Latest news with #internalaudit
BreakingNews.ie
6 days ago
- Business
- BreakingNews.ie
Salary overpayments to Revenue staff reached almost €1.7m in 2023
The value of salary overpayments to Revenue staff reached almost €1.7 million at the end of 2023, with more than 1 in 7 of its workforce getting paid above their proper salaries, according to the findings of an internal audit by the tax authorities. The audit report revealed that 61 Revenue employees had received overpayments above €5,000, while a further 424 staff members had been overpaid sums of between €1,000 and €5,000 during 2023. Advertisement Overpayments of €55,645 were identified as having been paid to 100 individuals who had not taken up employment as expected. Revenue auditors also described guidelines governing work processes, procedures and controls for the management of overpayments were 'dated and fragmented.' They concluded that only 'partial assurance' could be provided that Revenue's governance and procedures for monitoring and managing overpayments were robust and in line with civil service guidelines. The audit report, which was released under freedom of information legislation, found that no money had been repaid and/or no recoupment plan was in place for 212 out of 400 overpayment cases dating from 2002 to 2017. Advertisement The value of salary overpayments linked to these cases amounted to €296,642 In addition, money had only been recouped from 25 out of 188 remaining legacy cases that were classified as 'in progress.' The audit report shows that the salary overpayment balance in December 2023 was €1,679,140, representing approximately 0.45 per cent of the total wage bill for Revenue staff of €374.1 million that year. The total number of salary overpayment cases at the end of 2023 was 1,430. Advertisement They included 900 overpayments which had arisen during the course of the year to the value of €1.16 million – representing an average overpayment of just under €1,300. The report highlighted that no repayments had been made at the time in relation to 682 cases, while a further 28 cases had been deferred. Revenue reported that a total of 1,048 recoupment plans were in place during 2023, which resulted in repayments of €1.02 million and 767 cases being closed. The latest figures available show the outstanding balance for collection for overpayments at the end of June 2024 had increased to almost €1.8 million and involved a total of 1,611 cases. Advertisement At the time, 853 staff had not made any repayments to the tax authorities for overpayments to the value of €920,968. Revenue said the audit particularly focused on the effect that allowances, retirements, parental leave and promotions have on payroll. Auditors also examined payroll to identify potential risk indicators such as duplicate bank accounts, staff not taking any or the required minimum annual leave and cases that appeared to be on emergency tax for a prolonged period of time. The audit was carried out as an integrated audit with internal auditors from the National Shared Services Office (NSSO) – the Government's HR and payroll administration service. Advertisement Revenue's auditors said they had found 'evidence of a range of good work practices and internal controls in operation within Revenue regarding the management and monitoring of salary overpayments.' They noted that Revenue operates a dedicated overpayments unit with its staff actively managing cases on a day-to-day basis. However, the report accepted that there were 'opportunities for improvement.' The auditors also acknowledged that there was a lack of clarity on the responsibilities and requirements of Revenue and the NSSO in relation to some elements of managing cases of overpayments. An examination of a sample of 55 recent cases of overpayments found 58 per cent related to late applications by Revenue to the NSSO for parental leave or delayed notification by Revenue of events or changes that affected staff salary. Revenue auditors issued four recommendations as a result of the report, including one high-priority finding which called for a review of legacy overpayment cases 'with a view to actively progressing recoupment where possible.' Under a circular issued by the Department of Public Expenditure and Reform, monies owed by all civil servants, including retired employees, as a result of salary overpayments should be repaid to the Exchequer as soon as possible. Revenue said the most common causes of overpayments to its staff were allowances, parental leave, certified sick leave and resignations. All recommendations made in the report were accepted by Revenue management.
Zawya
23-07-2025
- Business
- Zawya
Dulsco Group appoints a Group Internal Audit & Risk Director
DUBAI, United Arab Emirates — Dubai-born Dulsco Group, a leader in People Solutions, Environmental Solutions, Talent Solutions, and Energy Recruitment Solutions, has appointed Michael Pitts as Group Internal Audit & Risk Director to refresh and lead a strengthened independent, risk-based internal audit function across the Group's regional and cross-border operations. In the newly created role, Michael draws on more than two decades of leadership in internal audit and risk management. With deep-rooted expertise in governance, internal control and ethics he has been entrusted with some of the most complex and high-value assignments, having led audits of mega capital projects valued up to USD 46 billion across sectors including upstream and downstream hydrocarbons, power generation, infrastructure and shipbuilding. Unifying with Dulsco Group's recent period of mergers and acquisitions in the last half decade, Michael has extensive experience in auditing business transformation and large-scale organisational change initiatives including post-acquisition integration of a USD 3.3 billion portfolio. Michael brings a strong ability to integrate analytics, technology, and business intelligence to uncover insights that support decision making and thereby boost enterprise value. He will collaborate across the business to support Dulsco Group's C-Suite and Board in delivering improvements. David Stockton, Group Chief Executive Officer of Dulsco Group said: 'Dulsco Group is marking a milestone year, and we are delighted to welcome Michael Pitts as the new Group Internal Audit & Risk Director. In Michael we have not only secured someone who has decades of experience in complex audit leadership and management, but someone who will drive change throughout the business by the combined use of data and technology to underpin extensive and unrivalled business acumen.' Michael Pitts, Group Internal Audit & Risk Director of Dulsco Group commented: 'Dulsco Group is a diverse corporation with an extensive heritage of business excellence in region which is it now rolling out globally. I am looking forward to collaborating with the leaders within the group, who have created an enterprise of this calibre and size, as we approach 100 years of operation and increase our global footprint serving diverse business verticals from agriculture, aviation and retail to renewables, healthcare and manufacturing. Michael holds professional credentials, including Fellow of the Association of Chartered Certified Accountants (FCCA), Certified Information Systems Auditor (CISA), and Certified Internal Auditor (CIA). With more than 23,000 employees, spanning operations which are led from the UAE, KSA, UK, USA, and Guyana, and stretch into more than 70 countries, Dulsco Group is marking 90 years of operations in 2025. About Dulsco Group Dulsco Group is a UAE-born integrated solutions provider with a portfolio of businesses comprising: Dulsco People, Dulsco Environment, Parisima and Advance Global Recruitment (AGR). Launched in 1935 as a workforce solutions provider, Dulsco Group has evolved to become a leader in People Solutions, Environmental Solutions, Talent Solutions, and Energy Recruitment Solutions servicing over 3,700 clients across a range of sectors. Contact Info: prteam@
Independent Singapore
21-07-2025
- Business
- Independent Singapore
'Hate your job? So why are you still there every Monday?'
