A steady increase in the rate of deficiencies observed by the Public Company Accounting Oversight Board during audit inspections the past three years has the head of the agency calling on firms to “make changes to turn things around.”
Accounting & Auditing
Posted inAccounting & Auditing
Booz Allen to pay $377.5M in improper billing case
Booz Allen Hamilton agreed to pay approximately $377.5 million as part of a settlement with the Department of Justice regarding alleged False Claims Act violations stemming from improper billing of commercial and international costs in government contracts.
Posted inAccounting & Auditing
Tech capabilities key to finance support of ESG reporting
Finance and accounting is increasingly relied on to provide support regarding companies’ ESG disclosures without being granted additional resources. Technology that enables automation serves as a solution to reduce this burden.
Posted inAccounting & Auditing
U.K. corporate governance reforms target resilience, fraud assessment
The United Kingdom introduced for debate corporate reporting reforms that would require the country’s largest companies to set out their risk management and resilience strategies as part of required annual reporting.
Posted inAccounting & Auditing
PCAOB general counsel to depart
The Public Company Accounting Oversight Board announced the departure of Kenneth Lench as general counsel.
Posted inAccounting & Auditing
PCAOB penalizes CohnReznick for late disclosure of SEC fine
Audit firm CohnReznick agreed to pay a $20,000 fine levied by the Public Company Accounting Oversight Board for allegedly disclosing late a penalty it received from the Securities and Exchange Commission.
Posted inAccounting & Auditing
ADT discloses ICFR weaknesses related to impairment calculations
Home security company ADT said it will restate several of its recent financial statements after discovering errors in its calculation of goodwill impairment losses at its solar reporting unit.
Posted inAccounting & Auditing
FRC 2022/23 audit inspections: Big Four steady; BDO and Mazars improve
The U.K. Financial Reporting Council noted overall improvement in annual inspection and supervision results for the largest audit firms for a fourth consecutive year as part of its latest quality review.
Posted inAccounting & Auditing
SEC orders Future FinTech Group to pay $1.65M over accounting lapses
Future FinTech Group agreed to pay $1.65 million to settle charges levied by the Securities and Exchange Commission for filing materially inaccurate annual reports and failing to maintain adequate books, records, and internal control over financial reporting.
Posted inAccounting & Auditing
Smart window-maker View avoids penalty in liability disclosure case
View, a California-based manufacturer of smart windows, avoided civil penalties after self-reporting apparent disclosure violations to the Securities and Exchange Commission.
