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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-03-08T17:17:00
The U.K. Financial Reporting Council (FRC) fined Big Four firm PwC more than 5.6 million pounds (U.S. $6.6 million) for failing to challenge management, obtain sufficient evidence, and follow basic requirements while conducting audits of a British defense contractor and its subsidiary.
The FRC’s final settlement notice, made public Wednesday but issued Jan. 3, also fined two former PwC audit partners for their work at Babcock International Group for the fiscal years ended 2017 and 2018 and Babcock subsidiary Devonport Royal Dockyard for FY2018.
The FRC said its investigation of the audits of Babcock and Devonport found “numerous, serious breaches” of U.K. auditing standards. Deficiencies included “repeated failures to challenge management and obtain sufficient appropriate evidence” and “failure to follow basic audit requirements, evidencing a lack of competence, care, or diligence,” the regulator said in a press release.
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2023-06-29T20:30:00Z By Kyle Brasseur
The U.K. Financial Reporting Council separately penalized Big Four audit firms PwC and KPMG for deficiencies in their work at transport company Eddie Stobart Logistics for the financial years ended 2018 and 2017, respectively.
2023-04-18T17:13:00Z By Kyle Brasseur
The U.K. Financial Reporting Council is investigating the work of Big Four firm KPMG during a 2021 audit at agriculture and engineering services provider Carr’s Group.
2023-02-16T15:14:00Z By Kyle Brasseur
The U.K. Financial Reporting Council launched an investigation into Big Four firm PwC’s audit work at collapsed real estate investment trust Intu Properties.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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