An internal audit conducted by Boeing in December, at the urging of regulators, has identified some new safety issues with the aerospace company’s troubled 737 Max planes. A report by the New York Times said the audit looked at every facet of the plane. Boeing has halted production of the Read More
A new report issued by an independent U.K. committee convened to review just about every facet of the audit function—from internal controls to internal audit to the independent assurance function offered by the Big Four and others—is urging a complete overhaul of the audit process. The Brydon Report, issued today, Read More
A former finance director stands accused of misappropriated more than $6.94 million in public funds from the Pierce County Housing Authority, according to a fraud investigation report the State Auditor’s Office released Monday. It’s the biggest case of fraud for a local government in the state of Washington, according to Read More
The City of Tye, Texas, is conducting an internal audit to look into a high number of water billing errors and complaints of soaring costs. One customer has complained that in recent months her bill more than doubled, from $50 a month to $106. In October, residential water bill rates Read More
The Institute of Internal Auditors (IIA) and the Neel Corporate Governance Center have unveiled an annual corporate governance index that measures the quality of corporate governance among publicly held companies in the United States and the results aren’t very good. The inaugural American Corporate Governance Index (ACGI) graded U.S. companies Read More
The United Automobile Workers union has announced that it is revving up its internal audit function in response to a federal investigation into its finances. The UAW’s former president, Gary Jones, resigned earlier this month as a federal corruption probe into bribery and other wrongdoing at the major autoworkers union Read More
A data breach at health care provider Nebraska Medicine came to light during an internal audit of the system’s electronic medical record system. The hospital notified the Nebraska Attorney General’s office on November 27, and notified affected patients on December 2. The breach involves unauthorized access by an employee, who Read More
The Institute of Internal Auditors has issued new guidance on auditing social media. The paper, “Auditing Social Media: Adding Value by Improving Governance,” examines internal audit’s involvement in the implementation and evaluation of social media strategy. Audit executives can assess organizational social media capabilities and social media’s role in the Read More
The U.S. Justice Department has announced the formation of a new unit to combat fraud in government procurement and in grant and program funding. The unit, labeled the Procurement Collusion Strike Force (PCSF) will focus on deterring, detecting, investigating and prosecuting antitrust crimes, such as bid-rigging conspiracies and related fraudulent Read More
Under Armour, the sportswear brand that went from basement start-up to billions, confirmed that its accounting practices are under federal investigation, the latest in a series of blows for a brand that is already struggling to turn around its business. A spokesperson said Sunday that Under Armour has been cooperating Read More
