All Accounting & Auditing articles – Page 8
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PremiumFRC 2022/23 audit inspections: Big Four steady; BDO and Mazars improve
The U.K. Financial Reporting Council noted overall improvement in annual inspection and supervision results for the largest audit firms for a fourth consecutive year as part of its latest quality review.
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News BriefSEC orders Future FinTech Group to pay $1.65M over accounting lapses
Future FinTech Group agreed to pay $1.65 million to settle charges levied by the Securities and Exchange Commission for filing materially inaccurate annual reports and failing to maintain adequate books, records, and internal control over financial reporting.
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News BriefSmart window-maker View avoids penalty in liability disclosure case
View, a California-based manufacturer of smart windows, avoided civil penalties after self-reporting apparent disclosure violations to the Securities and Exchange Commission.
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News BriefPwC Australia removes chief risk officer after tax scandal review
PwC Australia exited eight partners, including its former chief risk and reputation officer, following an investigation into the sharing of confidential government tax policy information at the firm.
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News BriefPwC, KPMG fined over audit lapses at Eddie Stobart Logistics
The U.K. Financial Reporting Council separately penalized Big Four audit firms PwC and KPMG for deficiencies in their work at transport company Eddie Stobart Logistics for the financial years ended 2018 and 2017, respectively.
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News BriefMarcum fined $13M for control failures magnified by SPAC client boom
Marcum agreed to pay $13 million in penalties levied by the Securities and Exchange Commission and Public Company Accounting Oversight Board for alleged quality control failures stemming from the audit firm’s work with special purpose acquisition company clients.
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PremiumNutanix discloses remediation steps following costly software misuse
A lack of oversight of employees handling vendor software is one of several failings at cloud computing company Nutanix that led to misuse, $11 million in estimated costs, and two pending lawsuits.
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Resourcee-Book: Climate and sustainability reporting challenges
Significant change in corporate attitudes toward environmental, social, and governance (ESG) reporting have many companies implementing controls and governance processes over the collection, review, and reporting of sustainability information for the first time.
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PremiumPoll finds finance empowerment key to ESG reporting confidence
The Deloitte Center for Controllership released new data that indicates confidence levels in environmental, social, and governance financial reporting are low.
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News BriefPCAOB proposal puts pressure on auditors to find fraud
The Public Company Accounting Oversight Board proposed standard updates that would require auditors to enhance scrutiny toward potential instances of company noncompliance, including fraud, in their audit work.
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News BriefCantaloupe fined $1.5M in SEC accounting fraud case
Electronic payments software company Cantaloupe agreed to pay a $1.5 million penalty to settle allegations of accounting fraud levied by the Securities and Exchange Commission arising from improper revenue recognition practices.
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Resourcee-Book: New audit risk landscape: ESG, cyber, more
As companies face sustainability reporting challenges, accounting and audit firms are fielding increased requests for assistance, along with demands from investors and regulatory bodies for assurance on disclosures.
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News BriefGartner to pay $2.5M to settle alleged FCPA violations in South Africa
Gartner agreed to pay nearly $2.5 million as part of a settlement with the Securities and Exchange Commission addressing alleged violations of the Foreign Corrupt Practices Act in South Africa.
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News BriefGaia fined $2M for subscriber overstatement, whistleblower retaliation
Digital video subscription service Gaia will pay a $2 million fine to the Securities and Exchange Commission for allegedly overstating its paid subscribers and retaliating against an internal whistleblower.
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ArticleCareer fraud fighter Haluk Ferden Gursel honored for Lifetime Achievement
Haluk Ferden Gursel brought his experience in fraud prevention to the United Nations, World Health Organization, classroom, and more, solidifying himself as an expert on the subject and earning recognition for Lifetime Achievement at the 2023 Excellence in Compliance Awards.
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News Brief
SEC risk alert highlights transition efforts from LIBOR
The Division of Examinations at the Securities and Exchange Commission issued a risk alert to aid registered investment advisers and investment companies in their transition efforts away from the London Interbank Offered Rate.
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News BriefPhilips to pay $62M to settle alleged FCPA violations in China
Dutch conglomerate Royal Philips will pay more than $62 million to settle allegations it violated the Foreign Corrupt Practices Act when its subsidiaries engaged in improper conduct to win contracts in China.
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News BriefPCAOB finds ‘unacceptable’ deficiency rates in first China/Hong Kong inspections
The Public Company Accounting Oversight Board found seven of eight audit engagements it reviewed in China and Hong Kong contained “unacceptable rates” of deficiencies.
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News BriefFRC probing Deloitte work at retailer Joules Group
The U.K. Financial Reporting Council launched an investigation into the work of Big Four audit firm Deloitte at collapsed clothing retailer Joules Group.
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News BriefCOSO report offers updated fraud risk management program blueprint
A new report from the Committee of Sponsoring Organizations of the Treadway Commission offers a blueprint to organizations for establishing an overall fraud risk management program.