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Internal Controls

BUSINESS
May 31, 2003 | From Associated Press
In a rare move, federal regulators are seeking to have Ernst & Young suspended from accepting new corporate clients for six months because of the big accounting firm's alleged failure to remain completely independent from companies whose books it audits. The Securities and Exchange Commission contended in a legal proceeding before an administrative law judge that Ernst & Young's internal controls were inadequate to prevent its auditors from becoming too cozy with client firms.
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BUSINESS
October 8, 2003 | Thomas S. Mulligan, Times Staff Writer
The government's new accounting oversight body Tuesday proposed its first set of new audit standards, or guidelines for external auditors to check and affirm the effectiveness of companies' internal anti-fraud controls.
CALIFORNIA | LOCAL
November 30, 2000
The Police Department has failed to install video cameras in its evidence rooms despite the recommendations of a 1998 audit, the city controller's office found. In a letter to Police Chief Bernard Parks and members of the Police Commission, Controller Rick Tuttle said that if the department had followed his advice two years ago, it could have deterred former Officer Rafael Perez from stealing drugs from an evidence locker.
BUSINESS
July 30, 2003 | From Bloomberg News
Intel Corp., Pfizer Inc. and other companies on Tuesday urged the government's accounting oversight board to limit the scope of newly required financial-control audits so they won't become too costly and intrude on management's responsibilities. Public companies and accounting firms are at odds over how much scrutiny is needed before auditors should certify that a company has implemented adequate safeguards to prevent financial fraud. Accountants say detailed audits are required.
CALIFORNIA | LOCAL
May 30, 2013 | By Ruben Vives
City leaders in scandal-battered Cudahy are asking the state to audit the city's finances and internal controls in the wake of a series of city hall bribery arrests. Last year, three officials in the working-poor L.A. County city -- including two long-term council members -- were hauled away by FBI agents for extortion and bribery. The cases revealed a city marred by corruption, election fixing and drug use in city hall, officials said. Now, the newly elected mayor and vice-mayor of Cudahy are asking State Controller John Chiang to audit the city's finances and internal controls.
BUSINESS
December 20, 2006 | Cyndia Zwahlen, Special to The Times
Small public companies that held out hope for a permanent exemption from the Sarbanes-Oxley corporate reform law were disappointed last week when the Securities and Exchange Commission proposed to ease -- not eliminate -- the law's requirement for annual reports on internal financial controls.
BUSINESS
June 6, 2007 | Cyndia Zwahlen, Special to The Times
Time's up! That's the message for small public companies from the Securities and Exchange Commission, which met recently to give final approval to new guidelines and amendments to the Sarbanes-Oxley corporate reform law. The five-member commission didn't include a hoped-for extension of the Dec. 15 deadline for small public companies to comply with provisions that critics say are too costly and time-consuming.
NEWS
December 26, 1985 | Associated Press
Congressional investigators have found that billions of taxpayer dollars are lost or mismanaged through the failure of more than half of the government's 427 accounting systems to meet federal requirements, the General Accounting Office said in a report Wednesday. "The major problems so far remain largely unchanged," the GAO said in its study, released three years after Congress passed the Financial Integrity Act to curb fraud, waste and abuse in government.
BUSINESS
January 27, 1997 | SHERWOOD ROSS, REUTERS; (Sherwood Ross is a freelance writer who covers workplace topics for Reuters.)
Controls put in place by chief executives may be flouted by employees, which could mean that when a new product flops or a scandal breaks it may be too late for the executive to save the day. "Most [CEOs] are not effectively controlling risk, nor are they leading others in their companies to do so," according to a survey by Louis Harris & Associates Inc. for accountants Coopers & Lybrand.
CALIFORNIA | LOCAL
December 18, 2012 | By Chris Megerian, Los Angeles Times
SACRAMENTO - Managers at the California parks department circumvented payroll policies and boosted salaries improperly, the state controller said Tuesday. Controller John Chiang said the payouts were made with "deliberate disregard for internal controls, along with little oversight and poorly trained staff. When security protocols and authorization requirements so easily can be overridden, it invites the abuse of public funds. " Chiang said that bad record keeping in the department made it impossible to determine a total for the amount of money improperly paid.
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