The Federal Accounting Standards Advisory Board issued a standard on Friday regarding accounting and financial reporting for government-owned land and delayed the effective date due to the pandemic. The organization is aiming to provide more consistent accounting methods and reporting for land holdings. Before the FASAB released this statement, federal Read More
As India strives towards a new age of financial transparency and efficiency, fraud and corruption still pose big threats to economic advancement. In an effort to combat this reality, the Ministry of Corporate Affairs will require more disciplined recording of financial transactions by companies, including a detailed edit log of Read More
According to an audit from the Secretary of State, Oregon’s books show the state incorrectly counted billions of dollars in federal funding in 2020, a state government news organization the Center Square reported last week. A total of 14 federal programs incorrectly accounted for $6.4 billion in funds. While the Read More
May is Internal Audit Awareness Month. To celebrate the occasion, I am sharing my top five best practices for writing good internal audit reports. Internal audit reports are changing rapidly, from a stodgy, long and boring report that is partly there to serve as evidence that you conducted an audit, Read More
Does anyone really enjoy any aspect of internal audit reports? Raise your virtual hand if you like drafting them, editing them, issuing them, or even reading them? It is likely there are very few, if any, hands raised. Anyone who has authored, edited, or received an audit report would probably Read More
An audit conducted by the New York City Department of Investigation (DOI) uncovered $1.4 billion in unpaid fines, Gothamist reports. This includes $782 million in fines issued by the city’s Environmental Control Board for infractions such as uncleaned streets, health and building code violations, and illegal street vending, water disposal, Read More
New York state auditors uncovered $700 million in “improper” and “questionable” spending by Medicaid during fiscal year 2019, the New York Post reports, including $605 million in overpayments for prescription drugs dispensed by managed-care companies under contract with the NY Department of Health. An additional $12 million was spent on Read More
A performance audit of the King William County, Virginia, Treasurer’s Office casts light on a number of issues that go against accounting standards, the Daily Press reports. The audit highlights 21 problem areas, including $2 million in uncollected real estate taxes from 400 properties over 30 years. The report also Read More
Management at the Washington, D.C., Rail Operations Control Center (ROCC) fosters a toxic culture that puts customers at risk of physical harm, an audit conducted by the Washington Metrorail Safety Commission (WMSC) says. The 50-page WMSC audit report details more than 20 safety and structural issues in the 24-hour “nerve Read More
IBM Australia underpaid 1,647 employees over eight years, resulting in $12.3 million in lost wages, an internal audit finds. Australia’s Fair Work Ombudsman, Sandra Parker, says the full scope of the issue will be “significant in size,” The Sydney Morning Herald reports. “This matter serves as a warning to all Read More
