Accounting & Auditing

ESG assurance


Path to ESG assurance a crawl-walk-run exercise


It’s important companies exercise patience when determining when to begin an assurance engagement, experts explained during a session at CW’s virtual ESG Summit.


News Brief

PCAOB proposal increases stakes on auditor negligence


Rule amendments proposed by the Public Company Accounting Oversight Board would enable the agency to penalize individual auditors more easily when their conduct is deemed to have contributed to violations by their firms.

SEC office

News Brief

SEC fines former Marcum partner for causing control failures


An ex-partner at Marcum agreed to pay $75,000 to settle charges by the Securities and Exchange Commission he failed to remediate numerous quality control deficiencies magnified by the audit firm’s special purpose acquisition company client boom.

California skyline


California cybersecurity audit rule scope begins taking shape at CPPA meeting


A final version of California’s cybersecurity audit rules likely won’t be released until later next year at the earliest, according to a rough timeline discussed by the California Privacy Protection Agency.


News Brief

SEC fines Fluor $14.5M over accounting lapses


Engineering and construction company Fluor Corp. agreed to pay $14.5 million to settle allegations by the Securities and Exchange Commission that accounting deficiencies led to restatements on nearly three years of financial statements.


News Brief

Plug Power settles with SEC over accounting woes; warned of added $5M fine


Plug Power was fined $1.25 million as part of a settlement with the Securities and Exchange Commission over alleged accounting failures that the company agreed to fully remediate within one year or face an additional penalty.

ESG concept


Appreciating ESG fraud risk management

2023-08-31T13:00:00+01:00By Tim Klatte, CW guest columnist

The factors that surround the environmental, social, and governance disciplines have grown from just a few to more than 50 considerations, indicating all three ESG elements carry equal weight when evaluating a proper corporate strategy.

Audit review

News Brief

PCAOB fines Warren Averett $200K over BDO alliance ties


Accounting firm Warren Averett agreed to pay a penalty of $200,000 in resolving the first case brought by the Public Company Accounting Oversight Board regarding auditor independence violations related to a firm’s membership in an accounting alliance.



SEC chief accountant urges auditors, management widen scope on risk


Concerned auditors are missing the big picture when assessing a company’s internal control over financial reporting, the chief accountant at the Securities and Exchange Commission called on the profession—and company managers—to take a holistic approach to assessing risks.


News Brief

PCAOB fines AJ Robbins CPA, owner $150K for audit misconduct


The Public Company Accounting Oversight Board fined Colorado-based audit firm AJ Robbins CPA and its founding partner a total of $150,000 for alleged professional skepticism failures and improperly altering audit documentation.


News Brief

FRC fines Mazars $92K over missed material misstatement


The U.K. Financial Reporting Council fined audit firm Mazars £72,000 (U.S. $92,000) for “wide-ranging failings” in its audit of an unnamed market traded company.


News Brief

Lovesac facing shareholder pressure over accounting errors


The Lovesac Company disclosed it expects to restate certain of its 2023 financial statements after an internal investigation uncovered accounting errors related to its recording of last mile freight expenses.


News Brief

SEC fines Malvern Bank, ex-CFO for material misstatements


Malvern Bancorp and its former chief financial officer agreed to pay a combined $390,000 to settle allegations levied by the Securities and Exchange Commission regarding antifraud, reporting, books and records, and internal accounting control violations.


News Brief

Ault Alliance fined $700K over disclosure lapses


Diversified holding company Ault Alliance agreed to pay $700,000 as part of a settlement with the Securities and Exchange Commission addressing allegations of misleading disclosures and reporting violations.


News Brief

SEC fines Crowe U.K. $750K over deficient Akazoo audit


The U.K. arm of audit firm Crowe agreed to pay $750,000 as part of a settlement with the Securities and Exchange Commission for alleged professional care and skepticism failures regarding its 2018 audit of music streaming subscription company Akazoo.


News Brief

PCAOB fines three in latest reporting requirement sweep


The Public Company Accounting Oversight Board continued its crackdown on reporting requirement violations with penalties against three audit firms, including a BDO affiliate.

