The U.K. Financial Reporting Council’s long-planned transition to become the Audit, Reporting and Governance Authority appears to be taking place no time soon, leading some to question whether the change will happen at all.
Accounting & Auditing
Posted inAccounting & Auditing
Surveys: Finance, legal execs share concerns around AI use
Finance executives and general counsel alike say their firms and leadership teams are unprepared for the risks and benefits of artificial intelligence, according to two recent surveys.
Posted inAccounting & Auditing
PwC Australia announces new general counsel
Accounting firm PwC Australia announced the appointment of Kylie Gray as general counsel.
Posted inAccounting & Auditing
Mallinckrodt dodges $40M SEC penalty in disclosure violation case
Pharmaceutical company Mallinckrodt, fresh out of its second bankruptcy, was spared having to pay a $40 million penalty levied by the Securities and Exchange Commission for alleged disclosure and accounting failures related to its underpaying of Medicaid rebates.
Posted inAccounting & Auditing
China-based PwC affiliates fined $7M in historic PCAOB actions
The Public Company Accounting Oversight Board imposed $7 million in total penalties against two PwC affiliates under its first settlements with mainland Chinese and Hong Kong firms since the passage of the Holding Foreign Companies Accountable Act.
Posted inAccounting & Auditing
More companies enter ‘discovery phase’ of ESG reporting in 2023
Climate-related disclosure efforts are amplifying year over year, despite persistent and persnickety pain points, as more organizations widen the scope of their ESG journeys, our “Inside the Mind of the CCO” survey found.
Posted inAccounting & Auditing
Rio Tinto to pay $28M in SEC fraud case
Rio Tinto consented to pay a $28 million fine to resolve charges levied by the Securities and Exchange Commission alleging the mining company and its executives committed fraud by inflating the value of coal assets.
Posted inAccounting & Auditing
KPMG Japan fined $500K over journal entry quality controls
The Japanese affiliate of Big Four audit firm KPMG was assessed a $500,000 penalty by the Public Company Accounting Oversight Board for quality control deficiencies regarding journal entry testing.
Posted inAccounting & Auditing
Charter Communications fined $25M over stock buyback violations
The Securities and Exchange Commission fined Charter Communications $25 million for violating internal accounting control requirements related to stock buybacks.
Posted inAccounting & Auditing
PwC Greece fined $3M for due care, skepticism failures
The Greece-based branch of Big Four audit firm PwC agreed to pay $3 million as part of a settlement with the Public Company Accounting Oversight Board addressing alleged failures in due professional care and appropriate skepticism regarding an audit of a marine fuel logistics company.
