Internal Audit News

Sharman Panel Publishes Final Report and Recommendations

Sharman Panel Publishes Final Report and Recommendations

The Sharman Panel of Inquiry, established at the invitation of the Financial Reporting Council to consider Going Concern and Liquidity Risks: Lessons for companies and auditors, publishes its final report and recommendations. The Panel’s key recommendations are that: The primary purpose of the going concern assessment and reporting should be to reinforce responsible behaviour in the [...]

Record Fraud Cases Against Financial Institutions

Record Fraud Cases Against Financial Institutions

While the number of large fraud cases through the New Zealand courts in the second half of 2011 dipped from the last survey period, two large super-frauds committed against financial institutions have resulted in the highest dollar value ($279.7m) of large frauds recorded in a six month period since the Fraud Barometer began. The latest [...]

Q1 Google Earnings Bared, Board Proposes New Class of Stock

Q1 Google Earnings Bared, Board Proposes New Class of Stock

Proposal Would Effectively Implement 2-for-1 Stock Split While Preserving Long-Term Governance Structure Google Inc. (NASDAQ: GOOG) has finally announced its financial results for the first quarter of 2012. “Google had another great quarter with revenues up 24% year on year,” said Larry Page, CEO of Google. “We also saw tremendous momentum from the big bets [...]

Probe into Olympus Advisers’ Fee Pushed

Probe into Olympus Advisers’ Fee Pushed

Japanese camera and medical equipment maker Olympus Corp. has paid questionable amount to two advisory firms in relation to a 2008 acquisition, deserving of a legal and regulatory probe. This was according to a report from accounting firm PricewaterhouseCoopers commissioned by Olympus‘s former president Michael C. Woodford, who was ousted by the board for not [...]

$160m Suit Filed Against Investment Group, Ernst & Young

$160m Suit Filed Against Investment Group, Ernst & Young

The liquidator to the failed investment group Babcock & Brown has filed a $160 million suit in damages against the company over allegations that it allowed a breach of capital reduction contravention provisions of the Corporations Act. The said breach allegedly started in 2005 until 2008, committed by the directors of Babcock & Brown Ltd, according to an application [...]

KPMG’s Audit Report ‘Unsatisfactory’, Says Councillor

KPMG’s Audit Report ‘Unsatisfactory’, Says Councillor

A city councillor in Windsor has criticized the audit report prepared by professional services firm KPMG for the construction of the WFCU Centre. Alan Halberstadt said yesterday KPMG could have dug “deeper” than what it had reported in its audit, which “tends to soft pedal things.” Halberstadt slammed the audit report’s usage of phrases like [...]

Protest Storms KPMG’s Cost Reduction Measures for Toronto

Protest Storms KPMG’s Cost Reduction Measures for Toronto

Consultants from KPMG have proposed several belt-tightening measures for Toronto, which are expected to help the city save $25 million amid protests from different progressive groups seeking to abolish the report. In an executive committee meeting on February, the Ontario Coalition Against Poverty (OCAP) and other poverty groups protested before the city hall room, with [...]

No Impairment Issue in NZ Shares Trading, KPMG Says

No Impairment Issue in NZ Shares Trading, KPMG Says

There is no indication of impairment issue with regards to the accounts of New Zealand shares trading (NZX), a KPMG review stated today, answering recent speculations. The review disqualified factors pointing to impairment issues that should be signaled in NZX’s accounts”, despite expectations for NZX’s Australian Clear grain exchange (CGX) to achieve earnings worth between [...]

Petrochemical Company Releases Independent Report by Auditors

Petrochemical Company Releases Independent Report by Auditors

A Chinese petrochemical company has made no inappropriate accounting of its customer transactions nor has it intended to misstate revenues, according to the report by independent auditors. Keyuan Petrochemicals, Inc. announced that its audit committee has received initial findings of its independent investigation of the Company’s 2010 sales and revenue from Deloitte Financial Advisory Services, [...]

Relocation Controversy Hounding W Dorset Council Under KPMG’s Scanner

Relocation Controversy Hounding W Dorset Council Under KPMG’s Scanner

Three local electors have challenged West Dorset District Council’s process of moving its office in Charles Street, citing the findings of auditors from KPMG. KPMG will investigate the claims of local electors who questioned the money presented by West Dorset District Council, which recently relocated. While looking into the claims, KPMG is reportedly likely to [...]

