The city of Seattle failed to collect a $3.4 million payment for affordable housing in 2012 from the developer of a residential high-rise project, an audit has found. The city auditors also found late payments, contradictions in land use codes and inadequate fees.
The IRS seized millions of legally earned dollars from business owners who broke up large bank deposits to avoid extra paperwork, a report by the IRS inspector general states. The IRS uses this depositing activity to catch drug dealers, but the inspector general report indicates that agents didn't fully investigate whether the assets were earned illegally.
Minnesota State Auditor Rebecca Otto writes that the Minnesota Legislature is advancing bills that would substantially hinder the office of the auditor. Lawmakers passed legislation in 2015 allowing counties to choose who audits them rather than letting the people elect the auditor.
The Federal Reserve has begun serious discussions of how to reduce its securities portfolio, with the process likely to begin in late 2017 or early 2018, after two more interest-rate increases, officials say. The central bank is trying to determine the target size for holdings.
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An audit by Missouri State Auditor Nicole Galloway's office found that taxpayers owe at least $941 million in sales taxes for transportation development projects they didn't get to vote on. Galloway is calling for an overhaul of the transportation development districts law, which she said has little to no oversight or transparency.
President Donald Trump has signed a measure to negate a rule that smoothed the path for cities and other local governments that wanted to back automatic-enrollment individual retirement accounts for private-sector employees. The rule protected local governments from some potential liabilities.
The Securities and Exchange Commission is terminating the contracts of dozens of paralegals and data-entry workers originally hired to help investigate possible securities fraud, sources said. The move is raising concerns within the agency that the pace of enforcement actions aimed at Wall Street fraud will slow, they said.
The State Cyber Resiliency Act, which was introduced last month, aims to create cybersecurity grants for state and local governments. Governments should begin working on their cyberresilience plans in case the grants become available, Dan Lohrmann writes.
Is internal audit involved in cybersecurity at your agency? What do the board and audit committee expect? Find out how your peers answered these questions in the latest ACGA quick poll infographic. Download the infographic.
Proactive approaches to governance/risk in the public sector
Can you encourage governing bodies to proactively identify risks and assist with questions they should ask? Scott Cohen, director of internal audit at NATO Airlift Management Agency, provides responses. Watch the video. Watch the video.
I do not live for what the world thinks of me, but for what I think of myself.
Jack London, writer
About the American Center for Government Auditing
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