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.
April 25, 2013
IRS report on tax-exempt colleges cites ‘significant compliance issues’
The Internal Revenue Service today released its final report summarizing audit results from the IRS’ colleges and universities study, which began in 2008. This final report describes the agency’s multi-year project on a major segment of tax-exempt organizations.
April 24, 2013
The Hidden Wallet: 5 things owners buy with a secret stash of cash
Most business owners buy annual tax and assurance services from their accountant easily enough, but when it comes to investing in business advice, owners can be hesitant. Entrepreneurs reckon they know their business better than anyone and many take the attitude “if it ain’t broke, why fix it?”
April 14, 2013
KPMG auditor was photographed accepting cash bribe over coffee
April 10–It was the Starbucks sting. The defining moment in the KPMG insider-trading scandal happened over coffee at a Starbucks in the San Fernando Valley, when the auditor at the center of the case was set up by his longtime friend. Accountant Scott London thought he was meeting for a casual coffee, until the friend...…
April 14, 2013
Fired KPMG auditor can’t explain ‘lapse of judgment’
Scott London, a Los Angeles partner in one of the nation's largest accounting firms, says it began four years ago.
April 11, 2013
TaxConnex Completes SOC 1 Type 2 and SOC 2 Type 2 Audits
TaxConnex, LLC has successfully completed both a SSAE 16 (SOC 1) Type 2 and a SOC 2 Type 2 audit with no reported exceptions.
March 5, 2013
KPMG names new tax managing directors for New York and L.A. offices
Two New Hires Bring Expertise in Hedge Funds and Private Equity