Audit committees are disclosing more information about their auditors and audits in shareholder reports this year, according to an annual analysis from the EY Center for Board Matters. Ernst & Young found a dramatic increase in disclosures in most categories over the last eight years, Accounting Today reports. Audit committees Read More
New York state auditors uncovered $700 million in “improper” and “questionable” spending by Medicaid during fiscal year 2019, the New York Post reports, including $605 million in overpayments for prescription drugs dispensed by managed-care companies under contract with the NY Department of Health. An additional $12 million was spent on Read More
Auditors at San Diego’s transportation and planning agency are accusing management of improperly making severance and sick time payments to employees, and failing to report the expenditures to the agency’s board of directors. The San Diego Association of Governments (SANDAG) Executive Director Hassan Ikhrata supervises an annual budget of nearly Read More
A performance audit of the King William County, Virginia, Treasurer’s Office casts light on a number of issues that go against accounting standards, the Daily Press reports. The audit highlights 21 problem areas, including $2 million in uncollected real estate taxes from 400 properties over 30 years. The report also Read More
Management at the Washington, D.C., Rail Operations Control Center (ROCC) fosters a toxic culture that puts customers at risk of physical harm, an audit conducted by the Washington Metrorail Safety Commission (WMSC) says. The 50-page WMSC audit report details more than 20 safety and structural issues in the 24-hour “nerve Read More
Timelines for security and compliance audits are largely unchanged in 2020, despite the disruptive impacts of COVID-19 on teams that are now working remotely, according to a recent survey of North American CISOs assessing the challenges facing security and compliance professionals. The survey, a joint effort between Shujinko and Pulse, Read More
Protiviti has updated its Guide to Business Continuity & Resilience to reflect today’s latest threats and business realities, especially in light of lessons learned from the COVID-19 pandemic. The 2020 guide includes answers to critical questions business leaders must ask to ensure they will be ready to respond when disaster Read More
IBM Australia underpaid 1,647 employees over eight years, resulting in $12.3 million in lost wages, an internal audit finds. Australia’s Fair Work Ombudsman, Sandra Parker, says the full scope of the issue will be “significant in size,” The Sydney Morning Herald reports. “This matter serves as a warning to all Read More
India’s Ministry of Finance is examining internal audit procedures and tools to implement a standard internal audit protocol for all government ministries and departments, The Tribune of India reports. The Department of Expenditure requested the update in response to the government’s increased reliance on digital financial transactions. “The Public Financial Read More
An audit report found that weak oversight by the St. Louis city council and then-city auditor led to abuses by former-county executive Steven Stenger, who pleaded guilty to three federal counts of pay-to-play schemes that cost taxpayers between $250,000 and $550,000. The audit, conducted by Missouri Auditor Nicole Galloway’s office, Read More
