The U.K. Financial Reporting Council fined audit firm Mazars £72,000 (U.S. $92,000) for “wide-ranging failings” in its audit of an unnamed market traded company.
Accounting & Auditing
Posted inAccounting & Auditing
Lovesac facing shareholder pressure over accounting errors
The Lovesac Company disclosed it expects to restate certain of its 2023 financial statements after an internal investigation uncovered accounting errors related to its recording of last mile freight expenses.
Posted inAccounting & Auditing
SEC fines Malvern Bank, ex-CFO for material misstatements
Malvern Bancorp and its former chief financial officer agreed to pay a combined $390,000 to settle allegations levied by the Securities and Exchange Commission regarding antifraud, reporting, books and records, and internal accounting control violations.
Posted inAccounting & Auditing
Ault Alliance fined $700K over disclosure lapses
Diversified holding company Ault Alliance agreed to pay $700,000 as part of a settlement with the Securities and Exchange Commission addressing allegations of misleading disclosures and reporting violations.
Posted inAccounting & Auditing
SEC fines Crowe U.K. $750K over deficient Akazoo audit
The U.K. arm of audit firm Crowe agreed to pay $750,000 as part of a settlement with the Securities and Exchange Commission for alleged professional care and skepticism failures regarding its 2018 audit of music streaming subscription company Akazoo.
Posted inAccounting & Auditing
PCAOB fines three in latest reporting requirement sweep
The Public Company Accounting Oversight Board continued its crackdown on reporting requirement violations with penalties against three audit firms, including a BDO affiliate.
Posted inAccounting & Auditing
PCAOB fines K G Somani over audit quality lapses
The Public Company Accounting Oversight Board announced a $125,000 penalty against India-based audit firm K G Somani & Co. for alleged violations of quality control standards.
Posted inAccounting & Auditing
Canoo to pay $1.5M over misstatements, disclosure lapses
Electric vehicle manufacturer Canoo agreed to pay $1.5 million as part of a settlement with the Securities and Exchange Commission for alleged material misrepresentations regarding revenue and failing to properly disclose executive compensation.
Posted inAccounting & Auditing
AA report: Inflation helps drive audit fees to all-time high
Average audit fees paid to external auditors by Securities and Exchange Commission registrants reached record totals in fiscal year 2022, according to the latest annual study.
Posted inAccounting & Auditing
PCAOB fines five in audit committee communications sweep
The Public Company Accounting Oversight Board announced penalties ranging from $30,000-$50,000 against five firms for violations regarding communications with audit committees as part of its latest enforcement sweep.
