Audit firm RSM and three of its senior-level employees were charged with improper professional conduct by the SEC for signing off on inflated revenues logged by public company Revolution Lighting Technology over four fiscal years of audits.
Accounting & Auditing
Posted inAccounting & Auditing
Tupperware Brands fined $900K for accounting failures at Mexico unit
Tupperware Brands Corp. agreed to pay $900,000 to settle SEC charges of failing to maintain sufficient internal accounting controls and keep accurate books and records at its Mexico affiliate.
Posted inAccounting & Auditing
Barclays to pay $361M to resolve sales of unregistered securities
Barclays PLC and Barclays Bank agreed to pay $361 million to resolve allegations from the SEC the bank failed to implement internal controls to track the sale of $17.7 billion worth of unregistered securities transactions.
Posted inAccounting & Auditing
Deloitte China fined $20M for ‘basic’ audit standard violations
The Chinese affiliate of Big Four audit firm Deloitte agreed to pay a $20 million penalty and undertake extensive remedial measures as part of a settlement with the SEC for audit failures that included asking clients to conduct their own audit work.
Posted inAccounting & Auditing
Clarity lacking in tribunal report on KPMG’s Carillion, Regenersis failings
The release of the independent tribunal report into the misconduct of KPMG and five of its former employees for falsifying information in the audits of Carillion and Regenersis provides further details about how the work was doctored—but not why.
Posted inAccounting & Auditing
ESG Summit: Adapting businesses should look beyond what is financially material
Christopher Geiger, vice president of internal audit and enterprise risk at Lockheed Martin, explained how businesses must form resilience as they prepare for future risks regarding environmental, social, and governance during CW’s virtual ESG Summit.
Posted inAccounting & Auditing
Compass Minerals fined $12M for disclosure control lapses
Compass Minerals International, a Kansas-based mining company, agreed to pay a $12 million fine to the Securities and Exchange Commission to resolve allegations deficiencies in its disclosure controls led to failures at facilities it operates in Canada and Brazil.
Posted inAccounting & Auditing
Friedman to pay $1.5M for missed red flags in two audits
Accounting firm Friedman will pay more than $1.5 million to settle charges it failed to comply with the standards of the Public Company Accounting Oversight Board while auditing two companies.
Posted inAccounting & Auditing
Former EY director to pay $24K for insider trading
Michael Weiss, a former Ernst & Young business development director, agreed to pay $23,900 to settle charges levied by the Securities and Exchange Commission he engaged in insider trading.
Posted inAccounting & Auditing
PwC appoints global ESG leader
Big Four audit firm PwC announced the appointment of Will Jackson-Moore as global environmental, social, and governance (ESG) leader.