Discrepancies in Chinese Company’s Financial Statements Under Fire

Discrepancies in Chinese Company’s Financial Statements Under Fire

From about 714 million yuan of cash and bank balances as stated in its previous report, the financial statement of a Chinese company has fallen short of 15 million yuan in an update. S-chip China Gaoxian Fibre Fabric Holdings issued an update of its questionable financial statements to the the Singapore Exchange (SGX). The report [...]

Probe Iris Robinson’s Lease Agreement, Councillors Urged

Probe Iris Robinson’s Lease Agreement, Councillors Urged

The ongoing investigation into the alleged impropriety of a lease agreement between Iris Robinson and former teenage lover has reached higher grounds as councillors from Castlereagh Borough were asked to help in the inquiry. Allegations of impropriety have been hurled against the £50,000 lease agreement after the Castlereagh borough council awarded the contract to 19-year [...]

‘Defrauded’ Bonuses to Cricket SA Officials Up at Board Meeting

‘Defrauded’ Bonuses to Cricket SA Officials Up at Board Meeting

A minister has sought to shed light on the heated controversy over bonuses at Cricket South Africa that have been allegedly awarded improperly to officials amid new allegations raised by the audit committee. South Africa’s sports minister Fikile Mbalula called for a meeting with top Cricket South Africa officials, including its chief executive Gerald Majola, [...]

Accounting Issues at Insurance Company Spark Auditors’ Resignation

Accounting Issues at Insurance Company Spark Auditors’ Resignation

Amid possible court actions by the Securities and Exchange Commission against insurance company Life Partners Holdings Inc. due to accounting issues, another controversy has racked the firm leading to the resignation of its auditors. Ernst & Young auditors have decided to terminate accounting services for Life Partners and withdrawn its 2010 financial report opinion after [...]

Embezzled Flood Relief Donations Under PwC’s Scan

Embezzled Flood Relief Donations Under PwC’s Scan

Hundreds of thousands of pounds in flood relief donations handed by Britons to Oxfam UK have been embezzled, now under PricewaterhouseCoopers’s scanner as the accounting firm has been hired by the British charity. “Oxfam’s regular monitoring processes have found financial irregularities in an Oxfam programme for flood relief in Sindh, Pakistan,” Oxfam said in a [...]

Nothing Wrong with Lease Agreement Between Councillor, Ex-lover – Deloitte

Nothing Wrong with Lease Agreement Between Councillor, Ex-lover – Deloitte

The Democratic Unionist Party (DUP) said last week that the wife of Northern Ireland first minister Peter Robinson did not commit acts of “impropriety” when she awarded a lease agreement to former lover. Former DUP representative Iris Robinson, who paid tribute last week to Queen Elizabeth II at the Dublin Castle during Her Majesty’s historic [...]

Fraud at Philips Mexico Arises After KPMG Financial Accounting

Fraud at Philips Mexico Arises After KPMG Financial Accounting

Following allegations of bribery at its healthcare equipment sales in Poland, electronics company Philips has said it is investigating a possible accounting error at its Mexican subsidiary. Earlier this month, three employees of Philips have been tried in the western city of Poznan for charges of corruption relating to the sale of its healthcare equipment. [...]

Conflict Between Choice of Auditors Delays Probe into Cricket SA Corruption

Conflict Between Choice of Auditors Delays Probe into Cricket SA Corruption

Inconsistent views among board members on the choice of auditors to be appointed to look into allegations of financial irregularities, including IPL2 bonuses, within Cricket South Africa have further delayed the process. Although Cricket SA has already appointed KPMG to conduct a forensic audit into the bonus scandal in the next four weeks,Ishmael Semenya, a [...]

Budget Deficit Forces Gippsland to Defer Water Services

Budget Deficit Forces Gippsland to Defer Water Services

A budget deficit in Gippsland water factory has forced the management to put off a water services project, blaming poor management and weak oversight as the causes of cost inflation. A damning 95-page report by accounting and consulting firm Deloitte has identified a number of areas that were said to have blown out the costs [...]

‘Deficient’ Financial Report: KPMG on NCUA’s Accounts

‘Deficient’ Financial Report: KPMG on NCUA’s Accounts

The National Credit Union Administration’s (NCUA) financial report for the year ended December 31, 2010 contains “significant deficiency” in accounting for some of its funds, according to an independent audit conducted by KPMG LLP. The internal audit report, presented using the US generally accepted auditing standards and the Government Auditing Standards, gave NCUA’s financial report [...]

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