# Audit * **Definition:** The systematic examination of records, processes, or systems in healthcare to ensure compliance with established standards and regulations, including assessments of clinical necessity, coding accuracy, and cybersecurity measures. * **Taxonomy:** CTO Topics / Audit ## News * Selected news on the topic of **Audit**, for healthcare technology leaders * 22K news items are in the system for this topic * Posts have been filtered for tech and healthcare-related keywords | Date | Title | Source | | --- | --- | --- | | 4/18/2025 | [**Audit flags $250M in questioned costs, repeat compliance failures at Louisiana health department**](https://www.yahoo.com/news/audit-flags-250m-questioned-costs-192900425.html) | [[Yahoo]] | | 4/4/2025 | [**No Risk, No Reward: Steps an Employer Can Take to Conduct an Effective Pay Audit Without Creating Greater Risk for Their Organization**](https://www.jdsupra.com/legalnews/no-risk-no-reward-steps-an-employer-can-6036616/) | [[JD Supra]] | | 3/26/2025 | [**Proposals of the Board of Directors of Sampo plc and its Audit Committee to the Annual ...**](https://finance.yahoo.com/news/proposals-board-directors-sampo-plc-082000877.html) | [[Yahoo Finance]] | | 3/26/2025 | [**How The IRS Picks Tax Returns To Audit: A Tax-Law Expert Explains**](https://www.forbes.com/sites/brucebrumberg/2025/03/26/how-the-irs-picks-tax-returns-to-audit-a-tax-law-expert-explains/) | [[Forbes]] | | 3/8/2025 | [**Diana DiZoglio acknowledged 'threats' to impartiality in legislative audit, records show**](https://www.bostonherald.com/2025/03/09/diana-dizoglio-acknowledged-threats-to-impartiality-in-legislative-audit-records-show/) | [[Boston Herald]] | | 1/30/2025 | [**Fiscalix Launches SARAH, an AI Audit Manager to Revolutionize Auditing with AI - PR Newswire**](https://www.prnewswire.com/news-releases/fiscalix-launches-sarah-an-ai-audit-manager-to-revolutionize-auditing-with-ai-302364081.html) | [[PR Newswire]] | | 12/17/2024 | [**Audit Fees Surge as Inflationary Pressures Continue to Mount - Yahoo Finance**](https://finance.yahoo.com/news/audit-fees-surge-inflationary-pressures-130500254.html) | [[Yahoo Finance]] | | 12/13/2024 | [**The war for accounting talent can make corporate audits worse**](https://phys.org/news/2024-12-war-accounting-talent-corporate-worse.html) | [[Phys Org]] | | 12/13/2024 | [**The war for accounting talent can make corporate audits worse - Phys.org**](https://phys.org/news/2024-12-war-accounting-talent-corporate-worse.html?deviceType=desktop) | [[Phys Org]] | | 12/11/2024 | [**Industry expertise in audits leads to cost savings, quality boost: Study**](https://phys.org/news/2024-12-industry-expertise-quality-boost.html) | [[Phys Org]] | | 12/11/2024 | [**Lake County removed from state unauditable list for 2022 budget; audit flags multiple issues**](https://www.yahoo.com/news/lake-county-removed-state-unauditable-220300012.html) | [[Yahoo]] | | 12/11/2024 | [**Lake County removed from state unauditable list for 2022 budget; audit flags multiple issues**](https://www.chicagotribune.com/2024/12/11/lake-county-removed-from-state-unauditable-list-for-2022-budget-audit-flags-multiple-issues/) | [[Chicago Tribune]] | | 11/27/2024 | [**OCR's HIPAA audit program lacked mettle, OIG says - Healthcare IT News**](https://www.healthcareitnews.com/news/ocrs-hipaa-audit-program-lacked-mettle-oig-says) | [[Healthcare IT News]] | | 11/22/2024 | [**Auditors and Compliance: Part 2-Ten Key Takeaways for Compliance Professionals**](https://www.jdsupra.com/legalnews/auditors-and-compliance-part-2-ten-key-5964286/) | [[JD Supra]] | | 11/18/2024 | [**Pentagon Fails 7th Audit in a Row but Hopes To Pass by 2028 - Yahoo**](https://www.yahoo.com/news/pentagon-fails-7th-audit-row-201543391.html) | [[Yahoo]] | | 11/14/2024 | [**The Institute of Internal Auditors Achieves New Milestone in Academic Partnership Growth**](https://finance.yahoo.com/news/institute-internal-auditors-achieves-milestone-140000045.html) | [[Yahoo Finance]] | | 10/21/2024 | [**AuditBoard Appoints Former Audit Executive and CIO Justin Greenberger as Chief Customer