#audit

Apparently some Raytheon programs have, get this, TWO SETS of actual costs incurred under cost-type contracts: one set of #'s for the government and another set of #'s internal to Raytheon. These actuals do not remotely match and it's not due to lag-time in applying the accruals. Something to look out for as this is not a limited or one-off activity.

Why is Verizon not giving the chance for the right people with skills to move up?
When I talk about right people, it’s about people who are not getting any inherited wealth and are not relying on a cushion of being lazy in management. Why isn’t there an audit happening before promoting such people to see if they’re actually performing consistently. With a tangible metric assigned to it.

Which accounting firm audits the financials? Who specifically at this firm is conducting the audit?

Citi's job board is a total fraud. Every fake interview is just a cruel waste of time for a job already promised to some buddy or contractor.

HR and managers have zero morals. Someone needs to audit this rotten system, and the candidates who applied internally should start saving screenshots of the staff lists before and after few months to catch them in their lies.
What a waste of time!

I heard there were quite a few layoffs in Audit Services today. Is this true? I’m hearing several directors, the Lead (Senior Audit Manager) position is effectively gone and those in the position were either demoted or laid off.

I’m also hearing PNC NMC next?!

The title says it all

Another departure from the CSBB audit team. This time a director only there for a year and a half. You have a managing director that is pregnant and will be out on leave. A recently promoted director out on leave. What is going on with management in that team that so many are finding an out?

PwC has implemented targeted voluntary redundancies within its UK audit practice, affecting senior associates and managers. This move follows a trend among Big Four firms to adjust staffing levels due to slower market conditions and reduced employee attrition. The company stated these exits are in areas with low natural turnover to ensure the right skills are available for market opportunities. This action mirrors similar workforce recalibrations at KPMG and Deloitte. The Big Four are collectively rebalancing their workforces after a period of rapid post-pandemic hiring.

London, United Kingdom

https://www.peoplematters.in/news/strategic-hr/layoffs-reach-pwc-as-big-four-firms-continue-audit-workforce-reset-50778

I need you guys to set me straight or confirm what I'm seeing. Is audit currently a hellscape of poor management, training, consistency, and direction? I came from another bank knowing the red flags were visible but I literally cannot figure out what's going on from day to day, audit to audit. No one seems to know what's going on. People are generally nice and super smart but I feel like I'm in the twilight zone from audit to audit. I feel like I'm in the middle of the desert by myself most times. Am I just being overly critical here?

I've received a constant stream of chasers and reminders about timesheet entry in recent weeks. The organisation seems obsessed on this, which suggests there is a wider problem.

The assumption appears to be that this is primarily an employee issue. That may be true in some cases, but from my perspective the root causes are systems and process related.

Common examples include:

• It taking an excessive amount of time for a WBS to be created and allocated to an employee's profile.
• Timesheets that were submitted on time get reopened sometime later by someone else.

We seem to be investing a considerable amount of effort in chasing employees, and then having those staff raising HR cases to get individual weeks resubmitted. That effort would be better spent delivering value to our clients. Yet none of that value add features in our stock FY27 objectives.

EY is reportedly laying off audit Staff 1s this week. The exact number of affected employees remains unclear. These layoffs are occurring near the end of EY's fiscal year. The firm hired over 2,300 audit professionals in fiscal 2025. EY recently opened a new AI center in Bengaluru, India.

https://www.goingconcern.com/layoff-watch-26-ey-trims-some-newbies-in-audit/

Just had asset protection visit our office and do a presentation on how reports and investigations are handled!
I have been here 27 years and I have never seen these guys show up somewhere in person and usually you didn't even know they were here!!
Very suspicious they would even have a meeting with our group, has anyone else had this happen to them?
they even had a Q and A session after on their procedures.

What is the team / work culture in the Audit Analytics group?

California Academy of Sciences employees rallied at San Francisco City Hall. They called for the San Francisco Board of Supervisors to audit the Academy's finances. This action followed recent layoffs affecting at least 38 union members. Management stated staff reductions were necessary to reduce expenses and eliminate deficits. Workers had previously proposed executive pay cuts, which the Academy refused.

San Francisco, California

https://localnewsmatters.org/2026/06/12/sf-california-academy-sciences-workers-rally-layoffs/

Looks like some workgroups received an email with the above title. They are launching some AI-Enabled Activity Summary and we’ll have to audit against what the AI activity generates. Was curious to hear others thoughts who received this email?

California Academy of Sciences employees rallied at San Francisco City Hall. They called for the San Francisco Board of Supervisors to audit the Academy’s finances. This follows several rounds of layoffs over the last six years. The most recent layoffs in April affected at least 38 union members. Former Executive Director Scott Sampson stated these actions were necessary to reduce expenses and eliminate deficits. Union president Teddy Vollman noted their proposal for executive pay cuts was refused.

