All Accounting & Auditing articles – Page 9
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News Brief
Qualtrics discloses ICFR weakness in IT controls
Software company Qualtrics disclosed the discovery of a material weakness in its internal control over financial reporting for the 2022 fiscal year.
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News Brief
SEC fines SPAC $104K for control failures that enabled CFO embezzlement
African Gold Acquisition Corp. will pay a $103,591 fine for allegedly having flawed internal controls, reporting, and recordkeeping procedures that allowed its former chief financial officer to drain approximately $1.2 million from its bank account.
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News Brief
FRC probing PwC audits at collapsed property group Intu
The U.K. Financial Reporting Council launched an investigation into Big Four firm PwC’s audit work at collapsed real estate investment trust Intu Properties.
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News Brief
Roadrunner avoids $9.6M in penalties in SEC accounting fraud case
Roadrunner Transportation Systems avoided further penalties regarding allegations of accounting fraud after the Securities and Exchange Commission deemed a $20 million class-action settlement agreed to in 2019 returned any ill-gotten gains.
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News Brief
Gentex fined $4M for bonus compensation accounting lapses
Gentex Corp. agreed to pay $4 million as part of a settlement with the Securities and Exchange Commission regarding alleged failures in its internal accounting controls that affected executive and employee bonus compensation programs over several years.
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News Brief
Lee Enterprises flags ICFR weaknesses following internal review
Lee Enterprises, the media company that owns the St. Louis Post-Dispatch and 76 other newspapers nationwide, concluded its internal controls over financial reporting were not effective for the fiscal year ended Sept. 25, 2022.
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Cybersecurity challenges: Defense and disclosure
Experts share perspectives regarding the criticality of cybersecurity risks, what the response of management and boards should be, and how proposed disclosure requirements need to be incorporated into cyber-related responsibilities.
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News Brief
Acacia Research says probe confirmed ex-CEO’s misconduct
Acacia Research Corp. disclosed the completed findings of its internal investigation into former CEO Clifford Press and whether he misappropriated corporate funds and resources for personal use.
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News Brief
Democratic senators push PCAOB to crack down on crypto audit work
Sens. Elizabeth Warren (D-Mass.) and Ron Wyden (D-Ore.) called on the Public Company Accounting Oversight Board to address so-called “sham audits” of cryptocurrency companies by registered auditors in the aftermath of the collapse of FTX.
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PCAOB inspections: SPACs lend to Marcum struggles
The Public Company Accounting Oversight Board’s latest batch of 2021 audit inspection reports included a setback in results for Marcum largely related to the firm’s work dealing with special purpose acquisition companies.
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News Brief
Ex-GigaTrust CEO sentenced to five years for $50M fraud
The former chief executive officer of email security company GigaTrust was sentenced to five years in prison for fabrications that allowed him and two other executives to defraud investors and lenders of millions.
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Audit exam cheating findings spark concern of endemic trend
Recent penalties against Big Four audit firms KPMG, PwC, and EY over allegations of widespread exam cheating have raised concerns prompting regulators to investigate the extent of the practice.
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Report: Audit committees bracing for increased role in ESG, ERM, cyber
A new report from the Center for Audit Quality and Deloitte found corporate boards are taking a fresh look at their audit committee structures and practices to respond to emerging corporate reporting areas and increased risks.
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Climate and sustainability reporting challenges: Auditors’ perspectives
Partners from several of the top global accounting firms shared perspectives about the state of sustainability reporting and the impact on auditors and their clients at a recent industry event.
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News Brief
FRC probing EY audit of Veolia unit
The U.K. Financial Reporting Council launched an investigation into Big Four audit firm EY’s work at Scotland-based Stirling Water Seafield Finance.
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News Brief
Former GigaTrust CFO pleads guilty to impersonating auditors
The former chief financial officer of bankrupt email security business GigaTrust faces up to five years in prison after pleading guilty to defrauding investors and lenders of $50 million by impersonating auditors and fabricating reports.
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News Brief
Former SPAC CFO pleads guilty to embezzlement scheme
Cooper Morgenthau, the former chief financial officer of African Gold Acquisition Corp., pleaded guilty to one count of wire fraud after embezzling more than $5 million for personal stock and cryptocurrency ventures.
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Article
PCAOB enforcement roundup: Grant Thornton fined in disclosure crackdown
The Public Company Accounting Oversight Board announced several notable enforcement actions last week, including sanctions against six firms for allegedly violating agency reporting requirements.
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Article
Deloitte fined $1.1M for SIG audit lapses
Deloitte received a penalty of £906,250 (U.S. $1.1 million) from the U.K. Financial Reporting Council for evidence failures regarding supplier rebates and cash uncovered in its 2015 and 2016 financial year audits at specialist building product distributor SIG.
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Article
PCAOB 2021 inspection reports: PwC sees best results again; EY deficiencies increase
For the second straight year, PwC fared the best among inspection results released by the Public Company Accounting Oversight Board for the largest U.S. audit firms, including each of the Big Four, Grant Thornton, and BDO.