KPMG is set to pay a reduced fine of £14.4 million (U.S. $17.6 million) from the U.K. Financial Reporting Council over its botched audits at collapsed construction company Carillion and software firm Regenersis.
Citrin Cooperman was fined $200,000 by the Public Company Accounting Oversight Board for failing to meet PCAOB standards during its 2016 and 2017 year-end audits at an unnamed broker-dealer.
Finance automation solutions are enabling corporations to improve accuracy, execute tighter controls, and decrease risk. Accountants and auditors are unleashed to be more proactive, focus on complex and judgmental areas, and drive strategic business decisions.
The Commodity Futures Trading Commission proposed a rule that would replace certain swap rate clearing requirements pegged to the London Interbank Offered Rate with other alternative reference rates that are less susceptible to manipulation.
The Treasury Department unveiled a host of new sanctions against Russian and Belarusian individuals and banks, in addition to a ban on U.S.-based accounting, management consulting, and trust and corporate formation services to any person located in the Russian Federation.
While the Securities and Exchange Commission’s proposed climate-related disclosure rule is being finalized, affected companies should begin considering new attestation requirements for accelerated and large accelerated filers regarding greenhouse gas emissions.
The Securities and Exchange Commission is warning public companies they must accurately and adequately disclose the material impact on their business caused by Russia’s war against Ukraine.
Brazilian mining company Vale was accused by the Securities and Exchange Commission of making false and misleading safety audit and disclosure claims prior to the January 2019 collapse of its Brumadinho dam.
The Financial Accounting Standards Board announced a proposed standard update that would defer for two years the end date of relief provided by transition guidance for businesses shifting away from the London Interbank Offered Rate.
The U.K. Financial Reporting Council announced a reduced penalty of 1.45 million pounds (U.S. $1.8 million) against Deloitte regarding goodwill testing failures during its audit of facility management company Mitie Group for fiscal year 2016.
A former Domino’s Pizza accountant was hit with a nearly $2 million penalty for using nonpublic earnings reports to gain an advantage in illegal trading activity, according to the Securities and Exchange Commission.
The Public Company Accounting Oversight Board imposed monetary penalties and other sanctions in two unrelated actions for violations of the Sarbanes-Oxley Act and PCAOB rules and standards concerning the use of unregistered accounting firms in conducting issuer audits.
New guidance released by the International Ethics Standards Board for Accountants broadens the definition of a public interest entity and complements other recently revised provisions to the International Code of Ethics for Professional Accountants.
The “2022 Global Lease Accounting Survey” from EY and LeaseAccelerator covers how public and private companies address U.S. and international accounting requirements and challenges they have had and expect to face post-implementation.
The U.K. Financial Reporting Council has launched an investigation into Deloitte regarding its audits performed at passenger transport company Go-Ahead Group.
Goodwill impairment recorded by U.S. public companies more than doubled in 2020, but the total still fell short of the figure observed at the onset of the 2008 financial crisis, according to the latest annual report from Kroll.
The number of cybersecurity breaches disclosed by public companies in 2021 increased 44 percent while reports of ransomware attacks also surged, according to the latest Audit Analytics study.
Scott Marcello, the former vice chair of audit at KPMG during the Big Four firm’s infamous cheating scandal, was fined a record $100,000 by the Public Company Accounting Oversight Board for his supervision failures.
Joseph Kostelecky, former executive VP of U.S. operations at Poseidon Concepts, was sentenced to three years in prison and ordered to pay approximately $406.2 million in restitution for perpetrating a scheme to fraudulently inflate the company’s reported revenue.
Auditors must emphasize continuous monitoring and reassessment of relevant implications in navigating the economic climate following Russia’s invasion of Ukraine, according to guidance from the Public Company Accounting Oversight Board.
The Financial Accounting Standards Board finalized amendments to its credit losses standard aimed at enhancing loan modification and writeoff disclosures.
Audit client turnover 2021: Deloitte, Grant Thornton lead national firms; EY, KPMG, PwC see declines
Deloitte and Grant Thornton each had net increases in new public company audit clients in 2021, but all but one of the other Big Four and global and national firms experienced net decreases or no change, according to the latest annual study.
Technology giant Baidu is the latest high-profile Chinese company to be warned by the Securities and Exchange Commission of potential delisting under the Holding Foreign Companies Accountable Act.
A bill that proposes to create a whistleblower program for the Public Company Accounting Oversight Board has been reintroduced to the House after failing to be acted upon by the Senate in 2019.
