The Internal audit profession will be bidding adieu to one of its top long-term leaders. The Institute of Internal Auditors announced today that longtime president and CEO Richard Chambers will be stepping down from his role next March. Chambers said that his decision comes from many months of consideration about Read More
Is your company transacting in Bitcoin or using blockchain to secure the custody records of digital assets? Some new guidance from the AICPA could help you get a handle on auditing them. The American Institute of CPAs updated its practice guide Accounting and Auditing Digital Assets on July 17 with Read More
With most office workers still toiling from the confines of their home offices and kitchen tables, and some unhappy with their current circumstances, many organizations are concerned about the potential for a rise in fraud. Yesterday, to address that heightened risk, the Institute of Internal Auditors released the report A Read More
The Three Lines of Defense—a popular model for guidance on how to structure risk management responsibilities at companies—is getting a long-awaited makeover, and early analysis of the result has been mostly positive. On Monday, the Institute of Internal Auditors released its Three Lines Model, an update on the Three Lines Read More
The Department of Justice and the Securities and Exchange Commission released the second edition of the Resource Guide to the Foreign Corrupt Practices Act on July 3, its first update in eight years. The resource guide details the government’s expectations for an internal control system, highlighting that it should “take Read More
The largest electric utility in Illinois, Commonwealth Edison Company (ComEd), has agreed to a $200 million settlement with the District Attorney’s Office of the Northern District of Illinois to resolve a bribery investigation. ComEd admitted to monetary payments and arranging jobs and subcontracts for associates of longtime Illinois house speaker, Read More
An internal audit found that the Louisville Metro Police did not properly monitor how the department spent overtime funds. The audit was ordered in 2018 by the city council of Louisville, Ky., after the police department acknowledged $1.2 million in abuse of overtime funds from December of 2016 to 2018. Read More
Universal Health Services has agreed to a settlement with the Department of Justice to pay $122 million for alleged false claims for behavioral health treatments that were unnecessary and failed to provide adequate care for patients admitted to UHS facilities. UHS, headquartered in Pennsylvania, owns and operates nearly 200 psychiatric Read More
P acific Gas and Electric Co. is establishing a chief audit officer role and making changes to the job profiles and responsibilities of those who oversee and manage risk at the San Francisco-based energy company. PG&E is expected to exit bankruptcy later this month, after a turbulent time in the Read More
GUEST BLOG Instituting and maintaining effective control systems is costly and challenging in even the best of times. Add in the instability that results from such difficulties as financial crises, regional political instability, pandemics, and others crises, and the costs and challenges are magnified. Effective control systems are costly because Read More
