Audits

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The Financial Report - Volume 3, No. 16 • August 21, 2014 (Global)

Discussion and Analysis - Recently, we’ve been thinking a lot about crowds. Most sources define the term “crowds” as a large group of people gathered closely together or with something in common. The Merriam-Webster...more

Connecticut Hires Chainbridge Software LLC for Transfer Pricing Training

On July 15, 2014, the Connecticut Department of Revenue Services awarded Chainbridge Software LLC a contract worth $50,000 for on-site and remotely supported training for transfer pricing audits. Chainbridge is infamous for...more

Who Audits the Auditors?

Since the advent of Medicare in 1965, hospitals have bemoaned the cost and burden of Medicare audits. The complaints increased when CMS hired private contractors for the audits. They became deafening in 2009 with the advent...more

CMS Paying Some Providers’ Medicare EHR Incentive Payment Using Incorrect Transition Factor

We have learned that CMS has paid Medicare EHR Incentive Program Payments to some eligible hospitals using an incorrect transition factor, understating total payment. CMS personnel have informed us that they are aware of this...more

District Court Confirms Caremark Applies to Audit Committee Oversight of Internal Controls

The U.S. District Court for the Northern District of California recently granted a motion to dismiss a derivative action in which the plaintiff alleged that the directors of VeriFone Systems, Inc. breached fiduciary duties...more

Creating an Integrated Due Diligence System - Screening to Audits [Video]

Almost every FCPA enforcement action involves violations committed by third-party agents, consultants and distributors. Many companies have instituted due diligence procedures to screen third-parties, consultants and...more

BALCA Holds That, Despite Typographical Error on ETA 9089, Audit Materials Demonstrated Compliance

Before an employer may file an application under the Permanent Employment Certification (PERM) process, it must test the labor market to ensure that there are not sufficient U.S. workers who are able, willing, qualified, and...more

OFCCP Releases Proposal Requiring Contractors to Disclose Compensation Data Annually

On August 6, 2014, the Office of Federal Contract Compliance Programs (“OFCCP”) released a Notice of Proposed Rulemaking requiring federal contractors and subcontractors with 100 or more employees to submit an annual equal...more

Workplace Investigations: What You Need To Know

Employee complaints of discrimination, harassment and retaliation in the workplace have been on the rise over the past years. Employers and administrators must be ready to respond to these types of claims. In the...more

OSHA Update: Legal Privileges Can Shield Accident Reports and Safety Audits from Disclosure

Written accident and incident investigations, as well as comprehensive safety and health compliance audits, are essential components of an effective safety and health program. Unfortunately, OSHA has often pursued accident...more

BSA/SIIA Audits and Software Publisher-Initiated Audits Differ in Important Ways

Christopher Barnett, Scott & Scott, LLP attorney, shares three important differences between BSA | The Software Alliance and the Software & Information Industry Association (SIIA) audits and ones initiated by software...more

Keeping Your Due Diligence System Manageable March 31, 2014 [Video]

Companies recognize the need to develop robust due diligence procedures to review, monitor and audit third-party intermediaries, prospective acquisition and joint venture partners, and vendors/suppliers. A due diligence...more

Religious Institutions: August 2014

If the Internal Revenue Service (IRS) had a moratorium on enforcing §501(c)(3) electioneering restrictions against churches and religious organizations, the IRS states that it has been lifted incident to the settlement and...more

Avoiding Fines by Starting the I-9 Process Early. Just Not Too Early…

As we have noted in prior posts, Immigration and Customs Enforcement (“ICE”) has been aggressively pursuing I-9 inspections and imposing record fines (about $12.5 million per year) as part of its multi-year strategic plan....more

Brace Yourself: The RACs Are Back

Under the controversial program private contractors audit hospitals and other Medicare providers for fraudulent and erroneous Medicare billing. Why is it controversial? Because the auditors are paid a percentage of...more

Senseless (in) Seattle - Confusing application of city’s B&O tax leaves service businesses in a quandary

More than 40 Washington cities impose local business and occupation (B&O) tax. This is in addition to the state’s B&O tax on gross receipts. When a business engages in activities both inside and outside a B&O tax city,...more

SEC Charges Corporate Officers with Fraud Arising from Failure to Disclose Internal Controls Issues and Alleged Misrepresentations...

On July 30, 2014, the Securities and Exchange Commission (“SEC”) advanced a novel theory of fraud against the former CEO (Marc Sherman) and CFO (Edward Cummings) of Quality Services Group, Inc. (“QSGI”), a Florida-based...more

Second Circuit Finds that Entry-Level Audit Associates at Accounting Firm are Exempt from Federal Overtime Requirements

In Pippins v. KPMG LLP, No. 13-889 (2d Cir. July 22, 2014), the Second Circuit Court of Appeals unanimously held that entry-level audit associates (“Plaintiffs”) at KPMG LLP qualify for the Fair Labor Standards Act’s (“FLSA”)...more

SEC Gives Itself the Home Court Advantage in an Accounting Fraud / Internal Controls Action Against a Corporate CEO

An otherwise mundane SEC announcement on July 30, 2014 of an enforcement action charging a public company CEO and CFO with accounting fraud and internal controls violations is significant because the SEC is proceeding against...more

Federal Grant and Contract News for Nonprofits - July 2014

This month's newsletter focuses on one of the more important and scrutinized aspects of being a federal grant recipient: monitoring project performance efforts, and the project performance efforts of subrecipients.1 While the...more

Audit Trails: Pitfalls of Electronic Medical Records, Part III

I do not profess to be an expert in the complexities of metadata in an electronic medical record (EMR). In simple terms, it is analogous to leaving footprints in the sand; although these do not wash away with high tide. In...more

Is Anti-Corruption a Business or Legal Issue?

On June 5, 2014, Philippe Montigny, President of Ethic Intelligence (www.ethic-intelligence.com) asks exactly that question in an editorial. My own perspective of compliance remains much along the lines of those such as Mr....more

Studies Provide Useful Data About Restatements Since 2003

Recent restatement studies released by the Center for Audit Quality (CAQ) and Audit Analytics show that an increasing percentage of restatements are filed by companies that do not disclose that prior financial statements are...more

How to Form Teaming Agreements and Strategic Partnerships

In this presentation: - Teaming - Subcontracting - Joint Ventures - Q&A - Excerpt from Teaming: Once partners are selected, prepare and sign a Teaming Agreement: - What...more

Bringing It All Home, the Two Tough Cookies Wrap It Up For You, Part III

So, now you’re ready to start your culture audit… Some key questions you want to ask before you start are: Do I have the support of Executive leadership? If not, go back to your E&C steering committee and work through...more

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