The Public Company Accounting Oversight Board released a new advisory report to provide information for auditors and audit committees about audits involving cryptoassets, such as Bitcoin and other digital currencies. The Spotlight document, Audits Involving Cryptoassets – Information for Auditors and Audit Committees, calls for a greater focus by some Read More
Due to the coronavirus stay at home orders, conducting actual inventory counts that might be required by an internal audit can be very difficult. In many areas right now, we are likely unable to go out to a client location and physically observe inventory like we’ve done in the past. Read More
The Securities and Exchange Commission has announced that Ohio-based pharmaceutical company Cardinal Health has agreed to pay more than $8 million to resolve charges that it violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA). According to the SEC’s order, Cardinal’s internal Read More
An internal audit at the Minnesota Department of Human Services has found several violations of laws designed to prevent fraud, waste and abuse in the branch responsible for a recent series of improper payments. The agency’s behavioral health division, which was responsible for $29 million in overpayments to two Indian 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
A new report finds that companies are making changes to financial disclosures, conducting audit “dry runs,” and even improving and adding new controls ahead of a new regulation that will require audit firms to disclose financial reporting issues that cause concern for auditors, known as “critical audit matters” or CAMs. Read More
The University of Texas School of Law is working to improve its financial oversight and controls after an internal audit found that an ex-facilities employee committed a nearly $1.6 million fraud. Former facilities director Jason Shoumaker was indicted last year on charges of theft, money laundering, and abusing his official Read More
A professor at the University of Pennsylvania’s Wharton School is warning that the Securities and Exchange Commission’s proposal to exempt smaller companies from having to comply with a key provision of the Sarbanes Oxley Act (SOX) could do more harm than good. The SEC proposed in May to exempt relatively Read More
A former CVS employee has pleaded guilty to fraud after an internal audit, triggered by suspicious activity, uncovered a $2.5 million scam to resell stolen merchandise, the U.S. Attorney’s Office for the Western District of New York announced last week. The perpetrator, Antonio Rivera of Williamsville, NY, was employed Read More
The Securities and Exchange Commission filed insider trading charges against Martha Patricia Bustos, a former accountant at Illumina Inc. and a certified public accountant, and her close friend, Donald Blakstad, whom Bustos allegedly illegally tipped with confidential information in advance of her company’s quarterly performance announcements. The alleged insider trading Read More
