Recently, the Public Company Accounting Oversight Board, that oversees the audits of public companies, sanctioned five auditors for: Violating auditor independence requirements. Providing bookkeeping and auditing services to the same client. Allowing an unqualified person to oversee quality control requirements at a CPA firm. Failing to properly audit – among other things, the auditor failed […]
80 Million Customers’ Personal Information at Risk – What Controls were in Place?
Anthem, Inc. which is headquartered in Indianapolis, Indiana, is an independent licensee of the Blue Cross and Blue Shield Association serving members in California, Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia and Wisconsin; and specialty plan members in other states. Unfortunately, a recent cyber attack has exposed personal […]
Again, an Auditing Firm Fails to Serve the Public Interest
Again, we’re confronted with a CPA firm that has harmed the auditing profession. This time, PricewaterhouseCoopers (PwC) was doing a consulting assignment for the Bank of Tokyo-Mitsubishi (BTMU). The New York State Department of Financial Services investigated the assignment and concluded, “PwC – under pressure from BTMU executives – improperly altered an historical transaction review” (HTR) report […]
Illinois Takes No Action Against Auditors Found Culpable in Dixon, Illinois Fraud
Prior blogs on this topic: https://davehancox.com/2013/06/incredibly-auditors-miss-a-53-million-fraud-in-dixon-illinois/ https://davehancox.com/2013/06/auditors-miss-phony-invoices-would-you-have-found-them/ https://davehancox.com/2013/07/auditor-independence-and-competence-on-trial-in-dixon-illinois-fraud-case/ https://davehancox.com/2013/08/send-these-auditors-back-to-school/ https://davehancox.com/2013/08/dixon-auditors-didnt-pay-attention-to-history-or-professional-guidance/ https://davehancox.com/2013/09/auditors-settle-lawsuit-in-dixon-illinois-fraud/ The city of Dixon, Illinois announced on September 25, 2013 it would receive a $40 million settlement from CliftonLarsonAllen, Fifth Third Bank, and Janis Card and Associates for the fraud Rita Crundwell committed and was not detected by the CPA firms or the bank. […]
Veterans Health Administration Audit Should Be Taken with a Grain of Salt
Here is a copy of the Department of Veteran Affairs audit on its system wide review of access to care. https://dl.dropboxusercontent.com/u/79212257/vaaccessauditfindingsreport.pdf Unfortunately, this audit has such significant deficiencies it does not meet Government Auditing Standards or the Standards for the Professional Practice of Internal Auditing. It should not have been put forth as an audit. This […]
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