May 27, 2011 | Uncategorized
CityTime is an automated payroll system for New York City employees. It’s been more than 11 years in the making, has cost over $722 million (originally estimated to cost $63 million in 1998) and six consultants have swindled more than $80 million from it according to...
May 25, 2011 | Uncategorized
One of the failures of the auditing profession is its inability many times to not assess properly the internal control system within an organization being audited. Much of the focus is on control activities. Unfortunately, auditors and regulators often place too...
May 23, 2011 | Uncategorized
The auditing profession has confronted significant changes over the last several decades. The major CPA firms, considered capable of auditing the world’s largest publicly traded companies, have undergone consolidation or liquidation (Arthur Andersen). Major corporate...
May 23, 2011 | Uncategorized
It’s a good question. The Port Authority of New York & New Jersey is responsible for rebuilding the World Trade Center. They have an internal audit group and they may be doing some audits of the construction projects. Those audits serve the management...
May 20, 2011 | Uncategorized
The auditing profession has some serious challenges. The auditors of public companies have been unable to find the frauds that existed in major corporations such as Enron, WorldCom and others. Government auditors are often constrained by political appointees...
