Converting their payroll system has resulted in some serious errors to the tune of greater than $1.5 million for the Fort Worth (Texas) school district. The school district overpaid employees and former employees at least $1.54 million, according to the [internal] audit. It also found that the district’s payroll system lacked proper controls, was cumbersome […]

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New charges in the Satyam scandal were laid by India’s Central Bureau of Inves­ti­gation, for “creating fake invoices to inflate revenues by US$94 million and forging company board resolu­tions to obtain unautho­rised loans worth US$265 million” according to this story in Accoun­tancy Age. This comes after charges were laid on November 21 against the former […]

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A guest post by an intern in Internal Audit was recently featured on another accountant’s blog, I Want To Be A CA, and I was first alerted to it by Krupo’s post title bait. The post is not compli­mentary about internal audit, but the support for its thesis is so flimsy and based on purely […]

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Accoun­tan­cyAge is reporting that the UK and Ireland IIA’s chief executive Ian Peters recently made a statement on the contentious issue of having external auditors provide internal audit services: Internal auditors answer to management and the non-executive directors… external audit reports to share­holders. Merging these two important functions has the potential to cause serious conflicts […]

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The news that KPMG has snapped up the audit of Rentokil Initial from rival PwC brings with it renewed concerns around the indepen­dence of firms providing additional services as well as opining on financial state­ments. Under the arrangement KPMG would undertake all the statutory respon­si­bil­ities associated with an external audit, while also ‘delving deeper’ and […]

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