Officer**](https://www.businesswire.com/news/home/20241021324468/en/AuditBoard-Appoints-Former-Audit-Executive-and-CIO-Justin-Greenberger-as-Chief-Customer-Officer) | [[Business Wire]] | | 10/21/2024 | [**AuditBoard Appoints Former Audit Executive and CIO Justin Greenberger as Chief Customer Officer**](https://www.businesswire.com/news/home/20241021324468/en/AuditBoard-Appoints-Former-Audit-Executive-and-CIO-Justin-Greenberger-as-Chief-Customer-Officer/) | [[Business Wire]] | | 10/21/2024 | [**AuditBoard Appoints Former Audit Executive and CIO Justin Greenberger as Chief Customer Officer**](http://www.businesswire.com/news/home/20241021324468/en/AuditBoard-Appoints-Former-Audit-Executive-and-CIO-Justin-Greenberger-as-Chief-Customer-Officer/?feedref=JjAwJuNHiystnCoBq_hl-Q-tiwWZwkcswR1UZtV7eGe24xL9TZOyQUMS3J72mJlQ7fxFuNFTHSunhvli30RlBNXya2izy9YOgHlBiZQk2LOzmn6JePCpHPCiYGaEx4DL1Rq8pNwkf3AarimpDzQGuQ==) | [[Business Wire]] | | 10/21/2024 | [**AuditBoard Appoints Former Audit Executive and CIO Justin Greenberger as Chief Customer Officer**](https://www.morningstar.com/news/business-wire/20241021324468/auditboard-appoints-former-audit-executive-and-cio-justin-greenberger-as-chief-customer-officer) | [[Morningstar]] | | 10/9/2024 | [**The Value of an Audit**](https://www.healthtechmagazines.com/the-value-of-an-audit/) | [[Health Tech Magazines]] | | 10/8/2024 | [**AuditSoft Expands Partnership with IHSA to Transform NCSO(R) Exam Audits**](https://finance.yahoo.com/news/auditsoft-expands-partnership-ihsa-transform-155000659.html) | [[Yahoo Finance]] | | 9/12/2024 | [**Auditor-Hopping Is Rare, but 13 Small Companies Defy the Trend - Bloomberg Law News**](https://news.bloomberglaw.com/us-law-week/auditor-hopping-is-rare-but-13-small-companies-defy-the-trend) | [[Bloomberg Law]] | | 9/12/2024 | [**Auditor-Hopping is Rare, But 13 Small Companies Defy the Trend - Bloomberg Law News**](https://news.bloomberglaw.com/health-law-and-business/auditor-hopping-is-rare-but-13-small-companies-defy-the-trend) | [[Bloomberg Law]] | | 8/16/2024 | [**Process Audit Services Global Market Size, Share Overview, Key Trends, Industry Growth ...**](https://www.whatech.com/og/markets-research/industrial/867877-process-audit-services-global-market-size-share-overview-key-trends-industry-growth-and-forecast-2024-2033.html) | whatech.com | ## Topic Overview (Some LLM-derived content — please confirm with above primary sources) ### Key Players - **AuditBoard**: A company providing audit management solutions, recognized for its commitment to customer service and innovation in the auditing space. - **AuditSoft**: A technology company providing innovative audit tools that enhance the efficiency and accuracy of the auditing process. - **Autire**: A company that launched an Automated Risk Assessment feature to enhance compliance confidence for 401(k) audits, significantly reducing compliance risks for CPA firms. - **RSM US LLP**: Accounting firm establishing an Audit Quality Board to enhance audit service quality. - **Drata**: A company that has launched the Audit Alliance Program Code of Ethics to enhance audit quality and compliance. - **Financial Education & Research Foundation (FERF)**: Released an annual audit fee survey indicating trends in audit fees and efforts. - **Trullion**: A company recognized for its AI-powered accounting and audit technology, recently launching an AI-powered audit platform. - **AWS**: Amazon Web Services, which has launched tools like AuditLLM to enhance auditing processes in the digital era. - **BMI Imaging Systems**: A company undergoing a SOC 2 Type II audit to assess its adherence to security protocols. - **PCAOB**: The Public Company Accounting Oversight Board, which provides resources and support for smaller audit firms and emphasizes transparency and oversight in the accountancy sector. - **MDaudit**: A company specializing in continuous risk monitoring platforms for revenue cycle management, focusing on minimizing billing risks and maximizing revenues for healthcare organizations. - **RAAPID**: An AI-powered risk adjustment technology leader presenting insights on modernizing