Many Fortune 100 companies continue to enhance their transparency about how their audit committees are executing their core responsibilities, according to the EY Center for Board Matters’ 10th annual review of voluntary proxy statement disclosures.
The SEC is poised to pass an executive compensation rule that would require public companies to claw back incentive-based compensation if their finances are restated within the previous three years. Experts expect pushback to the proposed mandate.
Mark your calendars: Compliance Week’s National Conference in Washington, D.C. will be held in person for the first time in nearly three years from May 16-18, 2022.
The Public Company Accounting Oversight Board noted a high number of recurring deficiencies in its audits reviewed despite improvements over the previous year as part of its 2020 inspection observations spotlight.
The Financial Reporting Council announced the launch of an investigation into BDO in relation to its audit of U.K. construction and engineering company NMCN, which filed for administration earlier this month.
As the COVID-19 pandemic continues and businesses make strategic changes in response, one of the primary areas of focus is managing where employees will work and evaluating real estate portfolios.
A former executive of U.S. operations at Canadian oil services company Poseidon Concepts pleaded guilty to perpetrating a scheme to fraudulently inflate the company’s reported revenue, resulting in more than $886 million in shareholder losses.
KPMG and one of its former partners were found to be “untruthful” during an independent tribunal’s investigation into the audit firm’s advisory role regarding the sale of mattress company Silentnight to private equity firm HIG Capital.
Financial institutions’ transition efforts away from the London Interbank Offered Rate will be intensely scrutinized by the Federal Reserve as the expiration deadline of the benchmark interest rate looms.
The U.K. Financial Reporting Council has begun an investigation into Mazars concerning its audit of financially ailing retail company French Connection Group, which has just been sold.
The U.K. Financial Reporting Council announced the start of an investigation into audit firm Crowe UK concerning the financial statements of Luxembourg-incorporated on-demand music streaming subscription company Akazoo.
The Public Company Accounting Oversight Board imposed a $350,000 civil penalty on Deloitte Canada for reasonable assurance quality control failures regarding an electronic work paper system update.
Grant Thornton UK has been fined £2.34 million (U.S. $3.2 million) by the Financial Reporting Council for failures in its audits of collapsed café chain Patisserie Valerie between 2015 and 2017.
The PCAOB fined two EY partners for “failing to perform adequate procedures and obtain sufficient evidence” in connection with the Big Four firm’s audit of New Jersey software company Synchronoss Technologies.
Companies should question their auditors throughout the audit process, particularly in the wake of a spate of recent enforcement actions in the United Kingdom targeting the Big Four and other large firms for audit deficiencies.
Traditional, manual accounting is not sustainable, and it can have negative downstream effects for compliance and audit teams. To modernize the way companies work, organizations must automate the manual, mundane processes that are holding them back.
The Financial Accounting Standards Board issued a proposed update to Topic 820 that seeks to establish that a contractual restriction on the sale of an equity security should not be considered in measuring fair value.
The Public Company Accounting Oversight Board announced a $450,000 fine against KPMG’s Australian subsidiary to resolve allegations of widespread cheating on personnel training tests at the firm.
A recent Center for Audit Quality report aims to provide an understanding of how company management and their auditors apply current U.S. accounting and auditing requirements for financial statements related to climate-related risks.
While the possibility of SEC regulation mandating additional ESG disclosures remains a hot topic, the potential effects of ESG matters on a company’s financial accounting and reporting are not a future consideration.
Disruptions to normal operations and shifts in work environments as a result of the COVID-19 pandemic caused an increase in late filings and changes to controls, according to new research from Audit Analytics.
Join ProcessUnity and Deloitte’s leading third-party risk practitioners as they explore key findings from Deloitte’s 2021 Global TPRM Survey. You will hear what organizations are doing in the wake of last year’s pandemic to make advancements in their approach to third-party risk.
The former CFO and chief compliance officer of Cavco Industries has been charged by the SEC with internal accounting control failures and for misleading the company’s auditor regarding an insider trading matter.
New York City-based telecom Pareteum Corp. will pay $500,000 to settle SEC charges it committed fraud by overstating its revenue by approximately $42 million over six quarters and providing false information to auditors.
