All Accounting & Auditing articles – Page 12
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PremiumAudit exam cheating findings spark concern of endemic trend
Recent penalties against Big Four audit firms KPMG, PwC, and EY over allegations of widespread exam cheating have raised concerns prompting regulators to investigate the extent of the practice.
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PremiumReport: Audit committees bracing for increased role in ESG, ERM, cyber
A new report from the Center for Audit Quality and Deloitte found corporate boards are taking a fresh look at their audit committee structures and practices to respond to emerging corporate reporting areas and increased risks.
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PremiumClimate and sustainability reporting challenges: Auditors’ perspectives
Partners from several of the top global accounting firms shared perspectives about the state of sustainability reporting and the impact on auditors and their clients at a recent industry event.
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News BriefFRC probing EY audit of Veolia unit
The U.K. Financial Reporting Council launched an investigation into Big Four audit firm EY’s work at Scotland-based Stirling Water Seafield Finance.
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News BriefFormer GigaTrust CFO pleads guilty to impersonating auditors
The former chief financial officer of bankrupt email security business GigaTrust faces up to five years in prison after pleading guilty to defrauding investors and lenders of $50 million by impersonating auditors and fabricating reports.
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News Brief
Former SPAC CFO pleads guilty to embezzlement scheme
Cooper Morgenthau, the former chief financial officer of African Gold Acquisition Corp., pleaded guilty to one count of wire fraud after embezzling more than $5 million for personal stock and cryptocurrency ventures.
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ArticlePCAOB enforcement roundup: Grant Thornton fined in disclosure crackdown
The Public Company Accounting Oversight Board announced several notable enforcement actions last week, including sanctions against six firms for allegedly violating agency reporting requirements.
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ArticleDeloitte fined $1.1M for SIG audit lapses
Deloitte received a penalty of £906,250 (U.S. $1.1 million) from the U.K. Financial Reporting Council for evidence failures regarding supplier rebates and cash uncovered in its 2015 and 2016 financial year audits at specialist building product distributor SIG.
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ArticlePCAOB 2021 inspection reports: PwC sees best results again; EY deficiencies increase
For the second straight year, PwC fared the best among inspection results released by the Public Company Accounting Oversight Board for the largest U.S. audit firms, including each of the Big Four, Grant Thornton, and BDO.
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Article
Exela Technologies, ex-CFO settle SEC control failure charges
Texas-based IT firm Exela Technologies and its former CFO settled charges brought by the Securities and Exchange Commission alleging failure to properly account for and record liabilities related to a shareholder lawsuit.
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ArticlePCAOB announces ‘complete access’ to audit papers of Chinese firms
The Public Company Accounting Oversight Board announced it received “complete access to inspect and investigate” audit firms in China and Hong Kong, potentially averting the delisting of hundreds of Chinese public companies from U.S. exchanges.
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ArticleESG oversight highlighted in annual audit committee transparency report
Public companies continue to increase the overall level of audit committee disclosures in proxy statements, though there is room to improve quality by providing more tailored disclosures and transparency, according to the latest annual report.
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ArticleChallenges for SPACs: Public company, now what?
Special purpose acquisition company transactions have unique risks and require awareness of what it takes to operate as a public business. Internal controls, governance, technology, and more are essential.
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ArticleThree KPMG firms disciplined in $7.7M enforcement sweep
The Public Company Accounting Oversight Board announced $7.7 million in total penalties against three separate KPMG firms and four individuals for varying violations of audit standards and ethical rules, including alleged exam cheating.
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ArticleFive compliance triumphs from 2022
Positive contributions in the areas of ESG, AI responsibility, and setting standards regarding CCO liability highlight the latest installment of CW’s annual list of laudable ethics and compliance moments.
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ArticleAvaya discloses ICFR weaknesses linked to whistleblower logs
Avaya Holdings disclosed its assessment of internal control over financial reporting in its fiscal year 2021 annual report can’t be relied upon, along with acknowledging weaknesses in its ethics and compliance program.
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ArticleEx-Iconix CEO found guilty of accounting fraud
Neil Cole, the former CEO of Iconix Brand Group, faces possible jail time after his conviction of fraudulently inflating the brand management company’s revenue and misleading investors and auditors.
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ArticleUnisys: Probe identified ‘material weaknesses’ in disclosure controls
IT services company Unisys Corp. revealed the discovery of faults in its internal control over financial reporting, including involving its compliance functions, following an internal investigation it first disclosed earlier this month.
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ArticleNavigating using NFTs in business applications
Non-fungible tokens can take many forms. There are potential business applications already in use, and many more are being developed as technology evolves.
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ArticleEx-CEO at NS8 imprisoned 5 years, to forfeit $17.5M for fabricating revenue
The co-founder of NS8, a cyber-fraud prevention company, was sentenced to five years in prison and ordered to forfeit $17.5 million for defrauding investors of more than $100 million, the Department of Justice announced.