Internal Auditors have identified dozens of concerns about fiscal safeguards at Ventura County Medical Center, tying the issues to the tone set by top leadership. The four-month, $100,000 audit was conducted to examine whether the Ventura County Health Care Agency had adequate internal controls in place for the medical center in the last fiscal year. Read More
Hertz Global Holdings has agreed to pay $16 million in fines to settle charges by the Securities and Exchange Commission over accounting errors at the rental car giant that led to financial misstatements. According to the SEC filing, from February 2012 to March 2014 Hertz’s public filings “materially misstated pre-tax Read More
The Chartered Institute of Internal Auditors, a professional association for internal auditors in the United Kingdom and Ireland, announced the winners of its Audit and Risk Awards 2018 this week. The awards recognize excellence in internal audit, including innovation and leaders in certain sectors. “As in previous years, the excellent Read More
The Institute of Chartered Accountants of India (ICAI) has released a new set of professional standards on conducting internal audits that are intended to provide guidance to its members on issues that may emerge during the course of the audit process. The standards, titled “Basic Principles of Internal Audit” and Read More
The Department of Defense announced preliminary results of its first ever comprehensive audit earlier this month. It is likely the largest audit of any organization, public or private, ever conducted. The first Defense Department-wide audit covered $2.7 trillion in assets and $2.6 trillion in liabilities for fiscal year 2018, the Read More
American Financial Group, Inc. (AFG) has hired Anthony W. Dunn as vice president, overseeing the internal audit function for the insurance holding company and its subsidiaries. Dunn has 20 years of experience in the insurance and financial services industry. Prior to joining American Financial Group, he served as senior vice Read More
Financial Executives International has released two new guides to help companies with internal controls during implementation of two new accounting standards: leasing and current expected credit loss (CECL). The guides, ICFR: Insights, Issues, and Practices, address internal control considerations for preparers’ adoption of the new standards, and were issued by FEI’s Committee Read More
A new report is giving many global companies poor marks for their performance on protecting human rights. The study, conducted by the U.K. non-profit organization Corporate Human Rights Benchmark (CHRB), finds that 40 percent of the 101 large companies it reviewed failed to show evidence of identifying or mitigating human Read More
KPMG’s U.K. unit will stop providing consulting and tax advice to all of the large listed companies it audits after accusations that the practice has compromised its independence. The firm will lose up to £80 million in fees ($103 million), or 40 percent of its audit revenues. It is fighting Read More
If you’re not already automating your internal controls, you should be. The cost of the technology has come way down, while its capabilities have increased. Advanced controls automation is now accessible even to smaller organizations, and the return on investment is high, says Perry D. Wiggins, CFO of APQC, in Read More
