After new allegations at KPMG of cheating on internal training tests, audit committees now have another area of questioning for their external auditors.
Tammy Whitehouse
Posted inAccounting & Auditing
SEC overturns PCAOB action stemming from financial crisis
The SEC has canceled sanctions imposed by the PCAOB on a now-retired KPMG auditor connected with a mortgage lender failure at the height of the financial crisis.
Posted inAccounting & Auditing
SEC finalizes change to auditor independence rules
The SEC has finalized its revision of auditor independence rules to change the threshold around lending relationships with clients that would raise concerns.
Posted inAccounting & Auditing
More cheating charges at KPMG: SEC fines firm $50M
The SEC has fined KPMG for not only allegations of cheating on regulatory inspections, but also new charges of numerous auditors cheating on training exams.
Posted inAccounting & Auditing
Software problems exacerbate lease compliance
Nearing the end of their second quarter observing new lease accounting rules, many public company accounting departments are still cursing their software.
Posted inAccounting & Auditing
Kraft Heinz cuts net income, continues with SEC probe
In a recently filed restatement, Kraft Heinz reduced its reported net income by $150 million going back to 2015 to correct employee misconduct in accounting.
Posted inAccounting & Auditing
Grant Thornton changes leaders, ending CEO term early
Offering no specific reason for his early departure, Grant Thornton says Mike McGuire is stepping aside as CEO.
Posted inAccounting & Auditing
Regulators globally still call for better audits
While encouraged by the trend in audit inspection results, global audit regulators report they are still seeing levels of audit deficiency that command continued focus on improvement. According to a report by the International Forum of Independent Audit Regulators, 37 percent of audits inspected globally across the six largest network firms contained at least one […]
Posted inAccounting & Auditing
New bill seeks to end regulatory stalemate with China
Bipartisan legislation proposes to increase oversight on China-based companies listed on U.S. exchanges and delist those that fail to comply in three years.
Posted inAccounting & Auditing
PCAOB disciplines former Big Four auditors
The PCAOB has disciplined two former Big Four auditors—one over an audit of internal control and the other over inspection issues.