The Institute of Internal Auditors announced a new book, Ready and Relevant: Prepare to Audit What Matters Most, written by seasoned practitioner Tim Berichon. Described as the IIA’s version of “Audit This, Not That,” the book focuses on specific strategies, tactics, and examples to help auditors build and maintain an Read More
A Colorado city is looking to tighten internal controls after embezzlement by a high-level official rocked the city council. Julie Brown, the former finance director of Durango, Co., is suspected of stealing $700,000 over the course of 17 years. The scale and the length of the theft has left city Read More
The first audits completed under the landmark new lease accounting standard are in, and companies say they were challenging. According to a new survey, half of the public companies that have completed their first post-transition audit under the new lease accounting rules report additional effort was needed for the process. Read More
The role of internal audit has expanded as auditors have taken on more responsibilities. Businesses no longer only look to the function as evaluators of effectiveness, but also urge internal auditors to add value to their organizations. Thus, internal auditors are now expected to improve efficiency and operations, especially in Read More
A unit of finance and insurance corporation American International Group has agreed to a $20 million settlement with the Securities and Exchange Commission regarding sales practices in affiliation with Florida teachers’ unions. The parent company of Valic Financial Advisors, Inc. paid hundreds of thousands of dollars to an entity owned Read More
Businesses will need to find new ways of transferring data from the European Economic Area (EEA) to the United States after European courts struck down the EU-U.S. Data Privacy Shield program. The rulings sets new hurdles for companies trying to operate across borders, especially as data and information are increasingly Read More
The city of Palo Alto is looking to hire an independent contractor as city auditor to save money and bring consistency to the city. The city is interviewing four auditing firms to replace the city’s last auditor, Harriet Richardson, who left in February 2019 with the staff in the auditor’s Read More
The Securities and Exchange Commission has sent notice to sports apparel company Under Armour and two of its executives that they could face regulatory enforcement actions for past accounting practices at the company. The company revealed this week that it received a “Wells Notice” of possible enforcement action from the Read More
The Information Commissioner’s Office, the U.K.’s data watchdog, got a rating of “adequate” from an internal audit as the agency faces uncertainty regarding enforcement because of Brexit and COVID-19. The Coronavirus Crisis has disrupted the body’s work and the organization had announced that it will take a more relaxed approach Read More
An internal audit found fraud, bullying, and sabotaged vehicles at an English city’s rubbish and recycling department Cityclean. Brighton and Hove’s city council audit began after a whistleblower complaint, but the auditors were so concerned that they called in the county police. The auditors found the budget was overspent by Read More
