The AICPA Auditing Standards Board issued a new Statement on Auditing Standards (SAS) that is intended to clarify its views on how auditors should determine which areas pose the most risks of material misstatement in an audit engagement. Statement on Auditing Standards (SAS) No. 145, Understanding the Entity and Its Read More
A new survey finds that many internal audit functions are not leveraging the latest technology to supercharge their internal audit activities. According to the report, from the Institute of Internal Auditors’ Internal Audit Foundation and Refinitiv, more than 50 percent of internal audit functions are not taking advantage of the Read More
An internal audit of the Washington Department of Fish and Wildlife conducted by the Office of the Washington State Auditor, found problems with communication, bullying, and internal accountability at the state agency, according to a publicly released audit report. The culture audit, however, which is the first of its kind Read More
A new internal audit finds that Fresno police officers continue to work second jobs on city time even after a previous internal audit brought such “moonlighting” problems to light. A six month internal audit review found that some officers exceeded the maximum 16 hours of outside work nine times. One Read More
The Institute of Internal Auditors has published a new guide to aid internal auditors in auditing business applications. It says the new guide will help internal auditors provide assurance and consulting services related to business applications. The practice guide also describes how to identify and assess the risks and standardized Read More
Regardless of the geographic location, industry, or type of organization or program, opportunities for corruption present significant risks. Approximately six billion people around the world live in a country with a serious corruption problem. Worldwide, corruption puts businesses and governments at risk and affects organizations, private individuals, and public officials. Read More
The Securities and Exchange Commission has approved Nasdaq’s proposal to increase diversity in boardrooms of companies listed on the exchange. Under the new guidelines, most listed companies would be required to have one or more female director, as well as a director from an “underrepresented” minority group, namely anyone who Read More
The Big Four accounting firms have come under increased fire from within the United Kingdom’s legal community in recent weeks. The UK sector’s watchdogs said that 30 percent of audits it examined did not meet acceptable standards. Of the Big Four firms, KPMG received the most criticism for its work Read More
The Institute of Internal Auditors voiced its full support of the U.S. House Armed Services Committee’s recommendation to reverse a proposal that would severely cut the U.S. Navy Audit Service’s budget and reduce its workforce from nearly 300 to 85 worldwide. The Trump administration had planned to reduce the Navy Read More
The Federal Accounting Standards Advisory Board issued a standard on Friday regarding accounting and financial reporting for government-owned land and delayed the effective date due to the pandemic. The organization is aiming to provide more consistent accounting methods and reporting for land holdings. Before the FASAB released this statement, federal Read More
