Disruptions to normal operations and shifts in work environments as a result of the COVID-19 pandemic caused an increase in late filings and changes to controls, according to new research from Audit Analytics.
Accounting & Auditing
Posted inAccounting & Auditing
Ex-Cavco Industries CCO charged with accounting control failures
The former CFO and chief compliance officer of Cavco Industries has been charged by the SEC with internal accounting control failures and for misleading the company’s auditor regarding an insider trading matter.
Posted inAccounting & Auditing
SEC fines telecom Parateum $500K for overstating revenue
New York City-based telecom Pareteum Corp. will pay $500,000 to settle SEC charges it committed fraud by overstating its revenue by approximately $42 million over six quarters and providing false information to auditors.
Posted inAccounting & Auditing
Kraft Heinz fined $62M in SEC accounting probe
Kraft Heinz agreed to pay $62 million as part of a settlement with the SEC for improper accounting that led to the restatement of several years of financial reporting.
Posted inAccounting & Auditing
Study: Auditor assurance over ESG reporting still in early stages
Despite an increase in ESG disclosures that is expected to continue, a significantly low number of public companies have obtained audit firm assurance regarding that reporting, according to a new study.
Posted inAccounting & Auditing
SEC charges CCO for role in TMG fraud scheme
Steven Wolfe, the former chief compliance officer of investment adviser Tellone Management Group, has been charged by the SEC for his role in a fraudulent scheme to hide information from investors.
Posted inAccounting & Auditing
FRC: KPMG provided ‘false’ info in Carillion, Regenersis audit inspections
The U.K. Financial Reporting Council issued a disciplinary formal complaint against KPMG for allegedly providing “false and misleading” information during inspections into the Big Four firm’s audits of Carillion and Regenersis.
Posted inAccounting & Auditing
U.K. audit breakup plan hits snag without Big Four support
The Big Four audit firms have refused to back a U.K. government plan to break their dominance of the market by forcing them to share work with smaller competitors to give them a foothold.
Posted inAccounting & Auditing
Changing accounting standards driving financial process remediations
In response to new standards affecting leases, revenue recognition, and credit losses, public companies have significantly changed their financial processes in the past year and are not done yet, according to data from Deloitte.
Posted inAccounting & Auditing
EY fined $3M in U.K. for Stagecoach audit failings
The U.K. Financial Reporting Council ordered EY to pay a reduced fine of £2.2 million (U.S. $3 million) related to its audits of international transport company Stagecoach Group for the 2017 financial year.
