All auditing articles

  • AuditCovid

    How Covid-19 has redefined the seamless audit process


    The pandemic has forced companies to make significant changes to their internal audit processes and how they prepare for external auditors to review their financials. A recent CW webcast sponsored by BlackLine explored how technology can help meet these new challenges.

  • Blog

    The importance of auditing third parties


    Auditing third parties is critical to any compliance program and an important tool in operationalizing your compliance program.

  • Blog

    PwC ordered to pay FDIC $625 million in Colonial Bank case


    PwC has been ordered to pay the FDIC $625.3 million as a result of a long-running accounting fraud that caused the 2009 failure of Colonial Bank.

  • Blog

    PCAOB explores whether to change audit inspection process


    A newly seated PCAOB is taking a fresh look at its entire regulatory process, including whether it’s time to reconsider how it performs audit inspections.

  • Blog

    Seibels names vice president of financial services


    Seibels, an IT service management company, has appointed Fiona Cantrell to the newly established role of vice president of financial services.

  • Blog

    Ruling against PwC may portend greater auditor scrutiny


    A court ruling in a lawsuit brought by the Federal Deposit Insurance Corporation against PwC for its failure to detect a multibillion-dollar fraud may well portend greater skepticism and scrutiny by auditors when looking at FCPA issues.

  • Blog

    SEC appoints all new board to lead PCAOB in 2018


    The SEC is cleaning house at the Public Company Accounting Oversight Board, appointing five new board members to take over the reins beginning in January.

  • Article

    Audit technology pushes companies to get data in order


    To stay in step with audit technology, companies need to start thinking hard about their own technological capabilities to stand up to the audit process.

  • Blog

    Audit tensions often precede control weaknesses, study says


    If tensions are rising between a given company and its external auditor, there’s a greater chance the company will be reporting internal control weaknesses.

  • Blog

    SEC charges Penn West Petroleum with accounting fraud


    The Securities and Exchange Commission has charged a Canadian-based oil and gas company and three of its former top finance executives for their roles in an extensive, multi-year accounting fraud.

  • Blog

    Cyber-incident report points out trends for companies to beware


    A new report on cyber-security trends gives companies a way to benchmark their cyber-risks against thousands of incidents and breaches globally.

  • Blog

    Financial Instruments Rule May Challenge Banks


    Image: Danièle Nouy, supervisory chief of the European Central Bank, spoke recently about a new accounting standard for financial instruments that may prove challenging to the banking sector. “The completion of this accounting standard as one of the responses to the financial crisis will bring major changes and challenges to ...

  • Article

    Auditing Anti-Corruption Efforts: Best Practices Take Shape


    Image: More anti-corruption efforts by compliance departments means more auditing of those programs by internal audit, and a vanguard of businesses (many of them, admittedly, stung by misconduct violations in the past) are pioneering better auditing techniques on that point. Tom O’Reilly, director of internal audit at Analog Devices, says ...

  • Article

    Hertz Restatement Drives Home Top-Level Control Issues


    Image: Car rental kingpin Hertz Corp. is nearly finished with its sweeping restatement of several years’ worth of financial statements, and it’s giving compliance and audit executives plenty of cautionary tales to read. Its latest annual report outlines—in frank detail—more than a dozen failures, most of them in senior leadership. ...

  • Blog

    AICPA Offers Advice for Conflict Minerals Audits


    The AICPA has published new guidance for conducting independent audits of companies asserting that their products are conflict-minerals free. Published in Q&A form, the guidance addresses the representation letters auditors should obtain from management as they review conflict- minerals reports.

  • Blog

    SEC Ends Standoff With Big 4 China Affiliates


    The SEC has settled its action against Big 4 affiliates in China that had stymied investigations into possible accounting fraud by refusing to hand over audit work papers. The SEC fined each of the Big 4 affiliates $500,000 while acknowledging that the firms eventually began providing documents.

  • Blog

    Getting In-Depth on Compliance


    Image: In its full glory, corporate compliance is a complex subject. Compliance Week does its best to provide subscribers with timely, concise looks at news in this field to help you understand how you can build and manage a better compliance program, but let’s be honest—sometimes you need an even ...