Former KPMG inspections leader Thomas Whittle was sentenced to two years of supervised release for his role in the Big Four firm’s cheating scandal that saw three of his colleagues and co-conspirators receive time behind bars.
In a bipartisan and unanimous vote, the House passed a bill Wednesday that could kick publicly traded Chinese-based companies off U.S. exchanges.
The coronavirus pandemic has dramatically altered the risk landscape for chief audit executives and audit departments by exacerbating long-standing risks while giving rise to new ones, a new report by research and advisory firm Gartner finds.
A review by the U.K. Financial Reporting Council found large companies will instinctively hire a Big Four firm as auditor, despite efforts by the regulator to break their dominance and open up the country’s audit market to smaller competitors.
After delaying for eight months its 2019 audited financial statements, U.K. car dealership chain Lookers has disclosed a £45.5 million (U.S. $60.5 million) loss following discovery of accounting fraud by a former employee.
U.S. banking regulators are encouraging financial institutions to stop entering into new contracts that use the U.S. dollar LIBOR as a reference rate ahead of its slated expiration at the end of 2021.
The Public Company Accounting Oversight Board will adopt amendments to its independence standards to align with recent updates initiated by the Securities and Exchange Commission.
It’s no surprise that in a year like no other, there are a number of factors to consider for year-end audits that you might not be used to thinking about.
The Financial Accounting Standards Board finalized an update to its standard on accounting for long-duration contracts at insurance companies that will delay the effective date by one year and ease compliance burdens for early adopters.
Cyber-security risk oversight is the area with the greatest increase in audit committee disclosures in proxy statements, so you better make sure you’ve got a handle on understanding your responsibilities.
A damning report by the EU’s securities markets regulator found numerous shortcomings in German authorities’ supervision of Wirecard’s financial reporting leading up to its collapse surrounding a $2 billion accounting scandal.
A subsidiary of JPMorgan Chase is facing a potential civil penalty “related to historical deficiencies in internal controls and internal audit over certain advisory and other activities.”
California and its Board of Accountancy has fined audit firm KPMG $1.3 million after elements of its inspection and internal exam cheating scandals were run through the state.
The U.K. Financial Reporting Council has singled out audit firms Grant Thornton and Mazars as needing to significantly improve audit quality in the wake of recent inspection findings.
Equipment leasing, when managed effectively, can offer a number of strategic financial and competitive benefits to your business.
General Electric has set aside $100 million relating to a potential SEC enforcement action that could encompass several areas of alleged accounting failures.
This e-Book has the results of a recent joint survey between Compliance Week and Workiva, which show companies could benefit from the IIA’s updated Three Lines Model—especially in light of the pandemic.
The proposed changes reflect regulatory fears that U.K. companies will be tempted to hide the scale of their financial losses as the effects of the coronavirus pandemic continue to dent balance sheets.
The Financial Accounting Standards Board proposed three amendments to its leases standard prompted by post-implementation feedback from stakeholders.
A new report from the Center for Audit Quality includes key questions audit committee members can ask to fulfill their oversight responsibilities as they discuss non-GAAP financial measures and KPIs with management and auditors.
The 2020 Audit Committee Transparency Barometer, an annual report issued by the CAQ and Audit Analytics, explores new disclosure trends related to the coronavirus pandemic and critical audit matters.
The Securities and Exchange Commission announced changes to the Public Company Accounting Oversight Board, including the appointment of Megan Zietsman as a board member for a term ending in October 2025.
The Securities and Exchange Commission has moved forward with relaxing its conflict-of-interest rules for independent auditors by a 3-2 vote.
COVID-19 has undoubtably presented new challenges for companies around the world. Most were required to rapidly shift to remote work environments, and some have even had to adjust their business models.
Former KPMG partner David Britt has been sentenced to six months of home confinement for his role in a cheating scandal that has haunted the Big Four audit firm for two years and is now finally nearing its end.
