An internal audit found that the City of Pasadena’s public safety departments had significant issues in their handling of petty cash and purchasing cards, but no illegal activity. The audit was recommended by auditor KPMG in 2014 to enforce “corrective actions to strengthen the City’s oversight of cash disbursements” and Read More
The coronavirus crisis has upended all areas of corporate America and its effects are likely to linger long after the pandemic has passed. A new study indicates that the internal audit profession is no exception and is undergoing some vast changes, due to the current crisis. According to a survey Read More
An audit found that the top managers Sweetwater Union High School District in California may be guilty of fraud and lying to credit rating agencies and the board of trustees. The audit came after the district’s budget came up $30 million short in 2018, with reports that despite knowledge of Read More
A Supreme Court ruling limiting the fines the Securities and Exchange Commission can impose on defendants to repay victims of fraud may lead to lower payouts to whistleblowers. Earlier this week the Supreme Court upheld the SEC’s right to disgorgement of funds that resulted from fraud, in an 8-1 ruling, Read More
GUEST BLOG As the world became chaotic around us earlier this year, internal auditors were pushed to work remotely, upending a lot of the conventional wisdom about what an internal auditor’s job should entail. Similarly, external auditors found themselves in a completely new world. With clients closing their offices, audit Read More
When asked to reflect on the COVID-19 pandemic during on a recent interview on CNBC, Salesforce CEO Marc Benioff remarked, “the business of business can no longer just be business.” Rather, he said, it must be to improve the state of the entire world. What might have been a controversial Read More
The accounting woes of German digital payments company, Wirecard AG, appear to be deepening. The company said in a statement on Monday that there is a “prevailing likelihood” that the 1.9 billion euros ($2.15 billion) missing from its accounts had never existed in the first place. Wirecard first announced the Read More
The second-largest lender in Australia, Westpac, says that millions of breaches of anti-money laundering (AML) laws resulted from technology shortcomings and human error, but were not intentional, according to an internal audit. Westpac has recently faced accusations of 23 million instances of AML compliance violations, including failures to detect money Read More
When it comes to accounting firms, the big are getting bigger. The top ten largest audit firms boosted their share of the external auditing market in 2019, according to a new report by research firm Audit Analytics. The report finds that the market share held by the 10 biggest firms Read More
GUEST BLOG The most recent macroeconomic developments have had a dramatic impact on global markets, forcing directors and management to demonstrate the capability to make very complex decisions in a timely and incisive fashion. Increasingly, the complexity of the economic environment reaffirms how important it is that the decision-making process Read More
