People’s Trust Insurance is blocking public release of an internal audit report on an investigation into its current CEO’s claims that its former CEO used company funds illegally before his January 2014 death. The audit was ordered by the state office of Florida after current CEO George Schaeffer alleged that Read More
“Where there’s money, there’s money to steal,” writes Tiffany Couch in a recent article in Accounting Today. The CEO of forensic accounting firm Acuity Forensics says that even after 15 years as a forensic accountant, it never ceases to amaze her that fraudsters think they can get away with their Read More
An angry Tesla employee tried to damage the company by inserting bad code into the electric car company’s manufacturing system and illegally exporting data to third parties. The case serves as a reminder to the damage that rogue employees can do and the need for internal controls to prevent such Read More
If the Tazewell County Board wins in its quest to replace the elected auditor position with a hired internal auditor it could spend much more than it is spending now for the elected position. But the Illinois county hopes to add more experience and skill with a credentialed internal auditor. Read More
KPMG’s audit work in the United Kingdom is of an unacceptable standard, Britain’s accounting regulator said, fueling calls to reform the industry, including dismantling Big Four firms. In an unprecedented assessment, the Financial Reporting Council said auditors at KPMG don’t challenge management enough, aren’t sufficiently skeptical, and are inconsistent in Read More
The additional professional judgment required by the new revenue recognition standard could expose companies to an increased level of fraud, given the inherent opportunity for bias created by a principles-based framework. The new standard moves companies away from a rules-based framework to a more principles-based approach as it relates to Read More
The global members of the Institute of Internal Auditors (IIA) have approved changes to the organization’s governance structure, reducing the number of members on its global board of directors to 17 from 38 and establishing a six-member supervisory committee. “With tremendous support from our more than 190,000 members worldwide, we Read More
A new survey finds that corporate boards are expected to ask IT, IT audit, and other functions responsible for securing the company’s data and systems for more information on the effectiveness of cybersecurity programs. The survey, by Deloitte, found that 62.7 percent of C-suite and other executives expect board directors’ Read More
An internal audit has found some major accounting woes in the City of Brotherly Love. An audit report, released Tuesday by City Controller Rebecca Rhynhart, cites $924 million in accounting errors last year alone. The city is also missing $33 million from its main bank account, a discrepancy that came Read More
In this era of full employment companies are looking for an edge in holding on to top employees. Internal audit departments, in particular, are locked in a battle with peer companies for top talent, and most chief audit executives cite getting candidates with the right set of skills as one Read More
