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
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
It’s been 16 years since the Sarbanes-Oxley Act took effect in 2002, and companies are still wrestling with SOX compliance. Now, a new study shows they are paying more to meet the regulation’s requirements and have generally not done a good job of using technology to automate controls and ease Read More
Yesterday, AuditBoard, a cloud-software provider for risk, audit, and compliance work, announced that it had secured a $40 million investment from venture capital firm Battery Ventures. The Los Angeles-based company says it plans to use the funds to support product development, accelerate sales and marketing, and build new business partnerships. Read More
(Photo: Audit Report by Nick Youngson CC BY-SA 3.0 ImageCreator) The Center for Audit Quality has issued some much-needed guidance on critical audit matters (CAMs), a new reporting requirement that external auditors will need to start including in their audit reports as early as next year. While the new requirements Read More
Companies are moving to add more automation to their internal controls over financial reporting and plan to increase their investment in automation of ICFR in the next 6-to-18 months, according to a new study. The survey, conducted by the Financial Executives Research Foundation (FERF), found that more than 80 percent Read More
The additional professional judgment required by the new revenue recognition standard could expose companies to an increased level of fraud, given the inherent opportunity for bias created by a principles-based framework. The new standard moves companies away from a rules-based framework to a more principles-based approach as it relates to Read More
An internal audit has found some major accounting woes in the City of Brotherly Love. An audit report, released Tuesday by City Controller Rebecca Rhynhart, cites $924 million in accounting errors last year alone. The city is also missing $33 million from its main bank account, a discrepancy that came Read More
Paint maker PPG Industries has fired its controller and reassigned employees after it found accounting errors mounting into the millions of dollars and said its investigation into alleged violations of its accounting policies continues. PPG said that errors pertained to the first quarter and would result in a $7.8 million Read More
Symantec investors are turning on the cyber-security company after it revealed its board’s audit committee will be conducting an internal audit investigation. Shares are down more than 35 percent, and on track to post their worst day since the tech bubble burst in 2001. The internal audit investigation was reportedly Read More
