All Accounting & Auditing articles – Page 2
-
News BriefFormer Deloitte partner dinged by PCAOB for failures in Bancolombia audit
A former Deloitte partner will pay $75,000 and be barred from working as a public company registered accountant for two years by the Public Company Accounting Oversight Board after violating audit standards during a 2016 audit.
-
News BriefCPSC fines Google-owned Fitbit $12M for failing to report smartwatch burn hazard
The U.S. Consumer Product Safety Commission ordered Google-owned Fitbit to pay more than $12 million and comply with certain undertakings to settle allegations the company knowingly failed to report a serious burning hazard with its Ionic smartwatches.
-
News BriefFRC discloses probe of KPMG over 2022 audit of gambling company Entain
The U.K. Financial Reporting Council disclosed an investigation into KPMG’s audit of international sports betting and gambling company Entain Group.
-
News BriefCannabis company dinged by SEC over ‘round-trip’ transfer to inflate year-end cash
A cannabis company agreed to pay $225,000 to settle allegations that funds were temporarily deposited into its year-end accounts for the sole purpose of inflating year-end cash, the Securities and Exchange Commission said.
-
News BriefSEC slams WWE founder Vince McMahon for misstatements caused by hush money payments
Vince McMahon, the founder and former CEO of WWE, was fined $400,000 and ordered to reimburse the wrestling giant more than $1.3 million to settle charges brought by the Securities and Exchange Commission that he failed to disclose hush money payments he made on behalf of himself and the company.
-
News BriefBecton Dickinson pays $175M for misleading investors about flawed IV pump system
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
-
PremiumSurvey: Organizations broadly adopting AI, with varied governance
The majority of businesses are using AI and doing so without governance–a compliance gap that poses extreme risks, a new survey by Compliance Week and GAN Integrity found. A webinar will discuss why it is crucial to have AI governance, how to implement it, and what strategies to strengthen programs. ...
-
PremiumKPMG report on regs in 2025: Use data analytics to predict, respond to Trump administration changes
Regulations are sure to be rolled back under President Donald Trump, but the question is which regulations, and how much? Is your organization as prepared to respond when regulations are loosened as it was when they were tightened?
-
News BriefPoor internal controls led to FCPA violations in Moog’s $1.7M settlement with SEC
A company culture geared to “win business at any cost” encouraged employees of New York-based aerospace manufacturer Moog to pay bribes in India to win contracts, the Securities and Exchange Commission alleged.
-
News BriefEV maker Fisker under investigation by SEC amid bankruptcy, ICFR weaknesses
Electric vehicle maker Fisker is under investigation by the Securities and Exchange Commission over potential violations of federal securities laws related to the preservation of records and documents involving its Chapter 11 bankruptcy filing.
-
News BriefFive firms fined by PCAOB for alleged communications, reporting failures
The Public Company Accounting Oversight Board fined five consultancies, including Ernst & Young, as the agency continues its crackdown on firms violating audit committee communications rules and reporting requirements.
-
News BriefPrager Metis agrees to pay $2M over failed audits, including FTX
Waves of fallout from the collapse of cryptocurrency trading platform FTX continue to ripple, as accounting firm Prager Metis has learned.
-
News BriefSEC charges Kubient 'gatekeepers' with failing to stop CEO's AI fraud
Gatekeepers including chief financial officers and the chair of the audit committee have a responsibility to shareholders to report fraud wherever they find it–especially when that fraud involves an artificial intelligence tool meant to combat fraud.
-
PremiumChinese regulators impose six-month ban, $62M fine on PwC’s China unit
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
-
News BriefCircor avoids fine after self-reporting accounting control violations to SEC
Massachusetts-based technology company Circor International settled charges with the Securities and Exchange Commission regarding deficient internal accounting controls without paying a fine.
-
News BriefAustal reaches $49M deal with DOJ, SEC over accounting, securities fraud, false claims
The U.S.-based subsidiary of Australian defense contractor Austal will pay $48.8 million in fines and restitution to settle allegations that it committed accounting and securities fraud, misled federal auditors, and violated the False Claims Act.
-
News BriefFCA fines PwC $19.5M for failing to report fraud at London Capital & Finance
PricewaterhouseCoopers agreed to pay 15 million pounds (U.S. $19.5 million) for failing to report suspicions of fraud taking place at investment firm London Capital & Finance before it collapsed, the Financial Conduct Authority announced.
-
News BriefIdeanomics, execs to pay $5M over allegedly misleading auditor
Ideanomics, two former execs, and its current chief executive agreed to pay about $5 million and hire an independent compliance professional to settle allegations made by the Securities and Exchange Commission (SEC) that the company misled the public about its performance.
-
News BriefFRC orders EY to pay $376K over 2021 audit of Evraz
The Financial Reporting Council ordered a unit Ernst & Young UK to pay 296,000 pounds (U.S. $376,000) over the firm’s 2021 audit of Russia mining group Evraz.
-
PremiumLexisNexis survey: Compliance costs soared for U.K. banks in 2023
Nearly all but a tiny minority of financial institutions saw their costs of financial crime compliance rise in 2023, a survey by LexisNexis and Oxford Economics found.