The pandemic has confronted many managers with the need to consider some belt tightening. Indeed, many organizations have been forced to delay capital investments, reduce inventory levels, furlough and lay off workers, and conduct other cost-cutting activities over the last months, as they worked to make ends meet. Internal audit Read More
GUEST BLOG: Here is an obvious point—internal controls are intended to ensure compliance with relevant policies and procedures. Internal controls are not just for show, or not just limited to financial reporting. A compliance program is a subset of a company’s internal controls. So, all this is well and good. Read More
Eastman Kodak said this week that problems with internal controls allowed five former executives to sell roughly $5.1 million worth of stock options in July, the same month a highly scrutinized federal loan announcement sent the company’s stock price soaring more than 2,100 percent. The company learned of the deficiencies Read More
Auditors at San Diego’s transportation and planning agency are accusing management of improperly making severance and sick time payments to employees, and failing to report the expenditures to the agency’s board of directors. The San Diego Association of Governments (SANDAG) Executive Director Hassan Ikhrata supervises an annual budget of nearly Read More
An audit of Detroit’s Land Bank Authority uncovered troubling accounting practices and weak internal controls. An examination of four years’ worth of financial statements, several bank accounts, and general ledgers from 2014 to 2019 found lack of reporting and irregular transactions. The land bank had strengthened financial reporting in 2015 Read More
The Securities and Exchange Commission charged a consumer loan company $21.7 million to resolve charges that it violated the Foreign Corrupt Practices Act (FPCA). The SEC says that a former Mexican subsidiary of World Acceptance Corporation (WAC), a South Carolina-based consumer loan company, paid more than $4 million from at Read More
With technology on the rise, blockchain has become an area of interest for companies looking to use the technology to bolster their own internal control systems. The Commission of Sponsoring Organizations of the Treadway Commission (COSO), a joint-association of which the Institute of Internal Auditors is a member, has released 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
A New York financial watchdog fined Deutsche Bank $150 million for its connections to Jeffrey Epstein and correspondent relationships with Dankse Estonia and FMBE Bank. The move is the first enforcement action of a regulator against a financial institution for dealings with Jeffrey Epstein, who was arrested last year under Read More
North Carolina state officials say an audit found bookkeeping errors in the Franklin County Clerk of Superior Court, where court officials had tens of thousands of dollars in wrong accounts. The audit attributes the errors to a lack of training and monitoring, issues that the office says it is trying Read More
