The Securities and Exchange Commission announced a record whistleblower award of nearly $50 million to an anonymous individual last Thursday. The award is the largest since the program’s inception in 2011 and brings the total amount of awards given out to over $100 million in this fiscal year alone. The Read More
Several internal audits planned this year for the Atlanta Public School system will not be completed because of the Coronavirus Crisis. In an annual report to the board, Connie Brown, the district’s executive director, said that six scheduled audits have been canceled. Five audits of unnamed schools would not be Read More
North Carolina state officials say an audit found bookkeeping errors in the Franklin County Clerk of Superior Court, where court officials had tens of thousands of dollars in wrong accounts. The audit attributes the errors to a lack of training and monitoring, issues that the office says it is trying Read More
Collapsed British construction giant Carillion PLC lost a bid to get access to KPMG audit workpapers in preparation for a £250 million ($314 million) lawsuit against the accounting firm for negligence. The failed construction company, which entered into liquidation in 2018, is seeking to sue KPMG LLP and KPMG Audit Read More
The Coronavirus Crisis has changed how internal audit operates in many ways, but it is the speed required to keep up with rapidly moving developments that may have the most lasting impact on the profession when the pandemic has passed. As Richard Chambers, president and CEO of the Institute of Read More
The Securities and Exchange Commission has received a dramatic increase in the number of whistleblower tips, likely due to the circumstances created by the coronavirus pandemic, including an increase in layoff and furloughs, and many employees working from home. According to Steven Peikin, co-director of the division of enforcement of Read More
An internal audit of the Lancaster County Drug Task Force in Pennsylvania revealed that as much as $150,000 was missing from the drug task force headquarters. The funds, first found missing in April, were originally seized from less than a dozen drug arrests between 2017 and 2019. As the funds Read More
The Public Company Accounting Oversight Board released a new advisory report to provide information for auditors and audit committees about audits involving cryptoassets, such as Bitcoin and other digital currencies. The Spotlight document, Audits Involving Cryptoassets – Information for Auditors and Audit Committees, calls for a greater focus by some Read More
Risk appetite is a critical link between strategy and performance. In an effort to help executives and managers better understand and communication risk appetite, the Committee of Sponsoring Organizations (COSO) issued new guidance, on how organizations can promote risk appetite as an integral part of decision-making. The guidance, titled “Risk Read More
The Securities and Exchange Commission has settled charges against three former KPMG LLP audit partners for improperly sharing answers to internal training exams and for actions that attempted to impede an investigation into the misconduct. The SEC previously charged KPMG with violations connected to the exam sharing scandal, as well Read More
