Acacia Research Corp. disclosed the completed findings of its internal investigation into former CEO Clifford Press and whether he misappropriated corporate funds and resources for personal use.
Accounting & Auditing
Posted inAccounting & Auditing
Democratic senators push PCAOB to crack down on crypto audit work
Sens. Elizabeth Warren (D-Mass.) and Ron Wyden (D-Ore.) called on the Public Company Accounting Oversight Board to address so-called “sham audits” of cryptocurrency companies by registered auditors in the aftermath of the collapse of FTX.
Posted inAccounting & Auditing
PCAOB inspections: SPACs lend to Marcum struggles
The Public Company Accounting Oversight Board’s latest batch of 2021 audit inspection reports included a setback in results for Marcum largely related to the firm’s work dealing with special purpose acquisition companies.
Posted inAccounting & Auditing
Ex-GigaTrust CEO sentenced to five years for $50M fraud
The former chief executive officer of email security company GigaTrust was sentenced to five years in prison for fabrications that allowed him and two other executives to defraud investors and lenders of millions.
Posted inAccounting & Auditing
Audit exam cheating findings spark concern of endemic trend
Recent penalties against Big Four audit firms KPMG, PwC, and EY over allegations of widespread exam cheating have raised concerns prompting regulators to investigate the extent of the practice.
Posted inAccounting & Auditing
Report: Audit committees bracing for increased role in ESG, ERM, cyber
A new report from the Center for Audit Quality and Deloitte found corporate boards are taking a fresh look at their audit committee structures and practices to respond to emerging corporate reporting areas and increased risks.
Posted inAccounting & Auditing
Climate and sustainability reporting challenges: Auditors’ perspectives
Partners from several of the top global accounting firms shared perspectives about the state of sustainability reporting and the impact on auditors and their clients at a recent industry event.
Posted inAccounting & Auditing
FRC probing EY audit of Veolia unit
The U.K. Financial Reporting Council launched an investigation into Big Four audit firm EY’s work at Scotland-based Stirling Water Seafield Finance.
Posted inAccounting & Auditing
Former GigaTrust CFO pleads guilty to impersonating auditors
The former chief financial officer of bankrupt email security business GigaTrust faces up to five years in prison after pleading guilty to defrauding investors and lenders of $50 million by impersonating auditors and fabricating reports.
Posted inAccounting & Auditing
Former SPAC CFO pleads guilty to embezzlement scheme
Cooper Morgenthau, the former chief financial officer of African Gold Acquisition Corp., pleaded guilty to one count of wire fraud after embezzling more than $5 million for personal stock and cryptocurrency ventures.