SAExploration Holdings has been accused by the SEC of perpetrating a $100 million accounting fraud that involved routing payments through shell companies so it appeared to be legitimate revenue.
Both the CFTC and CFPB “Nailed It” this week while corporate heavyweight General Electric found itself in more trouble.
General Electric revealed in a regulatory filing that it is facing a civil injunctive action from the Securities and Exchange Commission regarding accounting issues tied to its legacy insurance portfolio.
A new report from Deloitte highlights third-quarter financial reporting and accounting challenges that should be top of mind as the coronavirus pandemic continues with no end in sight.
In this week’s “Nailed It or Failed It,” we take down EY and JPMorgan Chase for apparently ignoring whistleblowers and give the SEC a nod for rewarding them.
HP has agreed to pay $6 million in a settlement with the Securities and Exchange Commission to resolve allegations of disclosure violations and control failures regarding improper sales practices.
Brian Miller, national partner of audit transformation and innovation at BDO USA, talked with Compliance Week about how the pandemic has driven adoption of technologies by BDO’s auditors.
The SEC has brought charges against Manitex International and three of its former senior executives for engaging in accounting fraud that resulted in the issuance of materially misstated financial statements.
Fiat Chrysler Automobiles has agreed to pay $9.5 million to settle allegations from the SEC that it made “misleading disclosures” regarding an internal audit of emission control systems for diesel vehicles it sold in the United States.
A new risk-based data analytics initiative at the SEC has been credited for forming the basis of charges against two publicly traded companies for improper reporting of quarterly earnings per share.
A look at results from a joint survey from Compliance Week and Workiva reveals companies could benefit from a deep dive into the IIA’s new Three Lines Model, especially in light of the recent pandemic.
An internal whistleblower exposed a scheme by three executives of a Chicago-area engine manufacturer to improperly inflate revenue and cover their tracks by lying to company accountants and independent counsel.
A Connecticut industrial lighting company has been fined $1.25 million by the SEC for falsely booking $55 million worth of sales on its financial statements over four years. Four company executives have been fined as well.
FASB held a public roundtable on implementation of the new lease accounting standard, discussing technical issues that are challenging for practitioners and where additional or amended guidance might be needed.
China’s market competition regulator announced a fine of 61 million yuan (U.S. $9 million) against Luckin Coffee and a group of affiliated firms in response to the coffee chain’s inflated sales scandal.
The U.K. Financial Reporting Council fined Deloitte a record £15 million (U.S. $19.4 million) for numerous findings of misconduct regarding past audits of British software company Autonomy Corporation.
The chairman and chief executive of Big Four auditing firm EY says auditors should do more to uncover fraud while conducting external audits, a topic the industry has historically been reluctant to tackle.
The ramifications of the coronavirus crisis will long outlast it—including how companies will close the books and ensure SOX compliance and where accounting and audit staff who perform these tasks will be located.
The Public Company Accounting Oversight Board has added projects regarding auditor independence and audit evidence to its research and standard-setting agendas.
This e-Book from Visual Lease and Compliance Week reveals how the coronavirus pandemic has impacted corporate leases.
According to Audit Analytics’ latest annual restatement study, the total number of restatements dropped for the fifth consecutive year to a 19-year low of 484, with revenue recognition still the biggest driver.
Compliance reforms set to take place at the FBI include enhanced training and oversight mechanisms and a newly created office to carry out “rigorous and robust auditing.”
Lee Jae-yong, the heir and de facto leader at Samsung, was indicted by South Korean prosecutors on charges related to a 2015 merger of two subsidiaries and alleged irregularities in accounting practices at another subsidiary.
An audit growth leader at KPMG shares his perspective on the process of public company auditor changes in the wake of GE’s decision to transition to working with Deloitte.
How we came to learn about the fraud allegedly perpetrated by Wirecard offers important lessons in compliance and corporate governance, writes financial crime expert Martin Woods.