The U.K. Financial Reporting Council is investigating the work of Big Four firm KPMG during a 2021 audit at agriculture and engineering services provider Carr’s Group.
Accounting & Auditing
Posted inAccounting & Auditing
KPMG fined $1.1M for admitted deficiencies in Luceco audit
Big Four audit firm KPMG and one of its former directors were disciplined by the U.K. Financial Reporting Council regarding eight admitted breaches of relevant requirements in their fiscal year 2016 work at lighting and wiring product distributor Luceco.
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Former Celadon COO, CFO settle SEC accounting fraud charges for $50K
Two former executives of trucking company Celadon Group each agreed to pay $50,000 to settle charges levied by the Securities and Exchange Commission they engaged in accounting fraud to inflate the company’s earnings.
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Need to know: FASB proposal on accounting for crypto assets
The Financial Accounting Standards Board issued a proposed accounting standards update to improve accounting and disclosures for certain crypto assets.
Posted inAccounting & Auditing
SEC charges three Austal USA execs with accounting fraud
Three executives at the U.S. subsidiary of Australian defense contractor Austal Limited were charged with accounting fraud for allegedly participating in a three-year scheme to lower cost estimates and prematurely book revenue.
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EY Germany receives two-year ban over Wirecard audit work
Big Four audit firm EY will be prohibited from taking on new public interest clients in Germany for two years following an investigation into its work at collapsed payment processor Wirecard.
Posted inAccounting & Auditing
New COSO guidance tackles sustainability reporting
The Committee of Sponsoring Organizations of the Treadway Commission created a framework for companies seeking to achieve effective internal control over sustainability reporting.
Posted inAccounting & Auditing
Spicer Jeffries avoids fine in improper audit conduct case
Spicer Jeffries and one of its audit engagement partners were spared financial penalties in settling with the Securities and Exchange Commission over allegations of improper professional conduct during the audits of two private funds.
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Vale to pay $55.9M in SEC settlement over dam disclosures
Brazilian mining company Vale agreed to pay $55.9 million to settle Securities and Exchange Commission charges it issued false and misleading statements regarding the safety conditions of its dams.
Posted inAccounting & Auditing
Audit client turnover 2022: Deloitte gains among Big Four, Marcum biggest winner
Deloitte was the only Big Four audit firm to net positive in new public company clients in 2022, while Marcum saw the largest overall gains a year removed from losing 110 clients, according to the latest annual study.
