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
The Louisiana Department of Public Safety and Corrections failed to provide documentation for more than $1.6 million in federal COVID-19 aid spending, according to a recent state audit. The Louisiana Legislative Auditor, an agency tasked with providing financial accountability for public funds, examined the department’s internal handling of expense reimbursements Read More
The Justice Department is probing embattled electric-truck startup Lordstown Motors Corp., according to people familiar with the matter. The Securities and Exchange Commission is also looking at the company. The SEC first requested information from Lordstown Motors in February and has issued subpoenas regarding Lordstown Motors’ move last year to become Read More
The Securities and Exchange Commission has released its 2021 “Agency Rule List” to give companies an idea of the regulations in its pipeline and when they can expect them to move forward. The list includes a schedule of proposed and final rules on such topics such as climate change disclosures, Read More
The West Virginia State Auditor’s Office and the Logan County Prosecutor’s Office are working together to audit and investigate the financial activities of several Logan County fire departments. State Auditor John McCuskey announced the investigation in a statement this week. Logan County Prosecuting Attorney David Wandling said several of the Read More
KPMG unveiled a new program, KPMG Impact, to provide its clients with assistance in improving performance and reporting in environmental, social, and governance areas. The new unit will help clients improve their ESG performance while also carrying out KPMG’s own ESG commitments. The program builds off efforts from last year, Read More
Akron General Health System, a regional hospital system based in Akron, Ohio, will pay $21 million to resolve allegations under the False Claims Act of improper relationships with certain referring physicians, resulting in the submission of false claims to the Medicare program. The settlement resolves charges that between August 2010 Read More
The Institute of Internal Auditors announced today the election of the 2021–22 Global Board of Directors, including Charlie T. Wright, CIA, as Chair of the Global Board. The election was held during The IIA’s Annual Business Meeting. Wright is an experienced chief audit executive with more than 35 years of Read More
A recent survey found that accountants and auditors are more likely to return to their firm’s offices than other professions. While many professionals indicate that remote work, necessitated by the pandemic, is likely to become more prevalent even when the pandemic is over, a larger portion of accountants say that Read More