San Francisco, California

https://localnewsmatters.org/2026/06/12/sf-california-academy-sciences-workers-rally-layoffs/

Does anyone know anything about the major FDA investigation or audit going on in Hayward? They showed up unannounced and have been onsite 2 weeks already. Are there some issues?

Deloitte recently conducted layoffs within its audit division. These reductions affected employees, including senior managers. The layoffs occurred shortly before annual bonuses were scheduled. Affected individuals reported the process felt impersonal. One senior manager received severance and bonus payout.

https://www.goingconcern.com/layoff-watch-26-deloitte-auditors-got-bad-news-this-week/

US House of Representatives
SELECT COMMITTEE ON THE CHINESE COMMUNIST PARTY
548 Cannon House Office Building Washington, D.C. 20515
(202) 225-6002

May 2, 2023

Mr. John Donahoe
President, and Chief Executive Officer Nike, Inc.
One Bowerman Drive Beaverton, OR 97005

Dear Mr. Donahoe,

On March 23, 2023, the House Select Committee on the Strategic Competition between the United States and the Chinese Communist Party (CCP) held a hearing entitled, "The Chinese Communist Party's Ongoing Uyghur Genocide." At the hearing, we heard first-hand witness accounts about the CCP's concentration camps and expert testimony regarding the perpetration of genocide. We also received written testimony in which an expert assessed that "American companies are financing the state-sponsored forced labor programs in the Uyghur Region."1 We seek additional information regarding this matter.

The U.S. Department of State has determined that the CCP is committing genocide against Uyghurs and other minority groups in Xinjiang. 2 In response to the CCP's atrocities, Congress passed the Uyghur Forced Labor Prevention Act (UFLPA) with bipartisan support. On December 23, 2021, the UFLPA was signed into law. The UFLPA prohibits the "importation of any goods made with forced labor, including those goods mined, produced, or manufactured wholly or in part in the Xinjiang Uyghur Autonomous Region."

1. We received expert testimony which revealed that products made by Uyghurs in forced labor camps are still entering the United States. 4 One expert told the Select Committee that Nike is "sourcing garments made not only from cotton from the Uyghur Region but also viscose, lyocell, polyester, leather, and linen from the region."5 Continuing to import goods produced in part with

1 The Chinese Communist Party's Ongoing Uyghur Genocide: Hearing before the Select Comm. on Strategic Competition between the U.S. and CCP, 118 Cong. (Mar. 23, 2023) (Written Testimony ofNury Turkel) ("CCP's Uyghur Genocide Hearing").
2 Edward Wong & Chris Buckley, U.S. Says China's Repression of Uighurs Is 'Genocide', N.Y. TIMES (July 27,
2021).
3 Uyghur Forced Labor Prevention Act, H.R. 6256, I 16th Cong. (2021).
4 CCP's Uyghur Genocide Hearing (Written Testimony ofNury Turkel).
5 Id; According to a Sheffield Hallam University study, Nike is at high risk of having Xinjiang cotton in its supply chain due to its relationship with international intermediary manufacturers and Chinese textile companies sourcing

the forced labor of Uyghurs potentially violates the UFLPA and creates the conditions in which the CCP is able to continue committing genocide.
We would like to offer Nike an opportunity to respond to these serious allegations and to provide information regarding its compliance with the UFLPA. We therefore request that you respond to the following questions by May 16, 2023:

1. Do any garments imported into the United States by Nike contain inputs sourced from Xinjiang and/or inputs made with forced labor ofUyghurs?
2. Please provide a detailed description of the steps Nike has taken since the UFLPA took effect to examine its supply chains with respect to forced labor risk in the manufacture of its products. How do these steps differ, if at all, from the methods utilized before the UFLPA took effect?
3. Please provide a detailed description of the steps Nike has taken since the UFLPA took effect to ensure garments it sells that are made from cotton, viscose, lyocell, polyester, leather, and linen are not manufactured using forced labor by Uyghurs or other minority groups who are subjugated by the CCP.
4. Please provide a detailed description of the steps Nike has taken to examine its other supply chains to ensure that other products it sells are not produced by forced labor undertaken by Uyghurs or other minority groups who are subjugated by the CCP.
5. Do any of Nike's garment suppliers use fabric and/or yarn from any of the following corporations (including their subsidiaries): Jiangsu Lianfa Group, Luthai Textile, Huafu Fashion, Texhong Textile, or Weiqiao Textile?
6. Is fabric and/or yarn made by any of the corporations referenced above used in the production of Nike clothing sold in the United States? If so, please list each corporation whose fabric and/or yarn is used in the manufacture of Nike clothing sold in the United States.
7. If fabric and/or yarn from one of the corporations referenced above is used in the production of Nike clothing sold in the United States, what specific steps does Nike take to ensure that none of this material is made in, or contains cotton from, Xinjiang?
8. Has Nike contractually obligated all its garment suppliers to ensure that no inputs from Xinjiang are used in the manufacture of its clothes sold in the United States? Please provide all relevant documents to support such obligations.

