All Auditor Independence articles
-
News BriefPwC fined $2.75M by PCAOB for independence process breakdowns
Big Four audit firm PwC was assessed a $2.75 million penalty by the Public Company Accounting Oversight Board for failures in its auditor independence processes related to a 2018 engagement.
-
PremiumExpert: SEC’s view on Prager Metis indemnity clauses ‘problematic’
Audit firms should carefully weigh the pros and cons of indemnity clauses in light of the Securities and Exchange Commission’s recent complaint against Prager Metis, according to a legal expert.
-
PremiumAuditor independence on regulators’ radars
The Public Company Accounting Oversight Board and Securities and Exchange Commission have emphasized in public statements auditor independence is a critical enforcement area, prompting the need for firms to reacquaint themselves with each agency’s requirements.
-
News BriefSEC accuses Prager Metis of hundreds of auditor independence violations
Accounting firm Prager Metis violated auditor independence rules through use of indemnification provisions in its engagement letters hundreds of times during a period of nearly three years, the Securities and Exchange Commission charged in a lawsuit.
-
News BriefPCAOB 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.
-
News BriefSEC chief accountant eyeing auditor use of network member firms
The Securities and Exchange Commission is paying added scrutiny toward audit firms’ increasing use of network affiliates in their work and the potential for inconsistent quality that comes with such an approach.
-
ArticleSEC acting chief accountant: Ethical culture key to auditor independence
Paul Munter, acting chief accountant at the Securities and Exchange Commission, released a statement acknowledging recurring issues agency staff have observed regarding auditor independence consultations.
-
ArticleReported SEC probe of Big Four taking page from U.K. breakup plans?
The Securities and Exchange Commission is reportedly investigating whether large audit firm consulting services affect auditor independence. Any action taken might mirror the United Kingdom’s ongoing actions to break up the Big Four’s dominance.
-
ArticleSEC charges 3 EY employees with auditor independence violations
The Securities and Exchange Commission charged three Ernst & Young employees for violations of the agency’s auditor independence rules regarding services carried out at Cintas Corp. A former accountant at Cintas was also charged.
-
ArticleEY fined $10M for independence violations in Sealed Air engagement
EY has agreed to pay $10 million as part of a settlement with the SEC related to charges of auditor independence misconduct perpetrated by several partners of the Big Four firm to secure Sealed Air as a client.
-
ArticlePCAOB to adopt SEC auditor independence updates
The Public Company Accounting Oversight Board will adopt amendments to its independence standards to align with recent updates initiated by the Securities and Exchange Commission.
-
Article
Split SEC loosens conflict-of-interest rules for independent auditors
The Securities and Exchange Commission has moved forward with relaxing its conflict-of-interest rules for independent auditors by a 3-2 vote.
-
ArticlePCAOB adds independence, evidence projects to agenda
The Public Company Accounting Oversight Board has added projects regarding auditor independence and audit evidence to its research and standard-setting agendas.
-
ArticleCan CPA firms help with new revenue recognition standard?
Robert Durak of the AICPA provides seven requests companies should make of their auditors when tackling revenue recognition implementation to avoid putting auditor independence at risk.
-
ArticleSEC plans to ease auditor conflict-of-interest rules
A proposed update to auditor independence rules relaxes restraints on affiliate relationships and initial public offerings.
-
Article
SEC: PwC to pay $8M for auditor independence violations
PwC will pay approximately $8 million in monetary relief to settle charges with the SEC for allegedly violating auditor independence rules and engaging in improper professional conduct.
-
ArticleSEC explores possible new rules on auditor independence
SEC Chairman Jay Clayton has instructed staff to follow up on concerns raised in public comments with respect to auditor independence requirements.
-
ArticlePCAOB sanctions Marcum over auditor independence issues
The PCAOB has settled disciplinary actions with audit firm Marcum, an affiliated firm, and its former auditor independence leader over independence violations.
-
Article
SEC settles with RSM over audit independence issues
The SEC has settled charges with RSM related to numerous auditor independence violations, spanning more than 100 audit reports across 15 clients.
-
ArticleSealed Air dumps EY & hires PwC, as SEC investigates
Under investigation over how it appointed EY, Sealed Air cut ties with its auditor and appointed PwC after clearing independence concerns.