The Division of Examinations at the Securities and Exchange Commission issued a risk alert to aid registered investment advisers and investment companies in their transition efforts away from the London Interbank Offered Rate.
Accounting & Auditing
Posted inAccounting & Auditing
Philips to pay $62M to settle alleged FCPA violations in China
Dutch conglomerate Royal Philips will pay more than $62 million to settle allegations it violated the Foreign Corrupt Practices Act when its subsidiaries engaged in improper conduct to win contracts in China.
Posted inAccounting & Auditing
PCAOB finds ‘unacceptable’ deficiency rates in first China/Hong Kong inspections
The Public Company Accounting Oversight Board found seven of eight audit engagements it reviewed in China and Hong Kong contained “unacceptable rates” of deficiencies.
Posted inAccounting & Auditing
FRC probing Deloitte work at retailer Joules Group
The U.K. Financial Reporting Council launched an investigation into the work of Big Four audit firm Deloitte at collapsed clothing retailer Joules Group.
Posted inAccounting & Auditing
COSO report offers updated fraud risk management program blueprint
A new report from the Committee of Sponsoring Organizations of the Treadway Commission offers a blueprint to organizations for establishing an overall fraud risk management program.
Posted inAccounting & Auditing
RSM US promotes national risk consulting leader to chief risk officer
Assurance, tax, and consulting services firm RSM US announced the promotion of National Leader of Risk Consulting John Brackett as chief risk officer.
Posted inAccounting & Auditing
FRC: KPMG audit failings at The Works exacerbated by Covid-19
The U.K. Financial Reporting Council fined Big Four audit firm KPMG approximately £1 million (U.S. $1.2 million) for deficiencies in its work on the 2020 year-end financials of discount retailer TheWorks.co.uk.
Posted inAccounting & Auditing
Frank’s International to pay $8M in FCPA case
Dutch oilfield services provider Frank’s International agreed to pay nearly $8 million as part of a settlement with the Securities and Exchange Commission for allegedly paying bribes to influence oil drilling contracts in Angola.
Posted inAccounting & Auditing
IRB Brasil to pay shareholders $5M over CFO’s claims
Brazilian reinsurance company IRB Brasil RE agreed to pay $5 million to harmed investors after its former chief financial officer allegedly lied about Berkshire Hathaway investing in the company.
Posted inAccounting & Auditing
FRC investigating EY audits of Made.com, unnamed firm
The U.K. Financial Reporting Council announced the launch of two separate investigations regarding audits performed by Big Four firm EY, including a probe into the 2021 financials of collapsed online furniture retailer Made.com.
