Internal auditors are getting bullied and sanctioned when they present uncomfortable findings to management and the recent Star Casino money launderingcase is just one example, according to a survey by the Australian chapter of the Institute of Internal Auditors. One in seven internal auditors – 14 per cent – said Read More
The U.K. Financial Reporting Council announced July 18 it has imposed financial and non-financial sanctions, as well as a “severe reprimand,” against Grant Thornton UK and a former audit partner of the firm for failures during 2016 and 2018 audits of the financial statements of British retail company Sports Direct Read More
Leidos, a Reston, Va.-based defense contractor, has appointed Thomas Sanglier as its new chief audit executive to oversee the company’s internal audit function. In a statement announcing the move, Leidos says Sanglier will deliver “independent, objective assessments and assurance.” “We are pleased to welcome Tom to Leidos and excited to Read More
The University of Missouri says that an internal audit has led to the discovery of stolen funds and financial mismanagement, as well as employee terminations at the college. The internal audit was initiated following allegations of financial mismanagement in the College of Engineering. As a result of information uncovered during Read More
Cyberattacks are among the most debilitating events that companies and other organizations can experience, and internal auditors and risk managers consistently rank them among the biggest risks to the business. They know that how companies respond and react to such attacks can be the difference between a small blip and Read More
The Public Company Accounting Oversight Board (PCAOB) adopted amendments to its auditing standards on June 21 to improve lead auditors’ supervision of other auditor’s work. As companies increase their global presence, the use of additional audit firms has become more prevalent in the conduct of external audits. In 2021, 26 percent Read More
In a unanimous vote, the Senate confirmed Democrat Jaime Lizárraga and Republican Mark Uyeda this week to serve as the Securities and Exchange Commission’s newest Commissioners. President Joe Biden nominated the two as Commissioners in April. Lizárraga served most recently as a senior advisor to House Speaker Nancy Pelosi, (D-Calif.). Uyeda is Read More
Registered investment adviser A.G. Morgan Financial Advisors (AGM), its owner, and its former chief compliance officer each face charges by the Securities and Exchange Commission for violations of federal securities laws, the agency announced this week. According to the SEC’s complaint, AGM, owner Vincent Camarda, and AGM’s former Chief Compliance Read More
What had typically been a routine vote to renew the contract of Baltimore School Board Chief Auditor Andrea Barr was anything but typical this time around. The school board effectively fired Barr, who had been the chief auditor for 36 years, when several members simply abstained from voting. In a Read More
The Securities and Exchange Commission charged audit firm CohnReznick LLP with improper professional conduct on audit engagements for two clients in 2017 and hit the firm with a $1.9 million penalty to settle the charges. The agency also charged three of the firm’s partners with improper conduct related to the Read More