RADV audit preparation. - **Protiviti**: A global consulting firm that collaborates with AuditBoard to enhance audit, risk, and compliance management. - **Fiscalix**: A subsidiary of Aistra Inc. that launched SARAH, an AI Audit Manager designed to automate manual tasks and enhance audit quality. ### Partnerships and Collaborations - **AuditSoft and IHSA**: Expanded partnership to provide advanced audit software for conducting the National Construction Safety Officer exam audits in Canada. - **AuditBoard and Protiviti**: Announced new joint capabilities to enhance audit, risk, and compliance management, including advanced analytics and collaboration tools. - **MDaudit and healthcare organizations**: Partnerships aimed at automating audit processes and enhancing financial management capabilities. - **Platformed and Menzies LLP**: A partnership aimed at standardizing IT audit processes for statutory financial audits, enhancing efficiency and quality in the auditing industry. - **Pinnacle Certification Inc. and AuditSoft**: A strategic partnership aimed at enhancing the ISO 45001:2018 certification process through advanced digital solutions. - **Opening Minds and AuditSoft**: A 10-year initiative to address workplace mental health in Canada through an innovative Assessment Tool. - **Wolters Kluwer and IIA**: Collaboration to release a research report on the implementation of Generative AI in internal audit activities. - **PwC Partnerships**: Collaborating with industry leaders to develop an AI-first audit platform that transforms auditing processes. - **Cerebral and Brellium**: Collaboration to implement AI technology for improving the efficiency and accuracy of chart auditing. - **Auditoria.AI Funding**: Raised $38 million in a Series B funding round led by Innovius Capital to enhance AI solutions for finance teams. - **Stanford University and University of Washington**: Collaborated on the development of AuditLLM, a tool designed to provide comprehensive audit trails for large language models. - **M12**: Microsoft's venture fund that recently invested in RAAPID to develop its clinically explainable AI capabilities. ### Innovations, Trends, and Initiatives - **AuditSoft's Audit Tool**: An innovative tool that automates tasks, minimizes manual data entry, and ensures consistent reporting in audits. - **Audit Quality Board**: RSM's initiative to evaluate and improve audit quality through independent oversight. - **Trullion's Audit Suite**: An AI-powered audit platform launched to modernize the auditing process, enhancing efficiency and accuracy. - **Automated Risk Assessment**: Autire's feature automates risk assessment and documentation, allowing auditors to focus on higher-value tasks while ensuring thorough documentation. - **Drata's Audit Alliance Program**: A program aimed at establishing ethical guidelines for audit firms to ensure high-quality audits. - **AuditBoard Analytics**: New analytics capabilities launched to assist organizations in complying with the updated UK Corporate Governance Code, enhancing workflow automation and risk management. - **Multi-Year Audit Planning**: An enhancement by Wolters Kluwer's TeamMate+ platform that automates and optimizes audit scheduling for regulated industries. - **AuditLLM**: A new tool by AWS that focuses on activity-based auditing for large language models, ensuring transparency and compliance. - **Blockchain in Auditing**: Research on using blockchain technology in financial auditing to enhance transaction verification and reduce costs. - **AI Audit Manager (SARAH)**: Fiscalix's AI tool aims to streamline auditing processes, allowing auditors to reclaim up to 50% of their time. - **Business Rules Engine**: A feature introduced by Wolters Kluwer to provide in-context guidance during audits, promoting adherence to organizational standards. - **AI in Auditing**: PwC's integration of AI into audit processes to assist with data ingestion, risk assessment, and quality checking. - **HIPAA Security Rule Audits**: The HHS Office for Civil Rights is set to initiate new audits in 2024 to ensure compliance among healthcare