Hubert Barth, head of EY’s Germany practice for the past five years, will step down and take on a “new role at the European level” as the firm seeks to restore its tarnished reputation following its missteps leading up to the collapse of Wirecard.
Former KPMG Partner Christopher Stanley and Senior Manager Jennifer Stewart were suspended by the SEC for improper professional conduct during an audit of the now-defunct College of New Rochelle.
KPMG UK Chairman Bill Michael has resigned after controversial remarks he made about the coronavirus pandemic during a virtual town hall meeting offended several employees and were subsequently made public.
At the end of the sorry Wirecard saga, James Freis may be one of the very few former senior employees who can hold his head high, writes Martin Woods.
The Financial Accounting Standards Board ruled tentatively to move forward with and expand the scope of its proposed standard update regarding goodwill triggering events under Topic 350. The standard is expected to be finalized in March.
Jaclyn Jaeger lauds two oil companies for raising the bar on ESG commitment in the industry, while Dave Lefort assesses new developments in the Wirecard saga that point to greater failures in the firm’s internal controls.
There’s no question that F&A teams have been disrupted by the ongoing pandemic. In fact, nearly half of respondents in a recent survey said that closing virtually with a distributed workforce impacts the audit and other third-party engagements.
Three of the Big Four audit firms—Deloitte, EY, and KPMG—improved their year-over-year deficiency percentage in the PCAOB’s 2019 inspection reports, while PwC’s deficiency rate increased for the third straight year.
The Securities and Exchange Commission charged two former executives of WageWorks with making false and misleading statements and omissions that resulted in the improper recognition of $3.6 million in revenue.
For many companies, SOC 2 Compliance can be an unexpected requirement to work with a big new client. This complex, time-consuming compliance effort is often much more costly than business leaders expect, and can easily lead to more hiring, delayed product launches, and slow business growth.
Compliance Week caught up with Anthony Pugliese, the incoming president and chief executive officer of the Institute of Internal Auditors, to discuss his plans for the future of the IIA and the internal audit profession at large.
Did you rush to meet lease accounting requirements (ASC 842, IFRS 16) in time for the compliance deadline? You’re not alone.
The Public Company Accounting Oversight Board announced J. Robert Brown Jr. will conclude his service on the Board this month.
SEC Chief Accountant Sagar Teotia joins the growing list of senior officials at the agency set to depart amid the presidential transition to the Biden administration.
A new report from the Anti-Fraud Collaboration analyzes the most common financial statement fraud themes noted in SEC enforcement actions and offers insights to mitigate the top risk areas.
The International Auditing and Assurance Standards Board has issued a trio of new and revised standards intended to strengthen and modernize the way audit firms on an international level approach quality management.
RPM International and its general counsel and chief compliance officer have agreed to a $2 million settlement with the SEC for accounting and disclosure rules violations relating to a prior DOJ investigation.
The Financial Accounting Standards Board proposed a standard update to provide an accounting alternative to the goodwill triggering event assessment for certain private companies and nonprofit organizations.
The Center for Audit Quality released its review of the first year of auditor reports for over 2,000 large accelerated filers that included the PCAOB’s new critical audit matters requirements.
President Donald Trump signed into law a measure that will kick publicly traded Chinese companies off U.S.-based exchanges if they refuse to allow U.S. regulators to examine their finances.
A member firm of EY Global has been fined $1.5 million by the SEC to settle audit violations and improper conduct charges connected to a $3.3 billion accounting fraud committed by one of its customers.
China-based Luckin Coffee has agreed to a $180 million penalty as part of a settlement with the U.S. Securities and Exchange Commission to resolve charges related to the coffee chain’s inflated-sales scandal.
New FASB Chairman Richard Jones said in a recent speech that he believes accounting challenges from the coronavirus pandemic won’t go away soon, with his organization poised to address new issues as they arise.
The Securities and Exchange Commission announced the award of $300,000 to a whistleblower with audit-related responsibilities, a rarity for the program.
PCAOB board members remark on changes at the organization amid the coronavirus pandemic, recent audit inspection findings, priorities for 2021, and more.
The SEC has filed a civil complaint against brand-management company Sequential Brands Group for ignoring “clear, objective evidence of likely goodwill impairment.”
A former EY partner is reportedly relinquishing his position as Deutsche Bank’s head of accounting temporarily after German prosecutors launched an investigation into his role as a lead auditor for Wirecard.
Even though your deadline for complying may have moved out, it is time to start getting your organization ready to meet the new ASC 842 compliance standard for private organizations.
Among other things, the SEC’s chief accountant discussed activities relating to public company financial reporting, accounting and auditing policy updates, and financial reporting considerations related to COVID-19 at a conference this week.
General Electric agreed to pay $200 million to settle charges brought by the Securities and Exchange Commission regarding a series of accounting violations at its power and insurance businesses.
From a massive accounting fraud scandal in Germany to deceitful consumer tactics among China-based companies to unethical practices on the environmental front in the United States—CW’s list of the top ethics and compliance failures of 2020 spans the globe.
Paul Sarbanes, the five-term U.S. Senator whose landmark law, the 2002 Sarbanes-Oxley Act, required more transparency in corporate financial reporting, died Sunday at age 87.
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.