Word: audits
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...enforcement side, we are really stepping up our efforts to audit employers, to investigate employers for knowing violations, to fine them and to prosecute them when appropriate," says John Morton, Obama's choice as director of ICE. "We are doing it on a much larger scale than it was done before...
...crucial, the impetus for change can come from any member of the staff. At the Community Hospital of the Monterey Peninsula in Calif., for instance, Joy Colangelo, an occupational therapist, helped launch the "Green Team" about six months ago. The team's first task was to do a "waste audit" in order to tally unnecessary expenditures, says Colangelo. She found that the hospital's heart department was churning out 20 pages of patient-identification labels per patient, but using only...
...spokesperson from KPMG says that the firm's audit of the Rye Select Broad Market fund conformed to all professional standards and that the firm would vigorously defend its work. A BDO Seidman spokesperson says that his firm is not and has never been the auditor of Madoff Securities. The BDO spokesperson also says that his firm's audit of Ascot Partners met professional standards and that the firm would defend its work. "It is unfortunate that these investors would bring legal action before all of the facts are known and seek to blame others for their own investment decisions...
...Cindy Fornelli, executive director of the Center for Audit Quality, which is a Washington-based public-policy organization that represents public-company auditors, contends that all the Madoff case amounts to is a lack of sufficient regulation, not a failure of the accounting profession. "It is not the responsibility of the accountant for a capital-management firm to audit the underlying investments of the firms it invests in," says Fornelli. "The auditor is not in a position to test the existence of the underlying securities - especially in a fund-of-funds situation...
Trethewey also suggests investing in a home energy audit to help figure out exactly where the holes are. Such audits aren't cheap - they can range up to $800 - but as "fuel costs rise, the payback improves," notes Trethewey. A good auditor will use a blower test, which lowers the air pressure inside a home - air from the outside will then rush through openings, revealing any leaks. A truly high-tech test will use thermographic cameras, which detect infrared light, to detect exactly where heat might be leaking...