Accounting & Auditing

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AuditOpinionFeature

SEC accuses Prager Metis of hundreds of auditor independence violations

2023-09-29T21:45:00+01:00By

Accounting firm Prager Metis violated auditor independence rules through use of indemnification provisions in its engagement letters hundreds of times during a period of nearly three years, the Securities and Exchange Commission charged in a lawsuit.

Exelon

Exelon, ComEd fined $46M by SEC over bribery scandal

2023-09-29T18:41:00+01:00By

Exelon and its subsidiary Commonwealth Edison agreed to pay $46.2 million as part of a settlement with the Securities and Exchange Commission related to their Illinois bribery and lobbying scandal that previously earned ComEd a deferred prosecution agreement.

Newell Brands

Newell, ex-CEO settle with SEC over sales disclosures

2023-09-29T17:18:00+01:00By

Consumer products company Newell Brands agreed to pay $12.5 million as part of a settlement with the Securities and Exchange Commission addressing allegations the company misled investors about its core sales growth.

Billboard

Clear Channel Outdoor to pay $26M in FCPA case over China bribes

2023-09-28T20:59:00+01:00By

Clear Channel Outdoor Holdings agreed to pay more than $26 million as part of a settlement with the Securities and Exchange Commission alleging its former China-based subsidiary bribed government officials to obtain outdoor advertising contracts.

SECBooks

Ex-Marcum partner suspended by SEC over Ault Alliance work

2023-09-28T17:44:00+01:00By

A former engagement quality review partner at Marcum agreed to pay a $30,000 penalty and be suspended as part of a settlement with the Securities and Exchange Commission addressing alleged violations of audit standards in his work at diversified holding company Ault Alliance.

Deloitte

Deloitte Colombia fined $900K by PCAOB for quality control violations

2023-09-27T20:21:00+01:00By

A Colombian affiliate of Big Four audit firm Deloitte agreed to pay $900,000 as part of a settlement with the Public Company Accounting Oversight Board addressing alleged quality control lapses that occurred during the 2016 audit of a bank.

Hyzon

Hyzon Motors fined $25M by SEC for alleged fraud

2023-09-27T18:15:00+01:00By

Hyzon Motors, a global supplier of hydrogen fuel cell-powered heavy vehicles, was assessed a $25 million penalty by the Securities and Exchange Commission in agreeing to settle charges it and its former executives misled investors regarding the sales of its vehicles.

BDO

BDO fined $2M by PCAOB for estimate evaluation lapses

2023-09-26T22:02:00+01:00By

BDO was assessed a $2 million penalty as part of a settlement with the Public Company Accounting Oversight Board addressing alleged failures in the firm’s audit work at defunct healthcare services provider AAC Holdings.