All Accounting & Auditing articles – Page 14
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Article
Grant Thornton UK to pay $1.6M over Sports Direct audit failings
Grant Thornton UK was fined a total of approximately £1.3 million (U.S. $1.6 million) by the Financial Reporting Council for failing to provide reasonable assurance during two separate audits at retailer Sports Direct International.
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Survey: Firms early to prep for SEC’s climate-related disclosure rule
Respondents to a Compliance Week/CohnReznick survey assessing readiness for the SEC’s climate-related disclosure mandate aren’t waiting to see how the proposed rule plays out before getting their compliance house in order.
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Chinese companies facing HFCAA delisting seeking alternatives
Chinese businesses identified as noncompliant with the Holding Foreign Companies Accountable Act are trying a variety of strategies to circumvent or comply with the law before they are delisted from U.S. exchanges.
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Survey: Inflation, climate risk top audit partner economic concerns for 2022
The economy, cybersecurity, climate change, and cryptocurrency are among top concerns for the year ahead expressed by U.S. public company audit partners as part of a new Center for Audit Quality survey.
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Materiality, Scope 3 emissions elicit debate in SEC climate rule comments
Comment letters in response to the SEC’s climate-related disclosure rule have laid out opponents’ issues with the proposal, while supporters have used the process to buttress the agency’s case for implementing it.
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Financial volatility, supply chain disruptions among PCAOB 2022 inspection focuses
The Public Company Accounting Oversight Board will pay increased attention to how auditors are addressing changing risk landscapes because of the current economic environment during its 2022 inspections.
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FASB update clarifies fair value guidance for equity securities
The Financial Accounting Standards Board issued an update to its fair value measurement standard that clarifies conflicting guidance regarding equity securities.
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Article
Historic EY fine latest by-product of KPMG cheating scandal
It is impossible to ignore the SEC’s $100 million fine against EY for employee exam cheating is double the amount the regulator penalized KPMG for its separate cheating scandal. Especially since the latter resolution appears to have served as a starting point for the SEC’s ruling on the former.
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Article
EY fined record $100M for employee cheating scandal
Ernst & Young will pay $100 million after admitting to SEC charges addressing systematic cheating among its accounting professionals on CPA license exams over four years. The fine is the largest the agency has ever imposed against an audit firm.
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Article
PCAOB adopts new requirements for use of multiple audit firms
The Public Company Accounting Oversight Board announced its approval of a rule creating a new audit standard and amending a handful of others regarding audits involving multiple audit firms, the culmination of a project first launched in 2016.
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Article
FASB removes goodwill accounting project from agenda
The Financial Accounting Standards Board tentatively ruled to remove a project regarding identifiable intangible assets and subsequent accounting for goodwill from its technical agenda.
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Assessing the scope of FASB’s environmental credits project
The Financial Accounting Standards Board added a project to its technical agenda on environmental credits that will include recognition, measurement, accounting presentation, and disclosure.
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Resource
e-Book: Finance Automation: Thriving in the Age of Change
While most accounting teams have replaced their manual accounting practices with an updated, digital version, many are still following the old rules, such as close-related tasks being completed on a certain day of the month.
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CohnReznick fined $1.9M for audit failures at Sequential Brands, Longfin
Audit firm CohnReznick agreed to pay $1.9 million as part of a settlement with the Securities and Exchange Commission for improper conduct at two of its clients the SEC previously charged with filing fraudulent financial statements.
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Article
SEC acting chief accountant: Ethical culture key to auditor independence
Paul Munter, acting chief accountant at the Securities and Exchange Commission, released a statement acknowledging recurring issues agency staff have observed regarding auditor independence consultations.
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Article
Synchronoss to pay $12.5M over alleged accounting misconduct by former execs
The Securities and Exchange Commission announced software company Synchronoss Technologies agreed to a $12.5 million settlement for “long-running accounting improprieties” caused, in part, by alleged misconduct from senior executives.
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Article
Tepid reception to ‘half-hearted’ U.K. audit reform measures
The U.K. government’s confirmed plans to shake up the audit market and improve corporate governance for the country’s biggest companies has received mixed response, with some key stakeholders lamenting “missed” opportunities.
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Article
PwC fined $6.2M over Galliford Try, Kier Group audit lapses
PwC will pay a total of nearly £5 million (U.S. $6.2 million) as part of a pair of enforcement actions announced by the U.K. Financial Reporting Council regarding deficiencies in the Big Four firm’s audits at construction companies Galliford Try and Kier Group.
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Article
Report: SPACs drive restatement surge in 2021
The total number of restatements and individual companies disclosing restatements in 2021 rose to their highest levels since 2006, according to Audit Analytics’ latest annual review.
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Article
PCAOB bars former BF Borgers director over repeated audit failures
The Public Company Accounting Oversight Board barred Bo-Shiang Lien, a former audit director and nonequity partner at BF Borgers, for at least two years for violations of PCAOB rules and standards as part of four audits across three public companies.