The Institute of Internal Auditors voiced its full support of the U.S. House Armed Services Committee’s recommendation to reverse a proposal that would severely cut the U.S. Navy Audit Service’s budget and reduce its workforce from nearly 300 to 85 worldwide. The Trump administration had planned to reduce the Navy Read More
When you go to the doctor, do you want them to tell you what’s really wrong with you so that you can begin to treat the actual illness? Or are you content with that doctor only treating the symptoms, leaving the actual illness undiagnosed? Of course not. Well, issuing reportable Read More
The Federal Accounting Standards Advisory Board issued a standard on Friday regarding accounting and financial reporting for government-owned land and delayed the effective date due to the pandemic. The organization is aiming to provide more consistent accounting methods and reporting for land holdings. Before the FASAB released this statement, federal Read More
The Securities and Exchange Commission charged Big Four firm Ernst & Young, one of its partners, and two of its former partners with improper professional conduct for violating auditor independence rules in trying to become the auditor of Sealed Air, a publicly held company with close to $5 billion in Read More
The Office of Inspector General and Department of Homeland Security found in an audit last week that the Science and Technology Directorate failed to adequately meet all internal purchase card policies and procedures. The Government Charge Card Abuse Prevention Act of 2012 requires the OIG to conduct an annual risk Read More
A federal judge in San Francisco dismissed charges against Big Four firm PwC, after a former employee had claimed the firm terminated him for blowing the whistle about conflicts of interest with audit clients. In November 2016, former PwC employee Mauro Botta went to the Securities and Exchange Commission with Read More
Activision Blizzard, one of America’s largest video game developers, has received widespread criticism from several employees and a lawsuit in California for what some call a “frat boy” workplace culture. Now its CEO is promising a full review and series of initiatives to address the problems. Employees at the video Read More
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
In the current business environment, senior management is asking some internal audit functions to do more work that resembles quality assurance. There are several reasons for this, but generally those reasons fall under the heading of business process disruption in one form or another. These may be disruptions to the Read More