cotton and employing state-sponsored labor transfers from the Uyghur Region. Most of the Chinese textile companies identified in the study have subsidiaries in Xinjiang that have employed state-sponsored labor transfers. See, Laura T. Murphy et al., Laundering Cotton: How Xinjiang Cotton Is Obscured in International Supply Chains, SHEFFIELD HALLAM UNIVERSITY (Nov. 2021).

1. What specific methods, other than mere written or verbal assurance from a garment supplier, does Nike use to verify that the supplier is not using inputs from Xinjiang?

I 0. What audit methods does Nike use to verify that suppliers in China-in and outside of Xinjiang-are not exploiting Uyghurs through state-sponsored labor transfers, given that workers in China cannot speak to auditors about forced labor without fear of government retaliation? Please provide all policies, guidelines, requirements, reviews, assessments, analyses, audits, PowerPoint or other presentations, or other documents that describe, govern, implement, or report conduct, processes, or results (without regard to the title of a given document) that are relevant to the conduct of such audits, as well as copies of any communications pertaining to any incident involving actual, alleged, or anticipated noncompliance with the UFLPA.

1. Has Nike conclusively identified every supplier of fabric, cotton, and yarn in its global supply chain for products sold in the United States? If yes, please provide documents and evidence to substantiate Nike's conclusive identification of such fabric, cotton, and yarn suppliers, including any documents evidencing Nike's methodology with respect to this determination. If not, please provide a detailed explanation of how Nike assesses whether its clothing imports comply with the UFLPA, including any documents describing Nike's methodology with respect to such assessments.

2. Does Nike allow cotton and/or other inputs produced in Xinjiang to be used in the manufacture of Nike clothing sold in markets outside of North America?

3. In 2020, reporting revealed that hundreds of Uyghur laborers worked in a factory that manufactures 8 million pairs ofNikes each year.6 Nike claims to have verified that this factory-owned by a leading Nike Supplier, TKG Taekwang-no longer uses Uyghur forced labor. Given its track record of using forced labor, how did Nike verify that TKG Taekwang no longer uses forced labor? And why does Nike still consider TKG Taekwang to be a suitable business partner?

4. Please provide a detailed description of the steps Nike is taking to examine and monitor its supply chains on an ongoing basis. Please provide all policies, guidelines, requirements, reviews, assessments, analyses, audits, PowerPoint or other presentations, or other documents (without regard to the title of a given document) that describe, govern, implement, or report conduct, processes, or results relevant to the conduct of such examination and monitoring.

5. Please provide a detailed description of your audit and compliance plan(s), and the steps taken thus far to implement controls to ensure that Nike products are not produced by forced labor and that all Nike products are obtained and sold in compliance with the requirements of the UFLPA. Please provide all policies, guidelines, requirements, reviews, assessments, analyses, audits, PowerPoint or other presentations, or other documents (without regard to the title of a given document) that describe, govern,

6 Anna Fifield, China compels Uighurs to work in shoefacto,y that supplies Nike, WASH. POST (Feb. 29, 2020).

implement, or report conduct, processes, or results relevant to Nike's audit and compliance plan(s).

The House Select Committee on the Strategic Competition between the United States and the Chinese Communist Party has broad authority to "investigate and submit policy recommendations on the status of the Chinese Communist Party's economic, technological, and security progress and its competition with the United States" under H. Res. 11. Upon your receipt of this letter, please maintain and preserve all hard copy and electronic documents, including electronic communications, related to the subject matter of these questions.

To make arrangements to deliver a response, please contact Select Committee majority and minority staff at (202) 226-9678 and (202) 225-2489, respectively.

Thank you for your attention to this important matter and prompt reply.

Sincerely,

-
Mike Gallagher
Chairman

Ranking Member

So far haven’t heard of impact at NV. Could this be because an ongoing audit this week? Is RIF still possible next week?

A new job has been posted, they are looking to hire someone to develop AI to take processes, procedures, analysis, etc out of the hands of current workers and into the bowels of AI. The worst part is that the job description includes making the AI in compliance with audit standards and SOX public standards. All while following the rules of controls and separation of duties? How can this be taken seriously? Trusting that data is properly handled, accounting is done up to high standards, and that our financial statements are accurate in the hands of newly developed AI? More layoffs coming to FP&A if this job gets filled? Whoever takes this job will be a yes-man and completely wreck our financial accuracy.

