The Wisconsin Court of Appeals is expected to deliver a decision regarding alleged fraud and negligence against audit firm Grant Thornton LLP by a small Wisconsin manufacturing company. Arrowhead Systems Inc. is suing the firm for failing to inform the company about a commonly-known tax saving strategy that could have Read More
A Colorado city is looking to tighten internal controls after embezzlement by a high-level official rocked the city council. Julie Brown, the former finance director of Durango, Co., is suspected of stealing $700,000 over the course of 17 years. The scale and the length of the theft has left city Read More
As high-profile fraud cases continue to make headlines and the Coronavirus Crisis heightens concerns about fraud, a new survey could help internal auditors understand fraud risk management at their organizations. The report, “Fraud Risk Management in Internal Audit,” takes a deep look at internal audit’s role in identifying and mitigating Read More
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 rise in fraud. Yesterday, to address that heightened risk, the Institute of Internal Auditors released the report A Read More
The U.K.’s Serious Fraud Office reached an agreement with a subsidiary of G4S PLC, a security services company, for a 38.5 million pound ($48.6 million) settlement for allegations of procurement fraud. The allegations consist of three offenses of fraud, occurring between August 2011 and May 2012 with the intention to Read More
Germany is terminating its contract with its existing financial regulator Financial Reporting Enforcement Panel (FREP) after 2021 in an overhaul of its accounting oversight as a result of the Wirecard balance sheet scandal. The Federal Ministry of Justice and Consumer Protection is setting up a new framework for financial regulations Read More
An audit found that the top managers Sweetwater Union High School District in California may be guilty of fraud and lying to credit rating agencies and the board of trustees. The audit came after the district’s budget came up $30 million short in 2018, with reports that despite knowledge of Read More
The accounting woes of German digital payments company, Wirecard AG, appear to be deepening. The company said in a statement on Monday that there is a “prevailing likelihood” that the 1.9 billion euros ($2.15 billion) missing from its accounts had never existed in the first place. Wirecard first announced the Read More
The Securities and Exchange Commission has received a dramatic increase in the number of whistleblower tips, likely due to the circumstances created by the coronavirus pandemic, including an increase in layoff and furloughs, and many employees working from home. According to Steven Peikin, co-director of the division of enforcement of Read More
An internal audit of the Lancaster County Drug Task Force in Pennsylvania revealed that as much as $150,000 was missing from the drug task force headquarters. The funds, first found missing in April, were originally seized from less than a dozen drug arrests between 2017 and 2019. As the funds Read More
