Internal Control

  • Blog post

    Compliance Yesterday, Today, and Tomorrow

    2014-11-22T14:15:00Z

    Image: Planning for the Compliance Week 2015 conference is well underway. We’re particularly excited for next year’s event because it will be our 10th anniversary, and hitting that 10-year milestone has put us in a reflective mood here. So as Compliance Week puts together the agenda, we’ve been asking ourselves: ...

  • Blog post

    Effective ICFR? The Citigroup Example

    2014-11-19T15:15:00Z

    Earlier this year, Citigroup received a comment letter from the SEC asking about the effectiveness of its internal control over financial reporting, given the discovery of fraud in its Banamex division in Mexico. In this guest post, Audit Analytics examines the issues raised by the SEC, how Citi responded, and ...

  • Blog post

    GAO Faults SEC for Internal Control Deficiencies

    2014-11-17T16:15:00Z

    The message from the Government Accountability Office to the Securities and Exchange Commission: practice what you preach. A new, 176-page report from the government watchdog faults the agency for “a significant deficiency" in internal controls for its Investor Protection Fund.

  • Blog post

    FCPA Takeaways in Layne Christensen

    2014-10-28T06:30:00Z

    Image: Layne Christensen Co. joined the FCPA enforcement hall of shame this week; it was fined $5.1 million for various bribery infractions in Africa in the 2000s. Its aggressive investigation efforts won praise from regulators, but the root of the company’s problem—weak internal control over financial reporting—is still the far ...

  • Blog post

    McGladrey Sees Improvement in 2013 Inspection Report

    2014-10-24T09:45:00Z

    Oct. 24—While KPMG was dinged by the PCAOB, McGladrey saw some improvement. The PCAOB studied 13 audits at McGladrey and found fault with four of them during its 2013 inspections of the firm. That deficiency rate of 31 percent is a step up from failure rates of 44 percent in ...

  • Blog post

    KPMG Draws Ire in 2013 Report; New Carping Over Old Quality Issues

    2014-10-24T09:15:00Z

    The Public Company Accounting Oversight Board says KPMG failed to arrive at an adequately supported audit opinion in 46 percent of the audits the agency inspected in 2013, and it failed to satisfy quality control issues raised in earlier inspections. The PCAOB flagged 23 of the 50 audits that inspectors ...