Seattle neglected $3.4M collection for affordable housing in 2012 | Inspector general claims IRS wrongly seized millions | State auditor: Lawmakers are crippling watchdog's function
April 18, 2017
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Seattle neglected $3.4M collection for affordable housing in 2012
Seattle skyline
(Mark Ralston/AFP/Getty Images)
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.
Curbed/Seattle (4/14) 
Inspector general claims IRS wrongly seized millions
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.
United Press International (4/6) 
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Risk Management
State auditor: Lawmakers are crippling watchdog's function
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.
Republican Eagle (Red Wing, Minn.) (4/10) 
Fed discusses unwinding of assets
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.
The Wall Street Journal (tiered subscription model) (4/16) 
ACGA Webinar: How to Effectively Lead Millennials
Millennials comprise the largest generational group in the U.S. today and will increasingly dominate the workforce. Learn strategies to inspire and cultivate the best in them, foster organizational commitment, and develop a new generation of leaders. Earn 2 CPE credits. May 18. Register now!
Regulation & Compliance
Mo. auditor criticizes transportation development districts
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.
KWMU-FM (St. Louis) (4/10),  Columbia Missourian (4/10) 
New law negates auto-IRA measure
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.
InvestmentNews (tiered subscription model) (4/13) 
NEW! Red-hot Off the Presses: The IIA's New Red Book
Updated to include the new Mission of Internal Audit, Core Principles, Standards, and more, The IIA's new Red Book is a must-have for internal auditors. An easy-to-search table of contents and index make it an indispensable desktop addition. Don't get caught red-handed without it. Purchase now with your IIA member discount.
Fraud & Ethics
SEC reportedly dropping contractors who help uncover fraud
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.
Bloomberg (4/10) 
ACGA eWorkshop: Auditor Responsibilities for Fraud
Participants will conduct a vulnerability assessment for fraud and abuse in their own organization and learn how to address these risks. May 16-18. Earn 6 CPE credits. Limited time 20% off registration! Use Promo Code ACGA20. Register today.
Opinion: Governments should prep for possible cybersecurity grants
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.
Government Technology online (4/15) 
ACGA eWorkshop: The Performance Auditing Process
Learn leading practices related to performance auditing objectives, mapping, methodology, evidence, findings, and reporting. Limited time 20% off registration! Use Promo Code ACGA20. Register today.
Cybersecurity auditing in the public sector
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.
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About the American Center for Government Auditing
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