Canadian cannabis company Cronos Group and its former chief commercial officer each avoided fines in reaching settlements with the Securities and Exchange Commission over alleged accounting fraud.
Accounting & Auditing
Posted inAccounting & Auditing
Impact of FASB measuring crypto assets at fair value
The Financial Accounting Standards Board tentatively decided to require crypto assets that are in scope to be measured at fair value. Experts discuss the evolving ramifications of the project.
Posted inAccounting & Auditing
Mattel fined $3.5M over accounting misstatements; ex-PwC partner could face discipline
The Securities and Exchange Commission fined Mattel $3.5 million for allegedly overstating tax expenses and initiated litigation against a former PwC partner accused of failing to inform the toy company’s audit committee about its financial statement errors.
Posted inAccounting & Auditing
KPMG affiliates fined $275K for using unregistered firms
Three affiliates of KPMG agreed to pay a total of $275,000 in penalties for failing to disclose unregistered firm participation in public company audits—the latest such PCAOB enforcement cases for the global accounting firm.
Posted inAccounting & Auditing
Spielman Koenigsberg & Parker partner fined record $150K for misleading PCAOB
Jonathan Taylor, an audit partner at accounting firm Spielman Koenigsberg & Parker, agreed to pay a record $150,000 fine handed down by the Public Company Accounting Oversight Board for misleading its investigators over the course of multiple inspections.
Posted inAccounting & Auditing
SEC official advises auditors shift mindset on fraud detection
Paul Munter, acting chief accountant at the Securities and Exchange Commission, issued a statement highlighting auditors’ responsibilities in fighting fraud, including his office’s recent observations of shortcomings in the area.
Posted inAccounting & Auditing
Need to know: FASB requires supplier finance program disclosures
The Financial Accounting Standards Board added new disclosure requirements for buyers of goods and services intended to increase transparency about how they use supplier finance programs.
Posted inAccounting & Auditing
FRC probing Mazars audit of Studio Retail Group
The U.K. Financial Reporting Council announced it opened an investigation into accounting firm Mazars regarding its audit of financial statements at Studio Retail Group.
Posted inAccounting & Auditing
PCAOB fines four firms for failing to identify who led, participated in audits
The Public Company Accounting Oversight Board penalized four audit firms for failing to disclose who led specific audits for their firms and whether any other firms were involved in those audits.
Posted inAccounting & Auditing
AA study: Total audit fees rise in 2021
Total audit fees increased in fiscal year 2021 as the number of Securities and Exchange Commission registrants reached its highest total in six years, according to the latest annual review from Audit Analytics.
