All Accounting & Auditing articles – Page 2
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News BriefEpoch Times CFO charged in $67M money laundering scheme
The chief financial officer of the Epoch Times was charged with laundering at least $67 million in illegally obtained funds to bolster the fortunes of the newspaper and himself.
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News BriefAutodesk says no restatements following accounting probe
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
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News BriefTreasury, other agencies issue voluntary carbon market principles
The Treasury Department and other U.S. agencies announced a coordinated federal policy concerning carbon credits and other voluntary incentives to encourage businesses and agriculture to cut their carbon footprints.
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News BriefBroadway Financial discloses ICFR weaknesses due to training shortfalls
Los Angeles-based bank holding company Broadway Financial Corp. disclosed in a public filing weaknesses discovered in its internal control over financial reporting because of training shortfalls.
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News BriefPCAOB dings MaloneBailey $400K over ‘pervasive’ quality control violations
Audit firm MaloneBailey agreed to pay a $400,000 fine to settle allegations levied by the Public Company Accounting Oversight Board over “pervasive” quality control violations.
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News BriefDOJ orders Evoqua to pay $8.5M over admitted securities fraud
Evoqua Water Technologies agreed to pay $8.5 million as part of a nonprosecution agreement with the Department of Justice to settle admitted criminal charges related to fraudulent revenue recognition.
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PremiumSEC chief accountant calls out audit leadership culture
Staff at the Securities and Exchange Commission have observed instances of audit firms setting poor examples for junior-level employees by failing to properly discipline senior leaders found to have breached ethical standards, according to Chief Accountant Paul Munter.
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News BriefCrowe U.K. dinged $181K by FRC for Aseana Properties audit failures
Crowe U.K. was assessed a penalty of £144,000 (U.S. $181,000) by the U.K. Financial Reporting Council for failures in its audit of Aseana Properties Limited’s financial statements for the year ended Dec. 31, 2019.
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News BriefPCAOB reestablishes its fundamentals with new standards
The Public Company Accounting Oversight Board adopted two new standards that address key audit areas upon which it was relying on benchmarks established more than 20 years ago.
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News BriefFAT Brands on defense over DOJ, SEC accounting misconduct allegations
Restaurant operator FAT Brands said it would contest charges announced by the Department of Justice regarding violations of the Sarbanes-Oxley Act related to personal loans made to executive officers.
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News BriefFRC fines PwC, EY for London Capital & Finance audit failings
Big Four firms PwC and EY were each penalized by the Financial Reporting Council for alleged shortcomings during their respective audits at collapsed investment firm London Capital & Finance.
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News Brief‘Sham audit mill’: SEC fines, permanently suspends BF Borgers
BF Borgers was all but shuttered by the Securities and Exchange Commission after the agency accused the firm of massive fraud impacting more than 1,500 SEC filings audited over a 2 1/2-year span.
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News BriefPCAOB removes redactions on 2022 KPMG inspection
The Public Company Accounting Oversight Board published the full results of its 2022 inspection for Big Four firm KPMG after its initial report contained more than two dozen redactions.
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PremiumAccountancy bodies urge ethical behavior amid exam cheating scandals
Trust in the integrity of corporate finance and auditing is vital, but repeated scandals over exam cheating at the largest multinational firms are denting faith in the system globally.
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News BriefADM CFO to depart amid accounting probes
Food processing company ADM announced Chief Financial Officer Vikram Luthar, who was placed on administrative leave in January amid a probe into the company’s accounting practices, will resign.
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PremiumReport: Poor awareness of supply chain disclosure regs leaving firms exposed
Compliance failures in the supply chain are hampering organizations’ efforts to implement environmental, social, and governance initiatives and meet disclosure requirements, according to a new report by U.K. law firm Burges Salmon.
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WebcastCPE Webcast: Mitigating risk: Strengthening control and compliance
Today’s compliance professionals face increasing pressures from talent shortages, a rapidly evolving regulatory landscape, and rising transaction volumes—increasing both complexity and risk.
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News BriefKPMG Netherlands fined record $25M by PCAOB for exam cheating
KPMG Netherlands agreed to pay a record $25 million penalty levied by the U.S. Public Company Accounting Oversight Board for allegedly allowing widespread cheating by employees on internal training exams and misinforming regulators about the misconduct.
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News BriefGrant Thornton UK dinged $51K for pension fund audit lapses
Grant Thornton UK was assessed a penalty of £40,000 (U.S. $51,000) by the Financial Reporting Council for alleged procedure failures affecting the firm’s audit of a local authority’s pension fund.
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News BriefLegal pushback prompts SEC to stay climate-related disclosure rule
The Securities and Exchange Commission delayed implementation of its climate-related disclosure rule until the courts can rule on appeals filed in response to the controversial policy.