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
One of the big concerns about the rapidly deteriorating economy as a result of the Coronavirus Crisis is the potential for fraud and abuse to rear its ugly head. Major downturns often bring to light frauds that either have been ongoing and are now exposed, or it prompts new frauds Read More
Singapore-based construction and engineering company Tee International is undergoing a review of its policies, aiming to enhance existing internal controls in light of unauthorized compensation paid to ex-company director Phua Chian Kin, the company said in a regulatory filing. Following an external investigation, Phua admitted to using company funds for Read More
An audit report resulting from an internal investigation conducted by the internal audit department of Southern Texas University indicates that at least $14,000 to $32,000, and potentially far more, was missing from admissions office revenue. The report, which was obtained by the Texas Monitor, also found improprieties in admissions practices Read More
A former finance director stands accused of misappropriated more than $6.94 million in public funds from the Pierce County Housing Authority, according to a fraud investigation report the State Auditor’s Office released Monday. It’s the biggest case of fraud for a local government in the state of Washington, according to Read More
The United Automobile Workers union has announced that it is revving up its internal audit function in response to a federal investigation into its finances. The UAW’s former president, Gary Jones, resigned earlier this month as a federal corruption probe into bribery and other wrongdoing at the major autoworkers union Read More
