The Navy has been queueing up a 70 percent budget cut to the Naval Audit Service, led by special interests and without Congressional approval. The move is unprecedented, and it could lead to significant misuse and even greater waste. With the Navy’s goal to have over 355 ships in its fleet Read More
The U.S. Senate voted 53-45 on Wednesday to confirm former derivative markets regulator Gary Gensler as head of the country’s top securities markets regulator, spelling a tougher regulatory regime for Wall Street. Gensler is expected to be sworn in as U.S. Securities and Exchange Commission (SEC) chairman in the coming Read More
Grant Thornton LLP has launched cta.x, an app that allows companies and auditors to rapidly develop and deploy automated internal-controls tests, helping them comply with laws and regulations such as Sarbanes-Oxley. It will also help companies garner new insights from their internal-compliance efforts and increase the return-on-investment in their controls Read More
The Institute of Internal Auditors (IIA) has signed a Memorandum of Understanding (MOU) with the Vietnam Ministry of Finance (MOF) Accounting and Auditing Supervisory Department for cooperation and collaboration in establishing and advancing the internal audit profession in Vietnam. The IIA said, in a statement, that it is well-positioned to Read More
The results of a new survey indicate that internal audit’s ongoing digital transformation could accelerate in 2021. The survey, conducted by AuditBoard and the Institute of Internal Auditors’ Internal Audit Foundation (IAF), finds that internal audit functions plan to increasingly adopt cloud-based software platforms. Nearly a quarter (22 percent) of Read More
The Securities and Exchange Commission has awarded more than $500,000 to a whistleblower who raised concerns internally before submitting a tip to the Commission. The whistleblower’s information and assistance allowed the Commission and another agency to quickly file actions, shutting down an ongoing fraudulent scheme. The whistleblower’s information prompted an Read More
The Institute of Internal Auditors is considering revisions to its International Professional Practice Framework (IPPF), which acts as a set of practice and conduct standards for the internal audit profession. As part of an ongoing process, and to continue to meet the demands of internal audit professionals and the expectations Read More
State Auditor Beth Wood said the North Carolina Department of Transportation (NCDOT) did not follow standard practices for its latest audit, leading to possible inaccuracies within the embattled state agency. Wood laid out a slew of issues Wednesday with the NCDOT’s December audit to the Senate Committee on Transportation. She Read More
Plug Power said it found accounting errors in results for 2018, 2019, and the first three quarters of 2020 and that it will restate earnings for those periods. The company, a maker of hydrogen fuel cells, had been flying high, with its stock up nearly 1,400 percent is just the Read More
Top executives at companies hit by accounting scandals could lose their bonuses under U.K. proposals for beefed-up regulation after a wave of corporate collapses including Carillion Plc and travel firm Thomas Cook Group Plc. The government proposed creating a new regulator with the power to wield a range of sanctions, Read More
