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
Internal audit leaders need to look to the future and improve adopting next-generation auditing techniques, a new Protiviti survey found. Protiviti’s 2020 internal audit capabilities and needs survey “Exploring the Next Generation of Internal Auditing,” examines the competencies of nearly 780 chief audit executives and internal audit leaders in the 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
With technology on the rise, blockchain has become an area of interest for companies looking to use the technology to bolster their own internal control systems. The Commission of Sponsoring Organizations of the Treadway Commission (COSO), a joint-association of which the Institute of Internal Auditors is a member, has released Read More
Working virtually means doing business differently, but it doesn’t mean that internal auditor development should stop. Team learning is as critical and attainable as ever. Developing the skills of the internal audit team is critical to executing the audit plan and contributing to auditor satisfaction. Internal auditors who feel their Read More
As the coronavirus pandemic continues to ravage the economy, companies have had to pivot their strategies and adapt to the challenges that the virus has surfaced. To assess how organizations are handling this crisis from an audit perspective, the Institute of Internal Auditors conducted a survey of the responses by 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