The Financial Accounting Standards Board issued an update designed to further align its derivatives and hedging standard with risk management strategies employed by organizations.
The Public Company Accounting Oversight Board published its annual report highlighting feedback received from its discussions with audit committee chairs at U.S. public companies during the previous year.
The Securities and Exchange Commission added Chinese social media giant Weibo Corp. to its list of companies not in compliance with the Holding Foreign Companies Accountable Act.
The Securities and Exchange Commission has notified five China-based public companies they could be delisted from U.S. stock exchanges if they do not allow their audits to be inspected by the Public Company Accounting Oversight Board.
The U.K. Financial Reporting Council announced a reduced fine of 875,000 pounds (U.S. $1.15 million) against KPMG for audit failings in its work at bar chain Revolution Bars Group for the fiscal years ended 2015 and 2016.
Public companies receiving going concern audit opinions during fiscal year 2020 were at the lowest number and percentage in the past 21 years, with little change among common issues, according to the latest report from Audit Analytics.
The Canadian affiliate of Big Four audit firm PwC has agreed to pay $950,000 in penalties between audit regulators in the United States and Canada after discovering widespread cheating among employees taking internal exams.
Two prominent audit committee chairs speak to the results of a Deloitte Center for Board Effectiveness and Center for Audit Quality report on audit committee practices and the major issues audit committees face today.
American multinational healthcare product company Baxter International agreed to pay $18 million as part of a settlement with the Securities and Exchange Commission for accounting violations related to the recording of foreign currency transactions.
The amount of accounting and audit enforcement actions by the Securities and Exchange Commission and Public Company Accounting Oversight Board decreased in 2021, resulting in a sharp decline in monetary settlements, according to Cornerstone Research.
An investor-focused panel at a recent event shared views on investors’ perspectives about current and future use of ESG metrics and disclosures and where common ground can be found between the providers and users of the information.
Details to emerge from the disciplinary tribunal regarding KPMG’s conduct during its work at Carillion and Regenersis could have ramifications for the Big Four firm, the audit profession more widely, and potential future regulation and monitoring.
The Public Company Accounting Oversight Board published 2020 inspection reports for a handful of large U.S. audit firms outside the Big Four. Marcum and RSM had the most audit deficiencies identified of the group.
KPMG is facing a £1.3 billion (U.S. $1.8 billion) lawsuit for missing “red flags” during its audits at failed construction company Carillion, which creditors say was insolvent more than two years before it collapsed.
Total and average audit fees in 2020 each declined for the first time since 2010, according to the latest Audit Analytics research.
The U.K. Financial Reporting Council expects to receive greater staffing and resources to ramp up the number of investigations it carries out over 2022 as it prepares to make way for a new regulator next year.
IAASB Chair Tom Seidenstein discusses with Compliance Week the organization’s current and future efforts to improve audit quality, the biggest challenges to audit confidence today, and what emerging issues might be around the corner.
Preparers speaking at a pair of recent high-profile accounting and auditing conferences discuss current practices and the challenges their controllership teams face in ESG reporting and governance.
The pandemic has forced companies to make significant changes to their internal audit processes and how they prepare for external auditors to review their financials. A recent CW webcast sponsored by BlackLine explored how technology can help meet these new challenges.
This e-Book from Compliance Week and audit cloud software vendor BlackLine Systems focuses on how companies are enhancing their audit processes amid the ongoing pandemic.
The U.K. Financial Reporting Council announced sanctions against KPMG regarding its audits at now-collapsed alcohol retailer Conviviality, in addition to a settlement with the Big Four firm concerning its work at software company Regenersis.
The U.K. Financial Reporting Council has expanded its investigation into PwC over its statutory audits of British defense contractor Babcock International Group to include the fiscal years ended March 31, 2019, and March 31, 2020.
Erica Williams assumes leadership of a newly reconstituted Public Company Accounting Oversight Board that can count implementation of the Holding Foreign Companies Accountable Act among its top priorities.
Austrian technology company S&T AG has ordered a forensic audit of its corporate structure and several recent acquisitions in response to allegations made by short seller Viceroy Research.
A study of suspicious activity reporting data in the United Kingdom suggests accountants, lawyers, estate agents, and other service-facing professionals could be doing more to contribute to the fight against financial crime.
The ISACA, an international professional association focused on IT governance, released three new resources designed to assist audit professionals in enhancing their skills to meet the needs of the evolving audit landscape.