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
As the saying goes, “you can’t make an omelet without breaking a few eggs.” It’s likely an expression internal auditors have heard or even used themselves to characterize the tension that can result from auditing a particular function or process. The role of internal audit is to provide independent assurance Read More
For internal auditors, there may be nothing as frustrating as going back to an audit and finding the same deficiencies and problems year after year, audit after audit. It’s not uncommon for process owners and units to ignore audit findings and fail to make the recommended changes or fixes. When Read More
Many internal audit shops include a rating or grade at the end of an audit report intended to summarize the findings and bring attention to the most important conclusions of the report. Ratings may be scored with a number—from one to five, for example; a color—often red, yellow, and green; Read More
More than $8 million in construction cost increases tied to the El Paso Independent School District’s 2016 bond program did not go before the board for approval as required, according to a new internal audit report. As a result, auditors warn final costs are likely to exceed the figures the school board Read More
A Massachusetts Department of Transportation project manager responsible for auditing the state’s Merit Rating Board told lawmakers during testimony this week that she had flagged thousands of unprocessed out-of-state traffic violations in her preliminary audit findings in April. Brie-Anne Dwyer, who testified before the Joint Committee on Transportation on Tuesday, Read More
An internal audit of marketing practices at the U.S. unit of Korean electronics giant Samsung may have found some unsavory business practices. According to a report in the Wall Street Journal, Samsung abruptly laid off several marketing employees shortly after an internal audit report was released inside the company that Read More
Guest Blog Post by Norman Marks One of the findings in a new report by Deloitte, stated in their 2018 Global Chief Audit Executive research survey, is that only 33 percent of chief audit executives (CAEs) believe their internal audit function is seen in a positive light. This is awful, Read More
As internal audit teams work on their audit plan for 2019, a new report sheds light on where some of the trouble spots are likely to occur for companies, and where internal audit may want to consider focusing its scrutiny and assurance efforts. Last week, technology research firm Gartner issued Read More
An internal audit conducted by NASA’s Office of Inspector General’s Office of Audits found major problems with the aerospace agency’s Space Launch System (SLS), a program that is working on a rocket that could return NASA astronauts to the moon and eventually go to Mars.
