August 14, 2013
10 Years After SOX: PCAOB Update (NASBA Annual Meeting)
PCAOB board member Lewis Ferguson gives an update on public company oversight issues.
August 14, 2013
New Auditing Standard Proposed by PCAOB
Organization Also Proposes a New Related Auditing Standard on the Auditor’s Responsibilities for Other Information in an Annual Report
August 14, 2013
Controller arrested, charged with embezzling $16.6 million from Texas fruitcake company
The FBI has arrested the controller of Collin Street Bakery for mail fraud, three weeks after the Corsicana, Texas, fruitcake giant filed a lawsuit alleging that he had embezzled more than $16.6 million since January 2005 until he was fired this June, the U.S. attorney's office in Dallas said Tuesday.
July 26, 2013
IRS Alert: IRS retiring two e-Services incentive products on Aug. 11
The IRS announced today that it plans to retire two major e-Services incentive products used by CPAs, attorneys and enrolled agents to file authorizations and resolve IRS account problems.
July 6, 2013
$8.5 million lawsuit against audit firm ends with settlement
Koss Corp. collected $8.5 million from Grant Thornton, the accounting firm that audited Koss' books during a portion of the time that Sujata "Sue" Sachdeva was stealing millions from the company.
June 26, 2013
Algae bio-fuel firm engages Silberstein, Ungar, PLLC as external auditor
Sloud, Inc. has announced it has retained Silberstein, Ungar PLLC as the company's external auditor.
June 14, 2013
Did bank oversight enable $54M fraud by city controller?
City attorney says that inaction by bank led to the largest municipal theft in U.S. history.
June 12, 2013
State agency promised to create more jobs with increased funds, boosted cash reserves instead
South Carolina's Department of Probation, Pardon and Parole Services told lawmakers it would spend $3.8 million to hire 47 new agents, but instead used the money to boost the agency's cash reserves, according to a new report from the Legislative Audit Council.
June 5, 2013
Wisconsin for-profit colleges may face new financial standards
Developers seeking city financing for projects that include for-profit colleges will face new standards under a proposal recommended for approval Tuesday by the Milwaukee Common Council's Zoning, Neighborhoods and Development Committee.
May 29, 2013
IRS watchdog says agency staff are misusing travel cards
Although the Internal Revenue Service’s (IRS’s) travel card program controls are generally effective, the agency needs to take more aggressive action to address card misuse.
May 23, 2013
Audit of Seattle schools finds trouble with federal grant spending
May 23–Seattle Public Schools may have to repay as much as $490,000 to the federal government because state auditors say the district did not spend some of its federal grant money appropriately in the 2011-12 school year. The auditors, in one of their regular audits of the school district, questioned how the district spent funds...…
May 6, 2013
With shrinking funding, many state agencies going unaudited
Out of Mississippi's 120 state agencies, boards and commissions, dozens have gone years without a comprehensive state audit, including the Mississippi Department of Marine Resources, which went a decade without a full state review.