All Accounting & Auditing articles – Page 13
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ArticleAA study: Total audit fees rise in 2021
Total audit fees increased in fiscal year 2021 as the number of Securities and Exchange Commission registrants reached its highest total in six years, according to the latest annual review from Audit Analytics.
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ArticleRSM to pay $3.75M to settle improper conduct charges
Audit firm RSM and three of its senior-level employees were charged with improper professional conduct by the SEC for signing off on inflated revenues logged by public company Revolution Lighting Technology over four fiscal years of audits.
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ArticleTupperware Brands fined $900K for accounting failures at Mexico unit
Tupperware Brands Corp. agreed to pay $900,000 to settle SEC charges of failing to maintain sufficient internal accounting controls and keep accurate books and records at its Mexico affiliate.
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ArticleBarclays to pay $361M to resolve sales of unregistered securities
Barclays PLC and Barclays Bank agreed to pay $361 million to resolve allegations from the SEC the bank failed to implement internal controls to track the sale of $17.7 billion worth of unregistered securities transactions.
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ArticleDeloitte China fined $20M for ‘basic’ audit standard violations
The Chinese affiliate of Big Four audit firm Deloitte agreed to pay a $20 million penalty and undertake extensive remedial measures as part of a settlement with the SEC for audit failures that included asking clients to conduct their own audit work.
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ArticleClarity lacking in tribunal report on KPMG’s Carillion, Regenersis failings
The release of the independent tribunal report into the misconduct of KPMG and five of its former employees for falsifying information in the audits of Carillion and Regenersis provides further details about how the work was doctored—but not why.
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PremiumESG Summit: Adapting businesses should look beyond what is financially material
Christopher Geiger, vice president of internal audit and enterprise risk at Lockheed Martin, explained how businesses must form resilience as they prepare for future risks regarding environmental, social, and governance during CW’s virtual ESG Summit.
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ArticleCompass Minerals fined $12M for disclosure control lapses
Compass Minerals International, a Kansas-based mining company, agreed to pay a $12 million fine to the Securities and Exchange Commission to resolve allegations deficiencies in its disclosure controls led to failures at facilities it operates in Canada and Brazil.
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ArticleFriedman to pay $1.5M for missed red flags in 2 audits
Accounting firm Friedman will pay more than $1.5 million to settle charges it failed to comply with the standards of the Public Company Accounting Oversight Board while auditing two companies.
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ArticleFormer EY director to pay $24K for insider trading
Michael Weiss, a former Ernst & Young business development director, agreed to pay $23,900 to settle charges levied by the Securities and Exchange Commission he engaged in insider trading.
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Article
PwC appoints global ESG leader
Big Four audit firm PwC announced the appointment of Will Jackson-Moore as global environmental, social, and governance (ESG) leader.
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ArticleCollateral damage aplenty in NYAG lawsuit against Trump Organization
The New York Attorney General’s lawsuit against former President Donald Trump is solely focused on penalizing his business and cohorts, but firms like Mazars and Deutsche Bank don’t come off well from a due diligence perspective.
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ArticleHay & Watson loses PCAOB registration over altered audit docs
Canadian public accounting firm Hay & Watson had its registration permanently revoked and must jointly pay a fine of $50,000 along with its owner for violating Public Company Accounting Oversight Board rules and standards and failing to cooperate with an inspection.
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ArticleVMware to pay $8M to settle SEC charges over misleading financials
Cloud services provider VMware will pay $8 million to settle allegations from the Securities and Exchange Commission it misled investors by hiding its lagging financial performance.
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ArticlePwC lawsuit prompts reconsideration of after-hour work events
Big Four audit firm PwC is being sued by one of its employees for more than £200,000 (U.S. $234,000) after he injured himself at a post-work drink event in 2019. The incident is not the first where “team-bonding” efforts have proven problematic.
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ArticleSEC warns auditors of risks in taking on Chinese clients
U.S.-based audit firms seeking new public company clients in China should ensure they have full access to previous audits and work papers before taking the job or risk potential enforcement, the acting chief accountant at the Securities and Exchange Commission warned.
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Article
CHS avoids fine in SEC accounting fraud case
Minnesota-based agricultural cooperative CHS settled charges levied by the Securities and Exchange Commission that the company violated federal securities laws when it filed materially false financial statements with the agency over five years.
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ArticleKPMG South Africa, two partners fined $275K for using unregistered firm
The Public Company Accounting Oversight Board fined KPMG South Africa and two of its partners a total of $275,000 for supervisory failures and violation of accounting rules related to the use of an unregistered accounting firm.
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ArticleWorkforce changes impacting accounting and finance recruitment, retention efforts
More than 80 percent of public companies reported accounting and finance talent retention issues over the past 12 months, according to a Deloitte Center for Controllership webcast poll.
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ArticleSEC fines ex-PPG controller $100K over accounting improprieties
The Securities and Exchange Commission ordered Mark Kelly, the former principal accounting officer and controller at PPG, to pay $100,000 for accounting improprieties aimed at inflating the painting supply company’s earnings per share.