agreed to pay $16 million in fines to settle charges by the Securities and Exchange Commission over accounting errors at the rental car giant that led to financial misstatements. According to the SEC filing, from February 2012 to March 2014 Hertz’s public filings “materially misstated pre-tax Read More
The Chartered Institute of Internal Auditors, a professional association for internal auditors in the United Kingdom and Ireland, announced the winners of its Audit and Risk Awards 2018 this week. The awards recognize excellence in internal audit, including innovation and leaders in certain sectors. “As in previous years, the excellent Read More
