Audits

News & Analysis as of

Did The Judge’s Ruling Truly Decimate The Defendant’s Contention?

Yesterday’s post concerned Justice M. Kathleen Butz’ recent holding in Yee v. Am. Nat’l Ins. Co., 2015 Cal. App. LEXIS 257 (Cal. Ct. App. 2015).  The case involved the California Controller’s attempt to examine the records of...more

OIG adds new audit item to work plan

The Office of Inspector General (OIG) has added a new ongoing CFPB project to its work plan updated as of March 13, 2015. The OIG is auditing the CFPB’s compliance with the Improper Payments Information Act of 2002, as...more

KPMG audit finds CFPB budget review controls and corrective action process need improvement

The CFPB has released a report for FY 2014 prepared by KPMG of its independent audit of selected CFPB operations and budget. An annual independent audit is required by the Dodd-Frank Act. The report reflects work performed by...more

2015 Brings Single Audit Changes

On December 26, 2013, the Office of Management and Budget (OMB) published in the Federal Register Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards; Final Rule. ...more

CFPB OIG Report on Agency’s Diversity and Inclusion Efforts Calls for Enhancement

On March 4, the CFPB Office of Inspector General (OIG) issued a report on its audit of the CFPB’s diversity and inclusion efforts, which was completed at Congress’s request. The report outlines its findings, noting that while...more

Evolving Audit Committee Standards for Texas Insurers

Effective January 1, 2010, the National Association of Insurance Commissioners (NAIC) adopted the Annual Financial Reporting Model Regulations (Model Audit Rule), which among other requirements, substantially expanded the...more

Challenge to Delaware Unclaimed Property Estimation Methods Allowed to Proceed

A lawsuit challenging the unclaimed property estimation methodology used by the State of Delaware and its auditor Kelmar Associates will proceed, according to a ruling issued by a Delaware federal district court on March 11....more

PA Short Notes - March 2015

..In January, the PA Department of Revenue advised the tax community that it had - in November - joined the Multistate Tax Commission's corporate tax audit program, in order to increase the effectiveness and efficiency of PA...more

When you get a call about your Plan, call an ERISA Attorney

It’s unfortunate, but the facts are that most people don’t respond to a complaint until there is a letter from an attorney. Service providers and companies hate correspondence from attorneys because that suggests litigation....more

Let the Training Begin: MTC Transfer Pricing Audits Draw Near

Deputy Executive Director Greg Matson (a nice guy at heart) announced this week that the Multistate Tax Commission (MTC) has hired its first transfer pricing training consultant and is scheduled to begin training state...more

New York Bank Regulator Considering Cybersecurity Regulations, Random Audits of Banks

On February 25, New York DFS Superintendent Benjamin Lawsky delivered remarks at Columbia Law School focusing on how state bank regulators can better supervise financial institutions in a post-financial crisis era. In his...more

Blog: Shareholder Proposal Regarding Audit Committee Composition

As noted in this article from Compliance Week, the Corp Fin staff have refused to issue no-action relief to Citigroup agreeing that it could exclude from its proxy statement a proposal from the prolific John Chevedden...more

China Update February 2015: Settlement of the SEC Action Against Chinese Auditors Regarding Production of Workpapers, and EB-5...

Settlement of the SEC Action Against Chinese Auditors Regarding Production of Workpapers - Earlier this month the US Securities and Exchange Commission (SEC) agreed to “stay” the administrative action (meaning the SEC...more

SEC May Seek Companies’ Agreements to Determine Whistleblower Treatment

The SEC continues to focus on its whistleblower initiative. According to a February 25 Wall Street Journal article titled “SEC Probes Companies’ Treatment of Whistleblowers,” the U.S. Securities and Exchange Commission...more

CMS Releases Updates to Its Medicare Advantage and Part D Plan Audit Protocols and Processes

On February 12, 2015, the Centers for Medicare & Medicaid Services (“CMS”) released an updated version of its Medicare Advantage (“MA”) and prescription drug benefit (“Part D”) plan audit protocols and also announced the...more

Tips and Traps Regarding the Statute of Limitations and Signing Statute Waivers

As you end your telephone conversation with the revenue examiner, you think to yourself, “Thank goodness, this one is finally over!” The audit of your biggest client started over three years ago, and has seemingly dragged on...more

SEC Continues to Investigate Contractual Impediments to Whistleblower Complaints

As Rachel Louise Ensign reported earlier this week in the Wall Street Journal (subscription required), the Securities Exchange Commission (“SEC”) continues to probe obstacles to corporate employees blowing the whistle. This...more

SEC Targeting Broad Employee Confidentiality Clauses

February 27, 2015 Authors: Gregory Keating and Harry Jones The Securities and Exchange Commission (SEC) has recently contacted a number of companies seeking every confidentiality agreement, nondisclosure agreement, settlement...more

UK Information Commissioner’s Office (ICO) Receives Power to Audit National Health Service

The ICO has welcomed a change in legislation which came into effect on 1 February 2015 enabling it to audit National Health Service (NHS) bodies to check for compliance with the UK Data Protection Act 1998. ...more

Office of Civil Rights Delays Phase 2 Audits

The Office of Civil RIghts (“OCR”) recently announced that Phase 2 of the HIPAA audits would be further delayed because the audit portals and project management tools that are needed to initiate the audit process are not...more

The Time is Now for Every Company to Conduct Culture Audits

Companies and CCOs are starting to get the message – the best and most effective control against code and legal violations is a culture of ethics and compliance. Those are high-minded ideals for high-level executives....more

Roadmap to Prison: Lessons Learned from the Criminal Prosecution of Alpha Ambulance’s Leaders

No one running an ambulance company ever planned to go to prison for doing his or her job. But that is a real possibility if the government knocks on the door, and the owner or manager is dishonest in his or her response to...more

US China Trade War–Developments in Trade, Trade Politics, Patents/IP, Antitrust and Securites

On January 11thth, I put up my last post stating that because of its length, I have broken up the post into two parts. This February post includes a Trade, Customs and IP update with longer sections on Antitrust and...more

HIPAA and “Meaningful Use” Audits: Issues to Consider and How to Prepare

As more and more providers adopt electronic health records (“EHRs”) systems (and with new regulations concerning their required use for purposes of Medicare billing for chronic care management, their popularity can only...more

IRS Scrutinizes Captive Insurance

Every year the IRS issues a list of tax scams pertinent to that filing season. This list is commonly referred to as the (“Dirty Dozen”). The Dirty Dozen warns taxpayers of illegal tax avoidance schemes that can lead to...more

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