As the world economy begins to awaken from an eighteen-month hibernation due to the pandemic, organizations are assessing how to adapt post-pandemic realities. New business operations, changing customer habits, and supply disruptions are three remnants of COVID-19 that can’t be helped by a vaccine. According to a new study, they Read More
As the third line within the “Three Lines of Defense” governance model, internal audit must provide assurance over the effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations. Yet internal audit’s obligations don’t end there. The third-line responsibility also includes the mission to Read More
Guest Blog With most office workers still toiling from the confines of their home offices and kitchen tables, and some unhappy with their current circumstances, many organizations are concerned about the potential for a rapid rise in fraud. The global economic contraction has hurt employee morale and has heightened vulnerability Read More
The Austin, Texas, Office of the City Auditor uncovered a $1.3 million theft scheme conducted by its former director of libraries, who used his city credit card to purchase printer toner and resell it online, the Austin Monitor reports. The employee also purchased electronics and home goods for his personal Read More
When it comes to preventing or detecting fraud, whistleblower hotlines remain among the best protection money can buy. They can also be an important tool for internal auditors to assess fraud risk and provide information that can increase the quality of audits and should be assessed on a regular basis. Read More
The Securities and Exchange Commission today announced settled charges against Manitex International, Inc., a Bridgeview, Illinois manufacturer and distributor of cranes, forklifts, and heavy equipment, and three of its former senior executives for two accounting fraud schemes that resulted in the issuance of materially misstated financial statements. According to the Read More
The Securities and Exchange Commission has accused Evolution Lighting Technologies Inc. of committing accounting fraud and falsely inflating its reported revenues over a four-year period. The SEC announced the charges against the Connecticut-based company in a statement released this week. Four Revolution Lighting executives—CEO Robert LaPenta, former CFO James DePalma, Read More
An audit report found that weak oversight by the St. Louis city council and then-city auditor led to abuses by former-county executive Steven Stenger, who pleaded guilty to three federal counts of pay-to-play schemes that cost taxpayers between $250,000 and $550,000. The audit, conducted by Missouri Auditor Nicole Galloway’s office, Read More
Canadian bank Scotiabank will pay $127 million to the Department of Justice to settle charges manipulating prices of precious metals. Four traders at the bank allegedly manipulated thousands of orders for precious metals futures contracts over an eight-year period. The bank was also charged with making false statements and incomplete Read More
A state lawmaker in Texas wants to conduct a comprehensive audit of IDEA public schools, a Weslaco-based charter school system, after news broke about questionable spending practices. Spending decisions that have recently come to light include a $900,000 severance package for former CEO Tom Torkelson, as well as other extravagant Read More