MicrosoftTeams-image (31)


Oct 5 | Focusing on control and compliance

2023-08-10T17:54:00+01:00Provided by

Amid globalization, new business models, and a constantly evolving regulatory environment, finance and accounting professionals face increasing complexities and higher transaction volumes. These issues pose challenges in delivering accurate and timely compliance and controls.


News Brief

PCAOB fines K G Somani over audit quality lapses


The Public Company Accounting Oversight Board announced a $125,000 penalty against India-based audit firm K G Somani & Co. for alleged violations of quality control standards.


News Brief

Canoo to pay $1.5M over misstatements, disclosure lapses


Electric vehicle manufacturer Canoo agreed to pay $1.5 million as part of a settlement with the Securities and Exchange Commission for alleged material misrepresentations regarding revenue and failing to properly disclose executive compensation.

blackline 300x200


Webcast: The future of accounting: Insights from industry leaders

2023-08-08T14:00:00+01:00Provided by

In today’s rapidly evolving business landscape, the accounting function is facing a trifecta of obstacles putting increasing pressure on controllers: expanding regulatory requirements, rising business complexities, and a shortage of skilled accounting professionals.

Audit concept


AA report: Inflation helps drive audit fees to all-time high


Average audit fees paid to external auditors by Securities and Exchange Commission registrants reached record totals in fiscal year 2022, according to the latest annual study.


News Brief

PCAOB fines five in audit committee communications sweep


The Public Company Accounting Oversight Board announced penalties ranging from $30,000-$50,000 against five firms for violations regarding communications with audit committees as part of its latest enforcement sweep.


News Brief

PCAOB chair: Rising audit deficiency rates ‘completely unacceptable’


A steady increase in the rate of deficiencies observed by the Public Company Accounting Oversight Board during audit inspections the past three years has the head of the agency calling on firms to “make changes to turn things around.”

DOJ wall

News Brief

Booz Allen to pay $377.5M in improper billing case


Booz Allen Hamilton agreed to pay approximately $377.5 million as part of a settlement with the Department of Justice regarding alleged False Claims Act violations stemming from improper billing of commercial and international costs in government contracts.

ESG tech


Tech capabilities key to finance support of ESG reporting


Finance and accounting is increasingly relied on to provide support regarding companies’ ESG disclosures without being granted additional resources. Technology that enables automation serves as a solution to reduce this burden.

United Kingdom

News Brief

U.K. corporate governance reforms target resilience, fraud assessment


The United Kingdom introduced for debate corporate reporting reforms that would require the country’s largest companies to set out their risk management and resilience strategies as part of required annual reporting.

blackline thumbnail


e-Book: Tech capabilities key to finance support of ESG reporting

2023-07-21T16:01:00+01:00Provided by

Businesses confronting environmental, social, and governance matters for the first time are finding value in engaging their finance and accounting teams for support.

Workiva logo 300x200


Webcast: Flywheel effect of unified ESG, audit and risk, and financial reporting

2023-07-20T14:00:00+01:00Provided by

Hear from experts about unifying financial reporting, ESG, and audit and why the sum of the whole is greater than the sum of its parts.


PCAOB general counsel to depart

2023-07-16T23:26:00+01:00By CW Staff

The Public Company Accounting Oversight Board announced the departure of Kenneth Lench as general counsel.


News Brief

PCAOB penalizes CohnReznick for late disclosure of SEC fine


Audit firm CohnReznick agreed to pay a $20,000 fine levied by the Public Company Accounting Oversight Board for allegedly disclosing late a penalty it received from the Securities and Exchange Commission.


News Brief

​ADT discloses ICFR weaknesses related to impairment calculations


Home security company ADT said it will restate several of its recent financial statements after discovering errors in its calculation of goodwill impairment losses at its solar reporting unit.



FRC 2022/23 audit inspections: Big Four steady; BDO and Mazars improve


The U.K. Financial Reporting Council noted overall improvement in annual inspection and supervision results for the largest audit firms for a fourth consecutive year as part of its latest quality review.


News Brief

SEC orders Future FinTech Group to pay $1.65M over accounting lapses


Future FinTech Group agreed to pay $1.65 million to settle charges levied by the Securities and Exchange Commission for filing materially inaccurate annual reports and failing to maintain adequate books, records, and internal control over financial reporting.

