All Accounting & Auditing articles – Page 27
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Article
JPMorgan Chase facing potential fine for internal control deficiencies
A subsidiary of JPMorgan Chase is facing a potential civil penalty “related to historical deficiencies in internal controls and internal audit over certain advisory and other activities.”
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ArticleCalifornia accounting board fines KPMG $1.3M for cheating scandal
California and its Board of Accountancy has fined audit firm KPMG $1.3 million after elements of its inspection and internal exam cheating scandals were run through the state.
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ArticleFRC: Major audit quality at Grant Thornton UK, Mazars ‘unacceptable’
The U.K. Financial Reporting Council has singled out audit firms Grant Thornton and Mazars as needing to significantly improve audit quality in the wake of recent inspection findings.
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ResourceWhite paper: 15 Critical Success Factors for Your Equipment Leasing Program
Equipment leasing, when managed effectively, can offer a number of strategic financial and competitive benefits to your business.
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ArticleGE reserves $100M for potential SEC accounting enforcement
General Electric has set aside $100 million relating to a potential SEC enforcement action that could encompass several areas of alleged accounting failures.
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ResourceSurvey Report: IIA Three Lines Model: Reading between the lines
This report has the results of a recent joint survey between Compliance Week and Workiva, which show companies could benefit from the IIA’s updated Three Lines Model—especially in light of the pandemic.
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ArticleFRC pushes for clarity on audit’s role in finding fraud
The proposed changes reflect regulatory fears that U.K. companies will be tempted to hide the scale of their financial losses as the effects of the coronavirus pandemic continue to dent balance sheets.
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ArticleFASB proposes three amendments to leases standard
The Financial Accounting Standards Board proposed three amendments to its leases standard prompted by post-implementation feedback from stakeholders.
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ArticleHow auditors can help companies with non-GAAP measures, KPIs
A new report from the Center for Audit Quality includes key questions audit committee members can ask to fulfill their oversight responsibilities as they discuss non-GAAP financial measures and KPIs with management and auditors.
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ArticleCAMs, coronavirus highlight audit committee transparency report
The 2020 Audit Committee Transparency Barometer, an annual report issued by the CAQ and Audit Analytics, explores new disclosure trends related to the coronavirus pandemic and critical audit matters.
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ArticleChief Auditor Zietsman to join PCAOB board
The Securities and Exchange Commission announced changes to the Public Company Accounting Oversight Board, including the appointment of Megan Zietsman as a board member for a term ending in October 2025.
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Article
Split SEC loosens conflict-of-interest rules for independent auditors
The Securities and Exchange Commission has moved forward with relaxing its conflict-of-interest rules for independent auditors by a 3-2 vote.
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ArticleEx-KPMG partner avoids prison in cheating scandal sentencing
Former KPMG partner David Britt has been sentenced to six months of home confinement for his role in a cheating scandal that has haunted the Big Four audit firm for two years and is now finally nearing its end.
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ArticleSAExploration accused of $100M accounting fraud
SAExploration Holdings has been accused by the SEC of perpetrating a $100 million accounting fraud that involved routing payments through shell companies so it appeared to be legitimate revenue.
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ArticleU.S. agencies get nod for using data, smart incentives in enforcement
Both the CFTC and CFPB “Nailed It” this week while corporate heavyweight General Electric found itself in more trouble.
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Article
GE facing potential SEC action over accounting issues
General Electric revealed in a regulatory filing that it is facing a civil injunctive action from the Securities and Exchange Commission regarding accounting issues tied to its legacy insurance portfolio.
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ArticleDeloitte: Top-of-mind challenges for Q3 financial reporting
A new report from Deloitte highlights third-quarter financial reporting and accounting challenges that should be top of mind as the coronavirus pandemic continues with no end in sight.
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ArticleEY allegedly flubbed Wirecard dealings worse than we thought
In this week’s “Nailed It or Failed It,” we take down EY and JPMorgan Chase for apparently ignoring whistleblowers and give the SEC a nod for rewarding them.
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ArticleHP fined $6M for disclosure violations and control failures
HP has agreed to pay $6 million in a settlement with the Securities and Exchange Commission to resolve allegations of disclosure violations and control failures regarding improper sales practices.
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Article‘Audit in Action’: BDO partner shares data analytics journey
Brian Miller, national partner of audit transformation and innovation at BDO USA, talked with Compliance Week about how the pandemic has driven adoption of technologies by BDO’s auditors.