By Kyle Brasseur2023-11-15T22:18:00
The Japanese affiliate of Big Four audit firm KPMG was assessed a $500,000 penalty by the Public Company Accounting Oversight Board (PCAOB) for quality control deficiencies regarding journal entry testing.
KPMG Japan must review and evaluate its policies and procedures concerning journal entry testing after the PCAOB found the firm’s policies insufficient to provide reasonable assurance its auditors were conducting testing in line with applicable standards, the regulator said in a press release Wednesday.
The firm’s violations occurred from 2019-21, the PCAOB said in its order. During that time, the regulator found KPMG Japan’s system of quality control failed to include adequate monitoring procedures to ensure effective journal entry testing.
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The Federal Trade Commission (FTC) accused business credit reporting company Dun & Bradstreet of failing to comply with the commission’s 2022 order.
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The Consumer Financial Protection Bureau (CFPB) terminated two consent orders with mortgage lenders in September as the agency’s enforcement power shrinks under Trump-era cuts.
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Amazon settled a complaint with the U.S. Federal Trade Commission Thursday over allegedly enrolling consumers into its Amazon Prime subscription and making it difficult to cancel. The FTC says the amount of the settlement is one of the biggest in its history.
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