PwC will pay a total of nearly £5 million (U.S. $6.2 million) as part of a pair of enforcement actions announced by the U.K. Financial Reporting Council regarding deficiencies in the Big Four firm’s audits at construction companies Galliford Try and Kier Group.
Accounting & Auditing
Posted inAccounting & Auditing
Report: SPACs drive restatement surge in 2021
The total number of restatements and individual companies disclosing restatements in 2021 rose to their highest levels since 2006, according to Audit Analytics’ latest annual review.
Posted inAccounting & Auditing
PCAOB bars former BF Borgers director over repeated audit failures
The Public Company Accounting Oversight Board barred Bo-Shiang Lien, a former audit director and nonequity partner at BF Borgers, for at least two years for violations of PCAOB rules and standards as part of four audits across three public companies.
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KPMG fined $4.3M for undocumented red flags in Rolls-Royce corruption case
The U.K. Financial Reporting Council announced a reduced penalty of approximately £3.4 million (U.S. $4.3 million) against KPMG for failures in its 2010 audit of car maker Rolls-Royce.
Posted inAccounting & Auditing
What to consider as FASB tackles digital assets
The Financial Accounting Standards Board unanimously decided to add a project to its technical agenda on the accounting and disclosure for certain digital assets, including cryptocurrencies. Experts weigh in on the current landscape and what form the project might take.
Posted inAccounting & Auditing
KPMG facing $17.6M fine following Carillion tribunal
KPMG is set to pay a reduced fine of £14.4 million (U.S. $17.6 million) from the U.K. Financial Reporting Council over its botched audits at collapsed construction company Carillion and software firm Regenersis.
Posted inAccounting & Auditing
PCAOB fines Citrin Cooperman $200K over audit failures
Citrin Cooperman was fined $200,000 by the Public Company Accounting Oversight Board for failing to meet PCAOB standards during its 2016 and 2017 year-end audits at an unnamed broker-dealer.
Posted inAccounting & Auditing
CFTC proposal furthers transition from LIBOR in swaps
The Commodity Futures Trading Commission proposed a rule that would replace certain swap rate clearing requirements pegged to the London Interbank Offered Rate with other alternative reference rates that are less susceptible to manipulation.
Posted inAccounting & Auditing
New sanctions add ban on U.S. accounting, management consulting work in Russia
The Treasury Department unveiled a host of new sanctions against Russian and Belarusian individuals and banks, in addition to a ban on U.S.-based accounting, management consulting, and trust and corporate formation services to any person located in the Russian Federation.
Posted inAccounting & Auditing
Need to know: SEC climate-related disclosure attestation requirements
While the Securities and Exchange Commission’s proposed climate-related disclosure rule is being finalized, affected companies should begin considering new attestation requirements for accelerated and large accelerated filers regarding greenhouse gas emissions.
