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Audit: Baltimore Unable to Account for How Grants Spent

U.S. News

The Baltimore Sun reports the city has struggled with tracking grant money for years, and that officials have pledged to fix the problem each time a new examination shows the problem persists. City Council President Bernard C. "Jack" Young says the grant management problems should have been fixed by now.


KPMG's audit work unacceptable, says watchdog

BBC News

The auditing work of one of the world's "Big Four" accounting firms has been sharply criticised by the industry's watchdog. KPMG audits had shown an "unacceptable deterioration" and will be subject to closer supervision, the Financial Reporting Council said. The FRC added all the Big Four - which also include PwC, EY and Deloitte - needed to reverse a decline. KPMG said it was "disappointed" and was taking steps to improve audit quality. Every year the watchdog reviews the audits of Britain's biggest companies to ensure they meet certain standards.


Odisha to use artificial intelligence in organisation audit in big way

#artificialintelligence

BHUBANESWAR: In its bid to ensure greater fiscal accountability, effective resources management and increased productivity, the state government is set to go for integration of artificial intelligence (AI) in the financial auditing mechanism for its organisations in a big way. The Directorate of Local Fund Audit (DLFA) has started work on an AI project that is aimed at reshaping organisational accountability and bringing about greater trust on Government institutions. It is already seeking advisory services from experts for the successful implementation of the technology infusion in local fund audit automation. The Government has appointed Professor (Information Systems) of XIMB Sanjay Mohapatra as Advisor to the AI implementation committee of DLFA. He will assist LFA to develop a comprehensive strategy to analyze processes and develop implementation plans for AI-enabled automation and advise on available options and capabilities along with skilling of officials As per the project, the audit of organisations will be conducted using various components of AI like machine learning, deep learning, natural language processing and computer vision.


Audits attempt to straighten out the "wild, wild west" of algorithms

#artificialintelligence

AI algorithms employed in everything from hiring to lending to criminal justice have a persistent and often invisible problem with bias. The big picture: One solution could be audits that aim to determine whether an algorithm is working as intended, whether it's disproportionately affecting different groups of people and, if there are problems, how they can be fixed. How it works: Algorithmic audits -- usually conducted by outside companies -- involve examining an algorithm's code and the data used to train it, and assessing its potential impact on populations through interviews with stakeholders and those who might be affected by it. Between the lines: Financial audits exist in part to open up the black box of a company's internal operations to outside investors, and ensure that a company remains in compliance with financial laws and regulations. Details: Algorithmic audits can help companies screen their AI products for flaws that may not be apparent at first glance.


Website Audit Analysis: 6 Steps to Effectively Audit Your Website to Boost Traffic

#artificialintelligence

A site audit will help you to find broken pages, crawlability issues, and other common issues associated with website visibility on the web. As the saying goes, "you can't improve what you don't know." See a website audit as your report card for your site's performance. It doesn't matter how clean and well-designed your website is -- if there are issues with your pages all your marketing efforts would be futile. A site audit is basically the process of evaluating every aspect of the website to determine how it's optimized to drive organic traffic, and if not, develop a plan to optimize it for search visibility.