Forvis Mazars reduced its United States workforce. This adjustment impacts about 250 employees. Audit, tax, and consulting roles saw reductions. The company explained that attrition rates were lower than anticipated. Other public accounting firms have reported similar low attrition trends.

https://www.goingconcern.com/layoff-watch-26-forvis-mazars-cuts-3-of-the-workforce-in-unusual-post-busy-season-culling/

KPMG is reducing its U.S. audit partner count. Approximately 100 partners are exiting the firm. An early retirement initiative did not meet its goals. The firm aims to align partner ranks with its audit business. Departing partners will receive financial packages and support.

https://qz.com/kpmg-cutting-audit-partners-early-retirement-042426

Really surprised nobody has mentioned this yet.

Trump administration
announces 50-state audit of Medicaid oversight.

We noticed lots of greencard and US citizens were laidoff where H1b in same team survived. This seems one of favoritism for low cost worker. Filed a case for this.
Seems lots of H1b frauds floating around in Texas and Nashville and Oracle is hiring H1b's here ...
The Indian managers who held H1b and laidoff US residents should be questioned.
Lots of news floating around on H1b fraud now.

We just had two team members let go. So sad.

KPMG UK intends to reduce its audit division workforce. Up to 440 employees are expected to be laid off. Nearly 600 staff members were warned about potential job losses. Low staff turnover and changing market conditions are cited as reasons. This move primarily affects assistant managers with accounting qualifications.

https://www.hrkatha.com/news/kpmg-uk-to-layoff-up-to-440-audit-staff/

Audit is losing a managing director on CSBB team. The cover story seems fishy. Oh TAS drama how you never cease to entertain.

Veradigm filed a Form 12b-25 saying it could not file its annual report on Form 10-K for the year ended Dec. 31, 2025 by the deadline without unreasonable effort or expense. The company said prior financial statements for 2021 and certain interim periods in 2021 and 2022 should no longer be relied upon due to revenue misstatements tied to internal control failures. It also said its 2020 financial statements should no longer be relied upon because of misstatements identified during audit procedures. Veradigm said it has not filed multiple periodic reports for 2023 through 2025, including the 2024 Form 10-K and quarterly reports for 2025. The company said Nasdaq delisted its common stock after determining it remained noncompliant with filing and annual meeting requirements.

A I-9 audit is in progress. Gainwell is doing their due diligence to ensure all onshore employees are legally employable. Could be setting themselves up for a future sale.

There is nothing of value that comes out of 90% of the work our ‘researchers’ do. They get paid for making up bumber in the air, dragging projects for 2-3 years until a new manager arrives , tweak and drag some more. Dead after 10 years. rinse and repeat. how stupid does our company have to be to not see through the BS? it’s embarrasing to talk to them from business unit perspective. there are people working genuinely hard, everyday trying to meet the targets and doing honest work, spending hours stressed about meeting baseline — but the research orgs? what the he-l are they doing? made up work no one wants to use? why are we allowing to continue this clear inefficiency?

If any leader with common sense and some ba--s reads this, please conduct an audit of the claims of research projects and actual value delivered over years. Its mind numbingly d-mb to let these projects and organizations survive. Nothing against the people, they are smart ( but scared to speak up) deploy them to do something useful. Oil and gas is not rocket science.

We've been hearing rumors that they plan on closing the Canada audit group in Mississauga. Can anyone confirm?

Audit is in either a bad place morally or the talent level is in the gutter.

Audit is complicit in the mess that will be uncovered in 3 years.

Do they have a pulse? Anyone alive out there?

It’s not that hard. Huge mess in Corp Risk.

PwC is laying off approximately 1,500 employees from its US workforce. This represents about 2% of its total US staff. The firm attributes these reductions to historically low employee attrition rates. Layoffs primarily affect the audit and tax divisions. PwC is also slowing new hiring and internship offers.

https://www.aol.com/big-four-firm-pwc-cutting-140950077.html

Does anyone know what happened to some of the C15s in Internal Audit. I just searched some C15s that I knew in Internal Audit and all their direct reports are there in global directory but they now C14 report to C16….Did the layoffs impact Audit?

Seems for operations, they have to wait for the on site audits to complete and March membership numbers/projections since the end of the subsidies. They can’t show to regulators they are riffing people when we don’t meet TAT

Too many weird financial requests for information from 2-3 years ago. Stop telling us "Audit requests" or "forecast" we are not that stupid, since prior fiscal years have already been audited.

This is the only explanation. And to cover his tracks, let's throw out a good bonus to really make it look like we really did these numbers.

This crisis over poor financial controls and potential fraud is completely unacceptable for a former CFO and now CEO. The only real remediation plans involves Martin being fired. Not him "leaving for personal reasons", but actually fired. Without that there's no reason to believe anything coming out of Kyndryl.