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Accounting & Auditing Update

The "Accounting & Auditing Update" is written by Tammy Whitehouse, a veteran business writer who has been a regular contributor to Compliance Week since 2005. Her work has also appeared in industry journals and periodicals including Journal of Business Strategy, Strategy & Leadership, Compensation & Benefits Review, Inc, Buyside, and myriad others. Whitehouse welcomes questions and comments from readers; she can be reached via e-mail at twhitehouse@complianceweek.com.
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Accounting & Auditing Update Blog
Aguilar Dissents on SEC Settlement, Calls It ‘Wrist Slap’
Tammy Whitehouse | August 29, 2014
In a rare show of dissent among SEC commissioners, Luis Aguilar denounced a settlement with executives who falsified revenue as a “wrist slap.” Aguilar took exception over the SEC’s settlement with former Affiliated Computer Services executives, who were accused of falsely describing resale transactions as revenue in investor reports. Aguilar said the cease-and-desist order and $675,000 in fines were weak punishments. More inside.
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Accounting & Auditing Update Blog
CSC Fined $190 Mill in Financial Fraud Case
Tammy Whitehouse | June 5, 2015
Computer Science Corp. has agreed to pay $190 million to settle charges by the Securities and Exchange Commission that the company and former executives concealed from investors problems with a high-profile client and manipulated financial results, in addition to fudging with accounting at overseas units.
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Accounting & Auditing Update Blog
Fraudsters have tech edge over companies, KPMG study shows
Tammy Whitehouse | June 1, 2016
A study from KPMG that looks at fraudster’s typical profile says perpetrators are gaining an edge over corporate anti-fraud controls by making better use of technology than the companies they route. The report says weak controls were a factor in 61 percent of frauds through 2016. More study details from Tammy Whitehouse.
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Accounting & Auditing Update Blog
COSO issues new fraud risk management guide
Tammy Whitehouse | September 28, 2016
COSO, author of the most widely accepted internal control framework in the United States has released a new guide meant to help companies beef up their fraud risk management. More from Tammy Whitehouse.
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Accounting & Auditing Update Blog
EY agrees to $11.8 million settlement with SEC on failed audits
Tammy Whitehouse | October 18, 2016
EY has agreed to pay $11.8 million to settle more charges from the SEC. This time the firm and two auditors are accused of ignoring red flags, enabling fraud. Tammy Whitehouse reports.
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Accounting & Auditing Update Blog
To combat fraud, check accounting policies, internal controls
Tammy Whitehouse | March 17, 2017
In the battle against fraud and restatements, a company’s best allies are strong accounting policies and well-documented internal controls, a new report says.
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Accounting & Auditing Update Blog
Senators press PCAOB for answers on KPMG audit of Wells Fargo
Tammy Whitehouse | May 1, 2017
U.S. Senators are asking how KPMG could know Wells Fargo had fake accounts on the books, but not flag it as relevant to the financial statement audit.
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Accounting & Auditing Update Blog
KPMG, partner settle SEC audit failure allegations
Tammy Whitehouse | August 15, 2017
The SEC has extracted a $6.2 million settlement from KPMG over charges that the firm and an engagement partner failed to properly audit valuations in 2011.
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Accounting & Auditing Update Blog
SEC rescinds historic guidance under new revenue rule
Tammy Whitehouse | August 23, 2017
The SEC is telling companies its historic staff guidance on revenue recognition will not trump the new revenue standard when it takes effect in 2018.
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Accounting & Auditing Update Blog
Study asserts link between control weaknesses, fraud
Tammy Whitehouse | September 6, 2017
Academics say they have identified a link between internal control weaknesses and later revelations of fraud, lending fresh support to key provisions of SOX.
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Accounting & Auditing Update Blog
PCAOB alerts auditors to scrutinize revenue recognition
Tammy Whitehouse | October 6, 2017
The PCAOB is putting auditors on notice to take a careful look at the work companies have done to implement the new revenue recognition standard.
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Accounting & Auditing Update Blog
SEC halts initial coin offering, calling it fraud
Tammy Whitehouse | December 5, 2017
Companies can expect no new guidance from the SEC anytime soon on digital currencies, but they can expect its enforcement arm to act if it sees indications of fraud.
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Accounting & Auditing Update Blog
Auditors get guidance on altering audit report
Tammy Whitehouse | December 5, 2017
Auditors have some new guidance from the PCAOB about how to begin revising their audit reports to reflect new requirements that take effect this year-end.
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Accounting & Auditing Update Blog
Justice Department charges fraud, conspiracy over PCAOB inspection leaks
Tammy Whitehouse | January 22, 2018
The Department of Justice and the SEC are bringing charges including fraud and conspiracy against former KPMG and PCAOB staff over a leak that compromised inspections.
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Accounting & Auditing Update Blog
Amid fraud, conspiracy charges, should inspection results be restated?
Tammy Whitehouse | January 23, 2018
Former KPMG leaders gamed up to two years of inspection results, federal authorities say, but no one will discuss whether those results can or should be corrected.
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Accounting & Auditing Update Blog
Deloitte settles claims tied to mortgage lender collapse
Tammy Whitehouse | February 28, 2018
Deloitte will pay $149.5 million to settle claims with the Justice Department over its audit work at Taylor, Bean & Whitaker, a mortgage lender that collapsed in 2009.
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Accounting & Auditing Update Blog
PCAOB censures former engagement partner over Koss audits
Tammy Whitehouse | March 7, 2018
The PCAOB has censured the partner who oversaw audits at Koss, where a top finance executive went prison on charges of embezzling more than $30 million.
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Accounting & Auditing Update Blog
Responding to setbacks, KPMG adds outside directors
Tammy Whitehouse | April 30, 2018
After some serious blows to its reputation, KPMG has decided to add outside directors to its board.
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Accounting & Auditing Update Blog
PwC ordered to pay FDIC $625 million in Colonial Bank case
Tammy Whitehouse | July 5, 2018
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.
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Accounting & Auditing Update Blog
Still MIA: 2016 inspection report on KPMG
Tammy Whitehouse | September 12, 2018
Audit regulators remain mum on when, if ever, they will publish a report on their 2016 inspection of Big 4 audit firm KPMG.
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Accounting & Auditing Update Blog
PCAOB calls out two-thirds of audits at BDO USA
Tammy Whitehouse | September 25, 2018
The PCAOB has handed BDO USA another scathing inspection report, finding 67 percent of the audits examined in 2016 failed to comply with standards.
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Accounting & Auditing Update Blog
SEC warns companies to control phishing losses
Tammy Whitehouse | October 17, 2018
The SEC has put companies on notice that their internal controls need to consider the risk of cyber-attack, especially e-mail “phishing” scams.
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Accounting & Auditing Update Blog
Ex-KPMG leader pleads guilty in inspection leak case
Tammy Whitehouse | October 18, 2018
A former KPMG leader has pled guilty to four counts of fraud and conspiracy in connection with an operation to subvert the regulatory inspection process.
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Accounting & Auditing Update Blog
Third ex-KPMG partner pleads guilty in inspection leak
Tammy Whitehouse | November 2, 2018
A third ex-KPMG partner has consented to a guilty plea in connection with charges of fraud and conspiracy in regulatory inspections.
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Accounting & Auditing Update Blog
Former Autonomy execs face fraud charges in HP deal
Tammy Whitehouse | December 3, 2018
A federal grand jury has delivered indictments against former Autonomy executives in connection with HP’s failed acquisition of the U.K. technology business.
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