All Accounting & Auditing articles – Page 31
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ArticleBest practices for auditing in the current crisis and beyond
A session from a recent MetricStream virtual conference provides lessons for internal audit on what risks to watch out for and how to chart a path forward.
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ArticleKPMG cites internal control weaknesses in BT Group review
KPMG, in conducting an independent review of BT Group, has expressed the telecommunications company “did not maintain effective internal control over financial reporting” following its accounting fraud scandal.
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ArticleFRC strikes out again as third Tesco probe ends
The U.K. Financial Reporting Council has ended its third and final investigation into the Tesco accounting scandal, yet again failing to find anyone responsible for the overstating of £250 million (U.S. $317.5 million) in profits.
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ArticlePCAOB inspection reports: Deloitte shines in 2018; KPMG still behind
The Public Company Accounting Oversight Board issued 2018 inspection reports for the six largest U.S. audit firms, with Deloitte boasting the fewest deficiencies among the Big Four and KPMG struggling most.
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ArticleFASB finalizes leases, rev rec delays prompted by coronavirus
The Financial Accounting Standards Board finalized effective date delays of one year to standards affecting revenue recognition and leases in response to the coronavirus pandemic.
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ArticleDocumentary: Roadtrip Nation, CAQ partner to explore auditing careers
Considering a career in auditing? A new documentary produced by Roadtrip Nation and supported by the Center for Audit Quality follows three individuals pursuing just such a career.
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ArticleInvestigation into EY’s audit of Danske Bank dropped
Denmark’s state prosecutor has dropped its investigation into whether Big Four firm EY violated anti-money laundering laws in connection with its audit of Danske Bank.
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ArticleU.S. takes aim at China with stock delisting bill
The “Holding Foreign Companies Accountable Act,” passed unanimously by the Senate and now headed to the House, looks to rein in accounting improprieties of Chinese-based companies listed on the U.S. Stock Exchange.
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ArticleHow corporate finance can manage coronavirus challenges
Steve Barta, a partner in the Audit and Assurance practice of Deloitte & Touche, reveals some key accounting areas where finance leaders might need to give extra attention.
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ArticleFRC probes KPMG, PwC over audits of Eddie Stobart Logistics
The U.K. Financial Reporting Council has launched investigations into Big Four firms KPMG and PwC concerning the audits of U.K. logistics company Eddie Stobart Logistics.
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Resourcee-Book: A Roadmap for Auditors Tackling COVID-19 Challenges
The coronavirus pandemic has industries scrambling to rewrite the blueprints for effective operations, with auditors under pressure to perform.
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ArticleCAQ: Virtual work, ICFR among coronavirus audit issues
The Center for Audit Quality advisory board member firms met with CAQ Executive Director Julie Bell Lindsay to discuss concerns relating to the coronavirus pandemic.
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ArticleKPMG audit partners settle test cheating allegations
The KPMG cheating scandal expanded this week as three former partners at the firm settled charges with the SEC regarding the improper sharing of answers for internal training exams.
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ArticleKPMG faces $306M negligence claim over Carillion audit
U.K. government liquidators are preparing to sue KPMG for £250 million (U.S. $306 million) over alleged negligence in its audits of collapsed construction firm Carillion.
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ArticleLuckin Coffee fires CEO, COO over accounting scandal
Luckin Coffee, the China-based equivalent of Starbucks roiled by allegations of fabricating millions in 2019 sales, has fired its CEO and reshuffled top leadership as part of its ongoing internal probe.
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ResourceWhite paper: The Dramatic Impact of the New Lease Accounting Standards
The new lease accounting standards – ASC 842, IFRS 16 and GASB 87 – impact companies of all sizes and industries.
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ArticlePCAOB inspection pause ends without extension
The Public Company Accounting Oversight Board announced the conclusion of its coronavirus-related 45-day relief period on audit inspections without an extension.
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ArticleMiMedx names new accounting chief post fraud settlement
Biotech company MiMedx Group, which last November settled an alleged case of accounting fraud with the SEC, announced the appointment of William Phelan as senior vice president and chief accounting officer.
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ArticleHow audit committees should prep for coronavirus challenges
Hille Sheppard of Sidley Austin offers some insights into what tactics audit committees should employ to confront uncertainties caused by the coronavirus pandemic.
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ArticleEY audit of NMC Health under investigation
The U.K. Financial Reporting Council has opened an investigation into EY’s audit of the 2018 financial statements of NMC Health, which is currently under investigation for accounting fraud.