All Accounting & Auditing articles – Page 7
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News Brief
BDO fined $2M by PCAOB for estimate evaluation lapses
BDO was assessed a $2 million penalty as part of a settlement with the Public Company Accounting Oversight Board addressing alleged failures in the firm’s audit work at defunct healthcare services provider AAC Holdings.
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News Brief
GTT Communications spared fine in SEC disclosure failure case
GTT Communications, a provider of telecommunications and internet services, avoided a civil penalty in reaching a settlement with the Securities and Exchange Commission addressing alleged disclosure failures over more than a two-year period.
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Experts: How ESG materiality assessments impact compliance
Transparency in environmental, social, and governance reporting has become an important goal, with materiality assessments impacting compliance outcomes, experts said during CW’s virtual ESG Summit.
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Path to ESG assurance a crawl-walk-run exercise
It’s important companies exercise patience when determining when to begin an assurance engagement, experts explained during a session at CW’s virtual ESG Summit.
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News Brief
PCAOB proposal increases stakes on auditor negligence
Rule amendments proposed by the Public Company Accounting Oversight Board would enable the agency to penalize individual auditors more easily when their conduct is deemed to have contributed to violations by their firms.
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News Brief
SEC fines former Marcum partner for causing control failures
An ex-partner at Marcum agreed to pay $75,000 to settle charges by the Securities and Exchange Commission he failed to remediate numerous quality control deficiencies magnified by the audit firm’s special purpose acquisition company client boom.
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California cybersecurity audit rule scope begins taking shape at CPPA meeting
A final version of California’s cybersecurity audit rules likely won’t be released until later next year at the earliest, according to a rough timeline discussed by the California Privacy Protection Agency.
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News Brief
SEC fines Fluor $14.5M over accounting lapses
Engineering and construction company Fluor Corp. agreed to pay $14.5 million to settle allegations by the Securities and Exchange Commission that accounting deficiencies led to restatements on nearly three years of financial statements.
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News Brief
Plug Power settles with SEC over accounting woes; warned of added $5M fine
Plug Power was fined $1.25 million as part of a settlement with the Securities and Exchange Commission over alleged accounting failures that the company agreed to fully remediate within one year or face an additional penalty.
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Appreciating ESG fraud risk management
The factors that surround the environmental, social, and governance disciplines have grown from just a few to more than 50 considerations, indicating all three ESG elements carry equal weight when evaluating a proper corporate strategy.
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News Brief
PCAOB fines Warren Averett $200K over BDO alliance ties
Accounting firm Warren Averett agreed to pay a penalty of $200,000 in resolving the first case brought by the Public Company Accounting Oversight Board regarding auditor independence violations related to a firm’s membership in an accounting alliance.
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SEC chief accountant urges auditors, management widen scope on risk
Concerned auditors are missing the big picture when assessing a company’s internal control over financial reporting, the chief accountant at the Securities and Exchange Commission called on the profession—and company managers—to take a holistic approach to assessing risks.
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News Brief
PCAOB fines AJ Robbins CPA, owner $150K for audit misconduct
The Public Company Accounting Oversight Board fined Colorado-based audit firm AJ Robbins CPA and its founding partner a total of $150,000 for alleged professional skepticism failures and improperly altering audit documentation.
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News Brief
FRC fines Mazars $92K over missed material misstatement
The U.K. Financial Reporting Council fined audit firm Mazars £72,000 (U.S. $92,000) for “wide-ranging failings” in its audit of an unnamed market traded company.
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News Brief
Lovesac facing shareholder pressure over accounting errors
The Lovesac Company disclosed it expects to restate certain of its 2023 financial statements after an internal investigation uncovered accounting errors related to its recording of last mile freight expenses.
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News Brief
SEC fines Malvern Bank, ex-CFO for material misstatements
Malvern Bancorp and its former chief financial officer agreed to pay a combined $390,000 to settle allegations levied by the Securities and Exchange Commission regarding antifraud, reporting, books and records, and internal accounting control violations.
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News Brief
Ault Alliance fined $700K over disclosure lapses
Diversified holding company Ault Alliance agreed to pay $700,000 as part of a settlement with the Securities and Exchange Commission addressing allegations of misleading disclosures and reporting violations.
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News Brief
SEC fines Crowe U.K. $750K over deficient Akazoo audit
The U.K. arm of audit firm Crowe agreed to pay $750,000 as part of a settlement with the Securities and Exchange Commission for alleged professional care and skepticism failures regarding its 2018 audit of music streaming subscription company Akazoo.
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News Brief
PCAOB fines three in latest reporting requirement sweep
The Public Company Accounting Oversight Board continued its crackdown on reporting requirement violations with penalties against three audit firms, including a BDO affiliate.
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News Brief
PCAOB fines K G Somani over audit quality lapses
The Public Company Accounting Oversight Board announced a $125,000 penalty against India-based audit firm K G Somani & Co. for alleged violations of quality control standards.