All Accounting & Auditing articles – Page 10
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News Brief
KPMG fined $1.1M for admitted deficiencies in Luceco audit
Big Four audit firm KPMG and one of its former directors were disciplined by the U.K. Financial Reporting Council regarding eight admitted breaches of relevant requirements in their fiscal year 2016 work at lighting and wiring product distributor Luceco.
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News Brief
Former Celadon COO, CFO settle SEC accounting fraud charges for $50K
Two former executives of trucking company Celadon Group each agreed to pay $50,000 to settle charges levied by the Securities and Exchange Commission they engaged in accounting fraud to inflate the company’s earnings.
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Need to know: FASB proposal on accounting for crypto assets
The Financial Accounting Standards Board issued a proposed accounting standards update to improve accounting and disclosures for certain crypto assets.
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News Brief
SEC charges three Austal USA execs with accounting fraud
Three executives at the U.S. subsidiary of Australian defense contractor Austal Limited were charged with accounting fraud for allegedly participating in a three-year scheme to lower cost estimates and prematurely book revenue.
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News Brief
EY Germany receives two-year ban over Wirecard audit work
Big Four audit firm EY will be prohibited from taking on new public interest clients in Germany for two years following an investigation into its work at collapsed payment processor Wirecard.
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News Brief
New COSO guidance tackles sustainability reporting
The Committee of Sponsoring Organizations of the Treadway Commission created a framework for companies seeking to achieve effective internal control over sustainability reporting.
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News Brief
Spicer Jeffries avoids fine in improper audit conduct case
Spicer Jeffries and one of its audit engagement partners were spared financial penalties in settling with the Securities and Exchange Commission over allegations of improper professional conduct during the audits of two private funds.
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News Brief
Vale to pay $55.9M in SEC settlement over dam disclosures
Brazilian mining company Vale agreed to pay $55.9 million to settle Securities and Exchange Commission charges it issued false and misleading statements regarding the safety conditions of its dams.
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Audit client turnover 2022: Deloitte gains among Big Four, Marcum biggest winner
Deloitte was the only Big Four audit firm to net positive in new public company clients in 2022, while Marcum saw the largest overall gains a year removed from losing 110 clients, according to the latest annual study.
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News Brief
Friedman latest fined in PCAOB crackdown on unregistered auditor use
Friedman agreed to pay a $100,000 penalty to settle charges by the Public Company Accounting Oversight Board it over-relied on the work of unregistered Chinese firms across 12 public company audits.
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News Brief
Veradigm discloses ICFR weakness related to rev rec software tool
Healthcare technology company Veradigm disclosed it expects it misstated revenue by approximately $40 million during its 2021 and 2022 reporting periods.
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Blog
PCAOB appoints Robert Rice new director of enforcement division
The Public Company Accounting Oversight Board announced Robert Rice would succeed Mark Adler as head of enforcement and investigations.
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News Brief
SEC chief accountant eyeing auditor use of network member firms
The Securities and Exchange Commission is paying added scrutiny toward audit firms’ increasing use of network affiliates in their work and the potential for inconsistent quality that comes with such an approach.
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News Brief
Tupperware to delay annual report amid ICFR weaknesses
Tupperware Brands Corp. disclosed it uncovered material weaknesses in its internal control over financial reporting as part of an announcement its 2022 annual report would be delayed.
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Accounting and reporting challenges of environmental credits
Companies are working on plans to reduce their carbon emissions. The popularity of environmental credits has grown as a way for companies to meet their emission reduction targets.
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News Brief
DXC Technology fined $8M over non-GAAP disclosures
IT services provider DXC Technology Company agreed to pay an $8 million penalty to settle Securities and Exchange Commission charges it made material misstatements regarding its non-GAAP disclosures over a two-year period.
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News Brief
Credit Suisse discloses ICFR ‘not effective’ in 2022
Credit Suisse Group disclosed in its annual report its internal control over financial reporting was “not effective” for the fiscal year ending December 2022.
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News Brief
Evoqua Water Technologies to pay $8.5M for alleged revenue inflation
Evoqua Water Technologies Corp. agreed to pay $8.5 million to resolve charges the actions of a former company finance director led the firm to misstate its revenue in filings with the Securities and Exchange Commission.
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News Brief
PwC fined $6.6M over Babcock International, Devonport audit breaches
The U.K. Financial Reporting Council fined Big Four firm PwC more than £5.6 million (U.S. $6.6 million) for failing to challenge management, obtain sufficient evidence, and follow basic requirements while conducting audits of a British defense contractor and its subsidiary.
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News Brief
Flutter Entertainment to pay $4M for legacy FCPA violations
Ireland-based gaming and sports betting company Flutter Entertainment will pay a $4 million fine to resolve SEC charges payments made to Russian consultants by a company it acquired violated the Foreign Corrupt Practices Act.