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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Nine affiliates of KPMG agreed to pay a total of nearly $3.4 million for alleged violations of audit and quality control standards, while PwC Singapore will pay $1.5 million to settle separate allegation that the firm manipulated independence compliance reporting.
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KPMG agreed to pay a reduced penalty of nearly £1.5 million (U.S. $1.9 million) assessed by the U.K. Financial Reporting Council addressing admitted failings in the Big Four audit firm’s financial year 2018 work at advertising services company M&C Saatchi.
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The Greece-based branch of Big Four audit firm PwC agreed to pay $3 million as part of a settlement with the Public Company Accounting Oversight Board addressing alleged failures in due professional care and appropriate skepticism regarding an audit of a marine fuel logistics company.
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The U.S. Department of Justice arppoved T-Mobile’s acquisition of competitor UScellular. The move came a day after T-Mobile announced it had dropped its diversity, equity, and inclusion programs, a frequent target for Trump’s administration.
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The state of Florida is investigating Robinhood Crypto for falsely claiming it charges the lowest fees for processing crypto transactions.
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CVS has vowed to appeal $948.8 million in fines and damages imposed by a judge Tuesday on its Omnicare unit, for billing Medicare for tens of thousands of false claims.
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