The Public Company Accounting Oversight Board (PCAOB) adopted amendments to its auditing standards on June 21 to improve lead auditors’ supervision of other auditor’s work. As companies increase their global presence, the use of additional audit firms has become more prevalent in the conduct of external audits. In 2021, 26 percent Read More
In a unanimous vote, the Senate confirmed Democrat Jaime Lizárraga and Republican Mark Uyeda this week to serve as the Securities and Exchange Commission’s newest Commissioners. President Joe Biden nominated the two as Commissioners in April. Lizárraga served most recently as a senior advisor to House Speaker Nancy Pelosi, (D-Calif.). Uyeda is Read More
Registered investment adviser A.G. Morgan Financial Advisors (AGM), its owner, and its former chief compliance officer each face charges by the Securities and Exchange Commission for violations of federal securities laws, the agency announced this week. According to the SEC’s complaint, AGM, owner Vincent Camarda, and AGM’s former Chief Compliance Read More
What had typically been a routine vote to renew the contract of Baltimore School Board Chief Auditor Andrea Barr was anything but typical this time around. The school board effectively fired Barr, who had been the chief auditor for 36 years, when several members simply abstained from voting. In a Read More
The Securities and Exchange Commission charged audit firm CohnReznick LLP with improper professional conduct on audit engagements for two clients in 2017 and hit the firm with a $1.9 million penalty to settle the charges. The agency also charged three of the firm’s partners with improper conduct related to the Read More
The U.K. government has issued a 140-page document that outlines a long-awaited proposal to overhaul of the auditing industry. The proposal included plans to revise the definition of “public-interest entities” regarding regulation to include major private firms and to create a new regulatory body to oversee the auditing industry. Missing Read More
Continuing a long-standing tradition that started in the 1990s, the internal audit profession is observing “International Internal Audit Awareness Month” this May. During the month, internal auditors around the world share examples of how the profession provides value to organizations, spotlight the profession’s commitment to good governance and risk management, Read More
A special investigation of the University of Iowa Health Care and Clinics’ Care Coordination Division found that more than $16,000 of gift cards were unaccounted for, the Iowa Auditor of State reported Tuesday. University of Iowa officials requested the special investigation for the period of August 2012 through 2020 since Read More
A new report finds that despite the growth of digital risks, many risk management programs are not maturing quickly enough to keep pace. The study, 2022 Digital Risk Maturity Survey, conducted by AuditBoard—which provides audit, risk, and compliance management platforms—finds that while more than 90 percent of respondents have digital Read More
The Institute of Internal Auditors has announced that it is supporting new rules proposed by the Securities and Exchange Commission that would require public companies to say much more about their environmental, social, and governance initiatives. “The Institute of Internal Auditors applauds this week’s release by the U.S. Securities and Read More