SEC building

News Brief

Smart window-maker View avoids penalty in liability disclosure case


View, a California-based manufacturer of smart windows, avoided civil penalties after self-reporting apparent disclosure violations to the Securities and Exchange Commission.


News Brief

​PwC Australia removes chief risk officer after tax scandal review


PwC Australia exited eight partners, including its former chief risk and reputation officer, following an investigation into the sharing of confidential government tax policy information at the firm.

Eddie Stobart

News Brief

PwC, KPMG fined over audit lapses at Eddie Stobart Logistics


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.

SEC building

News Brief

Marcum fined $13M for control failures magnified by SPAC client boom


Marcum agreed to pay $13 million in penalties levied by the Securities and Exchange Commission and Public Company Accounting Oversight Board for alleged quality control failures stemming from the audit firm’s work with special purpose acquisition company clients.



Nutanix discloses remediation steps following costly software misuse


A lack of oversight of employees handling vendor software is one of several failings at cloud computing company Nutanix that led to misuse, $11 million in estimated costs, and two pending lawsuits.

Diligent thumbnail


e-Book: Climate and sustainability reporting challenges

2023-06-13T02:36:00+01:00Provided by

Significant change in corporate attitudes toward environmental, social, and governance (ESG) reporting have many companies implementing controls and governance processes over the collection, review, and reporting of sustainability information for the first time.



Poll finds finance empowerment key to ESG reporting confidence


The Deloitte Center for Controllership released new data that indicates confidence levels in environmental, social, and governance financial reporting are low.

Magnifying glass

News Brief

PCAOB proposal puts pressure on auditors to find fraud


The Public Company Accounting Oversight Board proposed standard updates that would require auditors to enhance scrutiny toward potential instances of company noncompliance, including fraud, in their audit work.

Accounting fraud

News Brief

Cantaloupe fined $1.5M in SEC accounting fraud case


Electronic payments software company Cantaloupe agreed to pay a $1.5 million penalty to settle allegations of accounting fraud levied by the Securities and Exchange Commission arising from improper revenue recognition practices.

Auditboard thumbnail


e-Book: New audit risk landscape: ESG, cyber, more

2023-05-31T01:27:00+01:00Provided by

As companies face sustainability reporting challenges, accounting and audit firms are fielding increased requests for assistance, along with demands from investors and regulatory bodies for assurance on disclosures.


News Brief

Gartner to pay $2.5M to settle alleged FCPA violations in South Africa


Gartner agreed to pay nearly $2.5 million as part of a settlement with the Securities and Exchange Commission addressing alleged violations of the Foreign Corrupt Practices Act in South Africa.

SEC office

News Brief

Gaia fined $2M for subscriber overstatement, whistleblower retaliation


Digital video subscription service Gaia will pay a $2 million fine to the Securities and Exchange Commission for allegedly overstating its paid subscribers and retaliating against an internal whistleblower.

blackline 300x200


CPE Webcast: How to optimize finance and support a robust ESG practice

2023-05-18T14:00:00+01:00Provided by

Environmental, social, and governance reporting is quickly becoming a critical finance and accounting responsibility. To support ESG initiatives, organizations must navigate a growing list of priorities on top of existing workloads.

Haluk Ferden Gursel EIC 2023


Career fraud fighter Haluk Ferden Gursel honored for Lifetime Achievement


Haluk Ferden Gursel brought his experience in fraud prevention to the United Nations, World Health Organization, classroom, and more, solidifying himself as an expert on the subject and earning recognition for Lifetime Achievement at the 2023 Excellence in Compliance Awards.


News Brief

​SEC risk alert highlights transition efforts from LIBOR


The Division of Examinations at the Securities and Exchange Commission issued a risk alert to aid registered investment advisers and investment companies in their transition efforts away from the London Interbank Offered Rate.


News Brief

Philips to pay $62M to settle alleged FCPA violations in China


Dutch conglomerate Royal Philips will pay more than $62 million to settle allegations it violated the Foreign Corrupt Practices Act when its subsidiaries engaged in improper conduct to win contracts in China.

China scrutiny

News Brief

PCAOB finds ‘unacceptable’ deficiency rates in first China/Hong Kong inspections


The Public Company Accounting Oversight Board found seven of eight audit engagements it reviewed in China and Hong Kong contained “unacceptable rates” of deficiencies.