As part of its continued efforts to put a series of massive scandals behind it, Wells Fargo recently outlined some changes it has made to how the internal audit function is structured, including adopting a more centralized system of internal audit. The troubled bank also named a new chief audit Read More
The Securities and Exchange Commission has settled charges against four public companies for failing to maintain internal control over financial reporting (ICFR) for several annual reporting periods. Two of the charged companies also failed to complete the required evaluation of the effectiveness of ICFR for two consecutive annual reporting periods. Read More
Editor’s Note: This is part four of a six-part series on the Internal Audit Value Chain, which can act as a blueprint for building a successful internal audit function. Click here for the other articles in the series. Quality is such an important aspect to achieving success in business that Read More
An internal investigation launched at the behest of the audit committee of USA Technologies, a cashless payments processor for vending machines, has found revenue recognition and other accounting problems. The company is working to remediate the problems and enhance internal controls and governance. The probe found that for some transactions Read More
Internal Auditors have identified dozens of concerns about fiscal safeguards at Ventura County Medical Center, tying the issues to the tone set by top leadership. The four-month, $100,000 audit was conducted to examine whether the Ventura County Health Care Agency had adequate internal controls in place for the medical center in the last fiscal year. Read More
Financial Executives International has released two new guides to help companies with internal controls during implementation of two new accounting standards: leasing and current expected credit loss (CECL). The guides, ICFR: Insights, Issues, and Practices, address internal control considerations for preparers’ adoption of the new standards, and were issued by FEI’s Committee Read More
If you’re not already automating your internal controls, you should be. The cost of the technology has come way down, while its capabilities have increased. Advanced controls automation is now accessible even to smaller organizations, and the return on investment is high, says Perry D. Wiggins, CFO of APQC, in Read More
Effectively managing internal control for business systems is a top priority in order to prevent risks, stop fraud, keep a company secure – and experience clean, cost-effective audits. As the CTO of a security and compliance solutions company, I know companies fear audits – or more aptly, they fear failing them. Read More
The Securities and Exchange Commission has issued an investigative report urging public companies to consider cyber-threats when implementing internal accounting controls.
The Securities and Exchange Commission has announced that Moody’s Investors Service Inc., one of the nation’s largest credit ratings agencies, has agreed to pay a total of $16.25 million in penalties to settle charges involving internal control failures and failing to clearly define and consistently apply credit rating symbols. This marks Read More
