Three of the Big Four audit firms saw increases to the deficiency rates observed in their latest Public Company Accounting Oversight Board inspection reports, while KPMG had its results redacted.
Kyle Brasseur
Posted inRegulatory Enforcement
Ameriprise expecting $50M SEC fine over off-channel comms
Ameriprise Financial disclosed it recorded a $50 million accrual related to the resolution of a Securities and Exchange Commission probe into use of off-channel communications by its employees for conducting business.
Posted inEurope
FCA warns CEOs over firm AML failings
The U.K. Financial Conduct Authority warned the chief executive officers of approximately 1,000 financial institutions it supervises regarding common failures in anti-money laundering procedures it observed during recent assessments.
Posted inAccounting & Auditing
KPMG fined $1.9M by FRC over M&C Saatchi audit lapses
KPMG agreed to pay a reduced penalty of nearly £1.5 million (U.S. $1.9 million) assessed by the U.K. Financial Reporting Council addressing admitted failings in the Big Four audit firm’s financial year 2018 work at advertising services company M&C Saatchi.
Posted inEurope
Swedbank says Estonia money laundering probe closed
The Estonian branch of Swedbank is no longer under investigation regarding suspected money laundering and other criminal activities.
Posted inAccounting & Auditing
Chemours places senior execs on leave over accounting review
Chemours announced it placed its chief executive officer, chief financial officer, and principal accounting officer on leave pending completion of an internal review into potential material weaknesses in its internal control over financial reporting.
Posted inAccounting & Auditing
ADM delays annual report filing amid ICFR assessment
ADM disclosed it will be late in filing its annual report for 2023 as it continues to investigate potential accounting improprieties regarding its nutrition reporting segment.
Posted inEthics & Culture
NYAG lawsuit: JBS misleading public with sustainability claims
Two U.S. subsidiaries of Brazilian meat processing company JBS are the subject of a lawsuit filed by the New York attorney general accusing the businesses of using misleading statements and marketing regarding their environmental commitments.
Posted inRegulatory Enforcement
Treasury touts AI-enabled fraud recoveries totaling $375M
The Treasury Department announced its success using artificial intelligence to track down instances of check fraud—a potential preview of the results that might come if the agency applies AI in other enforcement-related circumstances.
Posted inData Privacy
Biden executive order to target commercial data broker activities
A new executive order seeks to put clamps on the sale of Americans’ personal data by data brokers and other companies to certain countries found to be of national security concern.