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ASAP REPORT
ANALYTICS, SPEND, AUDIT & PREVENTION NEWS
Federal Reserve approves Ally Financial's Capital Plan

March 26, 2014   

The Federal Reserve approved Ally Financial Inc.'s capital plan in the bank regulator's annual review of the industry's financial health, clearing another potential hurdle to the auto lender's plans to exit government ownership. Link 

Tax commissioner offers apology in Cadiz
April 3, 2014
CADIZ - Ohio's tax commissioner was in Cadiz Wednesday to champion the administration's current tax proposals and receive feedback from area officials and business owners. Ohio Tax Commissioner Joseph W. Testa addressed the Harrison County commissioners as part of a statewide campaign to return more than $13 million to 3,500 Ohio businesses that unknowingly overpaid their Commercial Activity Tax...Link
Darton still working to fix audit issues
April 1, 2014                                                                    

After an audit showed Darton State College had financial concerns in January, the college president is talking about the progress that has been made and what issues are still being fixed.  The concerns included potential overpayment of nearly $900,000 in federal financial aid to students.  Time and effort reports were not completed properly under federal requirements. There were also salary issues with the college's director of grants, and athletic costs not being properly allocated...Link  

Madison hospital faces financial crisis
March 29, 2014
TALLULAH, La. (AP) - Madison Parish Hospital could face a financial emergency if the Centers for Medicare and Medicaid Services require reimbursement of $2.5 million in overpayment ties to fraudulent billing by the hospital's former administrator...Link
NSP: Mill's power rate method OK
March 4, 2014                                                                    

The complex method used to give Port Hawkesbury Paper a break on electricity is working, Nova Scotia Power says, even though the way the math is done has changed twice.  The Point Tupper mill was granted a discount power rate by the provincial regulator in September 2012. The Utility and Review Board approved the so-called load-retention tariff on the basis that ratepayers are...Link 

PCAOB weighs feedback on auditor report changes
April 2, 2014

The Public Company Accounting Oversight Board held a public meeting Wednesday to solicit feedback from experts on its proposals for changing the auditor's reporting model. Wednesday's session was the first of a two-day meeting in Washington, D.C., and focused on the critical audit matters, or CAMs, section of the PCAOB's proposal. The board's August 2013 proposal would require the auditor to...Link              

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In Other News

  
March 11, 2014
U.S. Bank and Nexus Systems announced today that they are entering into a strategic agreement to establish a new standard for end-to-end.... 
 
Feds recoup $4.3B from fraudsters
February 28, 2014
The Obama Administration recovered a record $4.3 billion last year from fraudsters trying to dupe federal health programs, or those who sought....
 
April 3, 2014
A tax break used by big companies to avoid U.S. corporate income tax on capital transfers between offshore units, known as the look-through rule, has been added back to.... 

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