All Accounting & Auditing articles – Page 16
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ArticlePCAOB adopts new requirements for use of multiple audit firms
The Public Company Accounting Oversight Board announced its approval of a rule creating a new audit standard and amending a handful of others regarding audits involving multiple audit firms, the culmination of a project first launched in 2016.
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ArticleFASB removes goodwill accounting project from agenda
The Financial Accounting Standards Board tentatively ruled to remove a project regarding identifiable intangible assets and subsequent accounting for goodwill from its technical agenda.
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ArticleAssessing the scope of FASB’s environmental credits project
The Financial Accounting Standards Board added a project to its technical agenda on environmental credits that will include recognition, measurement, accounting presentation, and disclosure.
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Resourcee-Book: Finance Automation: Thriving in the Age of Change
While most accounting teams have replaced their manual accounting practices with an updated, digital version, many are still following the old rules, such as close-related tasks being completed on a certain day of the month.
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ArticleCohnReznick fined $1.9M for audit failures at Sequential Brands, Longfin
Audit firm CohnReznick agreed to pay $1.9 million as part of a settlement with the Securities and Exchange Commission for improper conduct at two of its clients the SEC previously charged with filing fraudulent financial statements.
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ArticleSEC acting chief accountant: Ethical culture key to auditor independence
Paul Munter, acting chief accountant at the Securities and Exchange Commission, released a statement acknowledging recurring issues agency staff have observed regarding auditor independence consultations.
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ArticleSynchronoss to pay $12.5M over alleged accounting misconduct by former execs
The Securities and Exchange Commission announced software company Synchronoss Technologies agreed to a $12.5 million settlement for “long-running accounting improprieties” caused, in part, by alleged misconduct from senior executives.
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ArticleTepid reception to ‘half-hearted’ U.K. audit reform measures
The U.K. government’s confirmed plans to shake up the audit market and improve corporate governance for the country’s biggest companies has received mixed response, with some key stakeholders lamenting “missed” opportunities.
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ArticlePwC fined $6.2M over Galliford Try, Kier Group audit lapses
PwC will pay a total of nearly £5 million (U.S. $6.2 million) as part of a pair of enforcement actions announced by the U.K. Financial Reporting Council regarding deficiencies in the Big Four firm’s audits at construction companies Galliford Try and Kier Group.
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ArticleReport: SPACs drive restatement surge in 2021
The total number of restatements and individual companies disclosing restatements in 2021 rose to their highest levels since 2006, according to Audit Analytics’ latest annual review.
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ArticlePCAOB bars former BF Borgers director over repeated audit failures
The Public Company Accounting Oversight Board barred Bo-Shiang Lien, a former audit director and nonequity partner at BF Borgers, for at least two years for violations of PCAOB rules and standards as part of four audits across three public companies.
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ArticleKPMG fined $4.3M for undocumented red flags in Rolls-Royce corruption case
The U.K. Financial Reporting Council announced a reduced penalty of approximately £3.4 million (U.S. $4.3 million) against KPMG for failures in its 2010 audit of car maker Rolls-Royce.
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ArticleWhat to consider as FASB tackles digital assets
The Financial Accounting Standards Board unanimously decided to add a project to its technical agenda on the accounting and disclosure for certain digital assets, including cryptocurrencies. Experts weigh in on the current landscape and what form the project might take.
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ArticleKPMG facing $17.6M fine following Carillion tribunal
KPMG is set to pay a reduced fine of £14.4 million (U.S. $17.6 million) from the U.K. Financial Reporting Council over its botched audits at collapsed construction company Carillion and software firm Regenersis.
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ArticlePCAOB fines Citrin Cooperman $200K over audit failures
Citrin Cooperman was fined $200,000 by the Public Company Accounting Oversight Board for failing to meet PCAOB standards during its 2016 and 2017 year-end audits at an unnamed broker-dealer.
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ArticleCFTC proposal furthers transition from LIBOR in swaps
The Commodity Futures Trading Commission proposed a rule that would replace certain swap rate clearing requirements pegged to the London Interbank Offered Rate with other alternative reference rates that are less susceptible to manipulation.
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ArticleNew sanctions add ban on U.S. accounting, management consulting work in Russia
The Treasury Department unveiled a host of new sanctions against Russian and Belarusian individuals and banks, in addition to a ban on U.S.-based accounting, management consulting, and trust and corporate formation services to any person located in the Russian Federation.
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ArticleNeed to know: SEC climate-related disclosure attestation requirements
While the Securities and Exchange Commission’s proposed climate-related disclosure rule is being finalized, affected companies should begin considering new attestation requirements for accelerated and large accelerated filers regarding greenhouse gas emissions.
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ArticleSEC: Companies must adequately disclose financial impact of Russia’s war on Ukraine
The Securities and Exchange Commission is warning public companies they must accurately and adequately disclose the material impact on their business caused by Russia’s war against Ukraine.
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ArticleSEC accuses Vale of safety audit manipulation in 2019 dam collapse
Brazilian mining company Vale was accused by the Securities and Exchange Commission of making false and misleading safety audit and disclosure claims prior to the January 2019 collapse of its Brumadinho dam.