All Accounting & Auditing articles – Page 18
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ArticleAudit client turnover 2021: Deloitte, Grant Thornton lead national firms; EY, KPMG, PwC see declines
Deloitte and Grant Thornton each had net increases in new public company audit clients in 2021, but all but one of the other Big Four and global and national firms experienced net decreases or no change, according to the latest annual study.
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ArticleBaidu headlines new batch of HFCAA designations
Technology giant Baidu is the latest high-profile Chinese company to be warned by the Securities and Exchange Commission of potential delisting under the Holding Foreign Companies Accountable Act.
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ArticlePCAOB whistleblower program bill reintroduced to Congress
A bill that proposes to create a whistleblower program for the Public Company Accounting Oversight Board has been reintroduced to the House after failing to be acted upon by the Senate in 2019.
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ArticleFASB finalizes update to hedge accounting layering method
The Financial Accounting Standards Board issued an update designed to further align its derivatives and hedging standard with risk management strategies employed by organizations.
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ArticleFive insights gleaned from PCAOB audit committee chair report
The Public Company Accounting Oversight Board published its annual report highlighting feedback received from its discussions with audit committee chairs at U.S. public companies during the previous year.
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ArticleSEC adds Weibo to HFCAA watchlist
The Securities and Exchange Commission added Chinese social media giant Weibo Corp. to its list of companies not in compliance with the Holding Foreign Companies Accountable Act.
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ArticleSEC notifies five Chinese companies of HFCAA noncompliance
The Securities and Exchange Commission has notified five China-based public companies they could be delisted from U.S. stock exchanges if they do not allow their audits to be inspected by the Public Company Accounting Oversight Board.
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ArticleKPMG fined $1.15M for Revolution Bars Group audit failings
The U.K. Financial Reporting Council announced a reduced fine of 875,000 pounds (U.S. $1.15 million) against KPMG for audit failings in its work at bar chain Revolution Bars Group for the fiscal years ended 2015 and 2016.
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ArticleReport: Record low number of going concern opinions in FY2020
Public companies receiving going concern audit opinions during fiscal year 2020 were at the lowest number and percentage in the past 21 years, with little change among common issues, according to the latest report from Audit Analytics.
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ArticlePwC Canada fined $950K for internal training exam cheating
The Canadian affiliate of Big Four audit firm PwC has agreed to pay $950,000 in penalties between audit regulators in the United States and Canada after discovering widespread cheating among employees taking internal exams.
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ArticleAudit committees rolling with punches of evolving role
Two prominent audit committee chairs speak to the results of a Deloitte Center for Board Effectiveness and Center for Audit Quality report on audit committee practices and the major issues audit committees face today.
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ArticleBaxter to pay $18M for foreign exchange accounting violations
American multinational healthcare product company Baxter International agreed to pay $18 million as part of a settlement with the Securities and Exchange Commission for accounting violations related to the recording of foreign currency transactions.
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ArticleReport: Accounting enforcement at SEC, PCAOB down in 2021
The amount of accounting and audit enforcement actions by the Securities and Exchange Commission and Public Company Accounting Oversight Board decreased in 2021, resulting in a sharp decline in monetary settlements, according to Cornerstone Research.
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ArticleESG reporting: A summary of investor needs and wants
An investor-focused panel at a recent event shared views on investors’ perspectives about current and future use of ESG metrics and disclosures and where common ground can be found between the providers and users of the information.
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ArticleThree lingering questions to arise from KPMG tribunal over Carillion, Regenersis
Details to emerge from the disciplinary tribunal regarding KPMG’s conduct during its work at Carillion and Regenersis could have ramifications for the Big Four firm, the audit profession more widely, and potential future regulation and monitoring.
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ArticleMixed results for Marcum, RSM in 2020 PCAOB inspections
The Public Company Accounting Oversight Board published 2020 inspection reports for a handful of large U.S. audit firms outside the Big Four. Marcum and RSM had the most audit deficiencies identified of the group.
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ArticleKPMG facing $1.8B lawsuit over Carillion audits
KPMG is facing a £1.3 billion (U.S. $1.8 billion) lawsuit for missing “red flags” during its audits at failed construction company Carillion, which creditors say was insolvent more than two years before it collapsed.
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ArticleAA study: Total audit fees decline in 2020 for first time in decade
Total and average audit fees in 2020 each declined for the first time since 2010, according to the latest Audit Analytics research.
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ArticleFRC to reinvigorate enforcement efforts ahead of transition to ARGA
The U.K. Financial Reporting Council expects to receive greater staffing and resources to ramp up the number of investigations it carries out over 2022 as it prepares to make way for a new regulator next year.
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ArticleQ&A: IAASB head on audit's role in combating fraud, ESG, new technologies, more
IAASB Chair Tom Seidenstein discusses with Compliance Week the organization’s current and future efforts to improve audit quality, the biggest challenges to audit confidence today, and what emerging issues might be around the corner.