SINGAPORE: It began with a simple admission on Reddit: 'I work in internal audit, but lately it's becoming obvious to me that I don't love it. At all.' The user went on to explain that he had selected accounting for security and stability, values that once offered ease and well-being, but now, it feels more like he's in chains. 'Should I at least like what I am doing, so I would have the motivation to excel and climb the corporate ladder? Or should I find something else exciting to do?' the Redditor asked. It was a vulnerable yet authentic moment that hit a nerve. Several netizens, strangers to each other, weighed in, not with answers or explanations, but with solidity and cohesion. The price of staying One netizen shared his nine-year stint in a job he detested, holding on for the salary. Ultimately, the effects on his body and mind became unbearable. 'Recently just resigned for the sake of physical and mental health.' Another echoed that feeling of resignation with a more exhaustive account — six years in a turf for which he never really felt well-matched, suffering lack of sleep, body pains, digestive problems — all while trying to gather the courage and the energy to plan an exit. 'It's almost by design,' he said, 'that the system makes sure you don't have leeway or time to look for something else.' It's an inaudible, everyday burnout many Singaporeans know too well — trapped in roles that pay the bills but weaken the spirit. Different jobs, same dilemma Others from totally diverse industries — from graphic design to PR, tech to marketing — have the same gloomy feeling: Is this it? One marketing expert, worn out and disenchanted, put it without the sugar-coating: 'There is no meaning in the work I do.' This netizen labelled his industry as one gradually being outdone by AI and low-priced labour, with social media drives that require huge creative effort yet die out into the void because of user lethargy. 'The input vastly outweighs the outcome. Engagement numbers are faked anyway.' An ex-graphic designer shared her story of signing up for a small company, only to find out that the whole team had resigned before her. They weren't just designing — they were doing admin tasks, stocktaking, and printing. They ultimately stopped working to go freelance. 'If freelance wasn't an option,' she admitted, 'I would've stayed just for the security.' The rationalisation game However, not everybody craves exhilaration or meaning from their work. 'I'd rather my job be repetitive than constantly ambiguous and changing,' said one Redditor working in strategy and tech. Fatigued from endless office politics and changing expectations, he yearned for predictability. 'I don't define myself by my work. I just wish I had a stable, repetitive job so I can enjoy life outside of work.' Another netizen shared a realistic stance: 'I don't like my job anymore. I used to be passionate about tech… Now I'm passionate about my family and the money that helps them live comfortably.' For this Redditor, the job had become transactional. No love, just common needs. Should you like your job? The original poster's query — whether he should relish his job enough to want to shine — doesn't come with a common answer. For some, contentment and self-actualisation come from work itself. For others, it's the life that work permits them to create and then build outside of office hours. However, what's evident from the reactions is this — staying in a job that leaves you feeling exhausted, depleted, apathetic, or 'unseen' is a skirmish many are silently fighting. Whether it's the apprehension of uncertainty, no time to plan an exit, or merely the math of enduring an excessively expensive world, the choice to stay or leave isn't just about passion. It's about survival. Nonetheless, the most compelling takeaway from the thread came not from a sophisticated piece of advice, but from the tone of the post itself – if you're feeling stuck, you are not alone!
Bloomberg
06-05-2025
- Business
- Bloomberg
SoftBank-Backed OakNorth Partners With OpenAI to Expand AI Uses
By Takeaways NEW OakNorth Bank Plc has agreed to use OpenAI's generative AI technology in everything from drafting loan agreements to internal audit. The London-based business lender said on Tuesday it will collaborate with the tech giant to roll out custom-built GPT tools for its hundreds of staff as it eyes a 'significant increase in firmwide productivity gains.'
