Ky. court system asks for financial review | Attorneys claim state auditors are targeting insurance companies | Ill. comptroller: Financial situation is dire
June 20, 2017
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Ky. court system asks for financial review
The administrative part of Kentucky's court system has asked the state auditor to take a closer look at its financial operations as the state's attorney general investigates a 2014 "employees only" sale of surplus vehicles. "Requesting this audit demonstrates our commitment to openness and accountability," said Kentucky Supreme Court Chief Justice John Minton.
Lexington Herald-Leader (Ky.) (6/2) 
Attorneys claim state auditors are targeting insurance companies
A group of attorneys told the Federal Bar Association this month that many states are overreaching in their authority to audit and tax insurance companies. New York, for example, has gone beyond its statutory authority to pull additional revenue from insurance companies, and it also forces companies to pay several taxes, one attorney said.
Bloomberg BNA (free content) (6/2) 
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Risk Management
Ill. comptroller: Financial situation is dire
Illinois Comptroller Susana Mendoza is warning lawmakers that the state's finances are in "crisis mode." State contractors are demanding payment that would put the state's discretionary spending money at zero, she says.
U.S. News & World Report/The Associated Press (6/17) 
ACGA eWorkshop: Data Integrity, Mining and Analysis
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Regulation & Compliance
Cali. tax court may be dissolved
California's Board of Equalization, which acts as the state's tax court, is reportedly on the verge of being dissolved as part of a potential budget deal. The agency's 4,800 employees would be moved to a new revenue department, while tax disputes would be decided by administrative law judges instead of the board.
The Sacramento Bee (Calif.) (tiered subscription model) (6/12) 
Deferred compensation: The proposed Sec. 457(f) regulations and Sec. 409A
This article explores new proposed regulations governing certain unfunded deferred compensation plans of state and local governments and tax-exempt entities and how those regulations interact with Sec. 409A.
The Tax Adviser (6/2017) 
States face questions on proposed partnership audit rules
State tax commissioners have been on the receiving end of a wave of questions about a new federal partnership audit regime. The rules would require "some adaptation by the states," said Helen Hecht, general counsel for the Multistate Tax Commission.
Bloomberg BNA (free content) (6/16) 
Demonstrate Your Government Expertise in 2017
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Fraud & Ethics
Former Iowa nonprofit director admits to embezzlement
An audit released last week revealed that the former director of an Iowa nonprofit that provides affordable school meals embezzled approximately $169,000 to fund her personal expenses and gambling addiction. The audit indicates that Norma LaMantia admitted to taking checks from school districts and food companies over a five-year period.
The Des Moines Register (Iowa) (tiered subscription model) (6/1) 
Texas energy consultant violated ethics rules, auditors say
Auditors in Austin, Texas, say it was improper for a city worker to consult for energy firms while also helping award contracts for developing the city's electrical infrastructure. A supervisor of the city employee was aware of the consulting work.
Austin American-Statesman (Texas) (free content) (6/1) 
ACGA eWorkshop: Performance Auditing - Advocacy View
From an advocacy perspective, learn how to identify key performance issues; develop measurement-based audit objectives; align the objectives to appropriate methodologies; and develop high impact, measurement-based audit findings. Sept. 12-14. Earn 6 CPE credits. Register now!
SEC stresses high cybersecurity expectations
The Securities and Exchange Commission is moving toward a policy that focuses more on examination than enforcement but is still placing high expectations on advisors' cybersecurity, says David Glockner, an SEC regional director. Firms are expected to give a full account of precautions they have taken.
Financial Planning online (6/16) 
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Infographic: Auditing Culture
Nearly 600 public sector internal auditors responded to questions about auditing culture in The IIA's 2016 Global Pulse of Internal Audit Survey. Download the infographic.
Knowledge Brief: Culture conundrum
One in four internal auditors assess culture. To move forward, issues related to political pressures and legally-binding ethics standards must be addressed. U.S. Department of Justice guidance can be leveraged to effectively audit culture. Read more.
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