As high-profile fraud cases continue to make headlines and the Coronavirus Crisis heightens concerns about fraud, a new survey could help internal auditors understand fraud risk management at their organizations. The report, “Fraud Risk Management in Internal Audit,” takes a deep look at internal audit’s role in identifying and mitigating Read More
The Securities and Exchange Commission has sent notice to sports apparel company Under Armour and two of its executives that they could face regulatory enforcement actions for past accounting practices at the company. The company revealed this week that it received a “Wells Notice” of possible enforcement action from the Read More
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