entities. - **Machine Learning in Auditing**: Enhancing audit quality and efficiency through automation and pattern recognition in large datasets. - **AI Assist by MDAudit**: An enhancement that transforms healthcare data into actionable insights for revenue integrity professionals. - **Cybersecurity Topical Requirement**: The Institute of Internal Auditors released this requirement to assess cybersecurity governance and risk management processes globally. - **Digital Transformation in Auditing**: The shift towards digital audit solutions and remote auditing in response to evolving compliance requirements. - **2024 BDO Audit Innovation Survey**: Highlights the expectation for audit firms to utilize advanced technologies like AI to improve audit quality while valuing experienced auditors. - **AI-driven Solutions by MDaudit**: Innovative tools like Insights.ai and SmartScan.ai that automate audit management and enhance decision-making in healthcare organizations. ### Challenges and Concerns - **Audit Quality Concerns**: Despite the potential of AI in auditing, it has been applied to less than 20% of public company audits. - **Audit Quality and Distractions**: Research indicates that auditors may be prone to distractions during busy seasons, potentially impacting audit quality. - **Compliance Burden**: Organizations face increasing costs and operational disruptions due to frequent software audits, prompting a shift towards third-party audit defense services. - **PBM Audits**: Pharmacies face increasing scrutiny from pharmacy benefit managers regarding compliance with audit requirements, necessitating thorough documentation and preparedness. - **Manual Auditing Limitations**: Traditional manual auditing processes are labor-intensive and prone to human error, necessitating technological solutions. - **Audit Quality Deficiencies**: The PCAOB reported a 70% deficiency rate in broker-dealer audits, indicating declining audit quality. - **OCR's Audit Limitations**: The Office for Civil Rights has been criticized for its narrow scope in HIPAA audits, failing to adequately assess cybersecurity risks. - **Internal Audit Resource Constraints**: A significant number of organizations are not prepared for upcoming audit standards due to resource limitations. - **Increased Audit Requirements**: Concerns about the administrative burden on hospitals due to proposed increased oversight and auditing requirements. - **Regulatory Compliance in Nursing Homes**: Nursing homes face challenges with capital audits that assess reported capital expenses for Medicaid reimbursement, necessitating proactive strategies for financial transparency. - **Data Integrity**: Pharmaceutical manufacturers are prioritizing data integrity in internal audits, particularly in GMP audits, to avoid deficiencies before health authority audits. - **Staffing Issues**: Chronic understaffing in auditing departments, such as in Berkeley's Environmental Health Division, hampers effective oversight and compliance. - **Compliance with Regulations**: Healthcare providers face challenges in ensuring compliance with HIPAA and other regulations, necessitating regular audits. - **Compatibility Issues**: Healthcare organizations face challenges integrating advanced auditing technologies with existing financial systems. - **Cybersecurity Risks**: Audits have highlighted vulnerabilities in managing cybersecurity risks, as seen in the Rhode Island audit that revealed insufficient resources. - **Louisiana Department of Health Audit Findings**: Revealed over $250 million in questioned federal costs and ongoing deficiencies in Medicaid oversight. - **Staffing Shortages in Auditing**: A talent vacuum in the accounting profession has led to a shortage of qualified auditors, impacting audit quality. - **Technology Compatibility**: Companies report frustration over insufficient technology alignment between auditing firms and clients' financial systems, hindering the audit process. - **Governance of AI in Auditing**: Only 17% of organizations have established policies for the governance of Generative AI, indicating a gap in risk management.