Audit

Jeffrey Coolidge | Photodisc | Getty ImagesBlack Americans are roughly three to five times more likely to face an IRS audit than other taxpayers, according to a new study.While there isn't evidence of explicit discrimination from the IRS or its revenue agents, the findings show the disparity stems from a faulty software algorithm used by the agency to pick who gets audited.Based on microdata on roughly 148 million tax returns and 780,000 audits, the study was conducted by economists at Stanford University, the University…

In late 2022, Surfshark finally did what we’ve been waiting years for: it invited in auditors to assess its no-logs policy. Although it has commissioned audits before, those have covered other aspects of its service, such as whether its apps contained any malware, or its general infrastructure. However, this time, it’s the big one as far as its users are concerned. It’s all very well for any VPN service to say it doesn’t log any data: that’s easy. It’s quite another to prove it and, until now, it was one of the…

has agreed to review its labor practices in the US after and accused the company of union busting. In with the Securities and Exchange Commission ahead of its annual shareholders meeting, Apple said it would carry out an assessment of its "efforts to comply with its Human Rights Policy as it relates to workers’ freedom of association and collective bargaining rights in the United States by the end of calendar year 2023." The company will bring in a third-party firm to conduct the audit, according to The New York…

Network security auditing is the process of assessing a network’s health by analyzing and studying the flow of data through the network. Network auditing is one of the critical steps to detect potential security threats and errors within the network. Security audits are either performed manually or are automated using various testing tools, they are crucial because they ensure whether the network is secure and void of any security vulnerabilities or loopholes that can be exploited by an attacker. A basic security audit…

Only one of Donald Trump's annual federal income tax returns began being audited by the IRS when he served as president, despite the agency having a policy dating to 1977 of conducting mandatory tax examinations of sitting presidents, a House committee said in a new report Tuesday evening.And that IRS audit of Trump's 2016 income tax return was not completed by the time he left office in January 2021, the report by the Ways and Means Committee found.And neither of two Trump-related business entities that the IRS told the…

Mazars, the auditing firm working with major cryptocurrency exchange Binance, said on Friday it has paused all work for clients in the crypto industry. The audit firm had performed a so-called proof-of-reserves check on Binance's bitcoin holdings earlier this month, finding its reserves on a single day in late November were overcollateralized. Mazars has deleted the webpage containing a report on the check, published on Dec. 7. Coindesk and Bloomberg reported the story earlier on Friday. "Mazars has paused its…

Global audit firm Mazars has deleted the website that hosted proofs-of-reserves work for cryptocurrency exchanges. The company told Bloomberg that it is suspending its work with crypto companies on proofs-of-reserves reports going forward. Mazars appeared a few times in crypto news over the past few weeks because it started issuing those reports for cryptocurrency exchanges. The idea is that exchanges could reassure their users after the FTX downfall. Mazars also used Merkle trees so that users could check that their…

Changpeng Zhao, the CEO of Binance, has been making the rounds trying to convince the world his exchange is financially stable, even though he has resisted a full-scale audit.Photo: Singapore Press (AP)After over a week of repeatedly trying to dampen concerns over the crypto exchange Binance’s financial viability, CEO Changpeng “CZ” Zhao now has his work cut out for him as the company conducting a targeted audit of his company exploded with hardly a word to anyone. On Friday, Bloomberg first reported that Mazars, the…

SpiceJet was under the radar of the Directorate General of Civil Aviation (DGCA) due to multiple safety concerns. Recently, the low-cost carrier claimed that International Civil Aviation Organization (ICAO) has audited its safety standards and maintained that everything is perfect with the airlines. In what seems to be a big blow to SpiceJet’s attempts to reaffirm its stand on passenger safety, ICAO has stated that it has not audited any airline.Also Read: DGCA Cuts Down SpiceJet Flights by 50% for Eight Weeks After…

The U.S. audit watchdog sanctioned three firms and four audit professionals from KPMG’s global network for alleged misconduct such as failing to cooperate with an inspection and cheating on training exams. The Public Company Accounting Oversight Board on Tuesday said it reached settlements on seven disciplinary orders sanctioning the firms and individuals for violations of professional auditing standards, quality control standards and PCAOB rules. Along with the fines totaling $7.7 million, the sanctions include barring…