Kraft Heinz agreed to pay $62 million as part of a settlement with the SEC for improper accounting that led to the restatement of several years of financial reporting.
Despite an increase in ESG disclosures that is expected to continue, a significantly low number of public companies have obtained audit firm assurance regarding that reporting, according to a new study.
Steven Wolfe, the former chief compliance officer of investment adviser Tellone Management Group, has been charged by the SEC for his role in a fraudulent scheme to hide information from investors.
The U.K. Financial Reporting Council issued a disciplinary formal complaint against KPMG for allegedly providing “false and misleading” information during inspections into the Big Four firm’s audits of Carillion and Regenersis.
The Big Four audit firms have refused to back a U.K. government plan to break their dominance of the market by forcing them to share work with smaller competitors to give them a foothold.
In response to new standards affecting leases, revenue recognition, and credit losses, public companies have significantly changed their financial processes in the past year and are not done yet, according to data from Deloitte.
The U.K. Financial Reporting Council ordered EY to pay a reduced fine of £2.2 million (U.S. $3 million) related to its audits of international transport company Stagecoach Group for the 2017 financial year.
Healthcare Services Group agreed to pay $6 million as part of a settlement with the Securities and Exchange Commission for contingency reporting failures that led to accounting and disclosure violations.
Rebekah Goshorn Jurata and Megan Zietsman have announced they will resign, meaning the PCAOB could soon be left with one active member ahead of SEC plans to clean house at the audit regulator.
A year into the job, FASB Chair Richard Jones catches up with Compliance Week regarding recent improvements to major accounting standards, ongoing projects, future topics of interest, and more.
A former accountant at pizza chain Domino’s has agreed to pay $68,360 to settle charges of insider trading brought by the Securities and Exchange Commission.
The Financial Reporting Council ordered KPMG to pay a £13 million (U.S. $18 million) fine for “breaches of the principles of integrity and objectivity” in its advisory role regarding the 2011 sale of mattress company Silentnight to U.S. private equity firm HIG Capital.
The SEC will require China-based public companies listed on U.S. exchanges to make more disclosures about the financial risks posed by potential interference in their operations by the Chinese government.
EY has agreed to pay $10 million as part of a settlement with the SEC related to charges of auditor independence misconduct perpetrated by several partners of the Big Four firm to secure Sealed Air as a client.
David Britt and Thomas Whittle have been indefinitely barred from practicing as accountants before the Securities and Exchange Commission for their roles in the KPMG cheating scandal.
It’s important to take stock of how far whistleblowing has advanced over the last few years. That said, there is still room for improvement. Aaron Nicodemus offers three suggestions.
The road to a payout for whistleblowers is long, lonely, and full of obstacles. Commitment to the idea that they are doing the right thing helped our whistleblower subjects endure years of hardship to bring their cases to conclusion.
Retaliation for blowing the whistle comes in all kinds of forms. Our whistleblower subjects share their stories—from losing jobs to getting blacklisted to being the target of a newspaper hit piece.
Once someone decides to blow the whistle, their life is forever changed. Their action stands to benefit many people they don’t even know while putting much in jeopardy on a personal level. Our whistleblower subjects each explain what led them to their determinations.
Almost no one becomes a whistleblower by choice. A slow and steady whittling down of options often leads individuals to isolation in coming to their decision. Our whistleblower subjects share the roadblocks they faced in reporting internally.
The U.K. Financial Reporting Council has proposed a series of measures from which companies—as well as other regulators like the SEC—could benefit as ESG disclosures receive closer scrutiny.
Whistleblowers aren’t born—they’re made. For five individuals that have taken on that mantle, the story began with discovering a problem that could no longer be ignored.
The U.K. Financial Reporting Council released the results of its 2020/21 audit quality inspections, in which it singled out KPMG for “unacceptable” deficiencies regarding the firm’s audits of banks and similar entities.
Tandy Leather Factory and its former CEO have agreed to pay a total of $225,000 as part of a settlement with the SEC to resolve charges of inaccurate financial reporting caused by a faulty inventory tracking system.
The Financial Accounting Standards Board finalized an update to its leases standard targeting sales-type leases with variable lease payments.
The former chief executive officer and chief financial officer of telecommunications company FTE Networks were arrested and charged with accounting fraud among a series of other alleged crimes.