All Accounting & Auditing articles – Page 18
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ArticleReport: Record low number of going concern opinions in FY2020
Public companies receiving going concern audit opinions during fiscal year 2020 were at the lowest number and percentage in the past 21 years, with little change among common issues, according to the latest report from Audit Analytics.
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ArticlePwC Canada fined $950K for internal training exam cheating
The Canadian affiliate of Big Four audit firm PwC has agreed to pay $950,000 in penalties between audit regulators in the United States and Canada after discovering widespread cheating among employees taking internal exams.
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ArticleAudit committees rolling with punches of evolving role
Two prominent audit committee chairs speak to the results of a Deloitte Center for Board Effectiveness and Center for Audit Quality report on audit committee practices and the major issues audit committees face today.
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ArticleBaxter to pay $18M for foreign exchange accounting violations
American multinational healthcare product company Baxter International agreed to pay $18 million as part of a settlement with the Securities and Exchange Commission for accounting violations related to the recording of foreign currency transactions.
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ArticleReport: Accounting enforcement at SEC, PCAOB down in 2021
The amount of accounting and audit enforcement actions by the Securities and Exchange Commission and Public Company Accounting Oversight Board decreased in 2021, resulting in a sharp decline in monetary settlements, according to Cornerstone Research.
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ArticleESG reporting: A summary of investor needs and wants
An investor-focused panel at a recent event shared views on investors’ perspectives about current and future use of ESG metrics and disclosures and where common ground can be found between the providers and users of the information.
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ArticleThree lingering questions to arise from KPMG tribunal over Carillion, Regenersis
Details to emerge from the disciplinary tribunal regarding KPMG’s conduct during its work at Carillion and Regenersis could have ramifications for the Big Four firm, the audit profession more widely, and potential future regulation and monitoring.
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ArticleMixed results for Marcum, RSM in 2020 PCAOB inspections
The Public Company Accounting Oversight Board published 2020 inspection reports for a handful of large U.S. audit firms outside the Big Four. Marcum and RSM had the most audit deficiencies identified of the group.
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ArticleKPMG facing $1.8B lawsuit over Carillion audits
KPMG is facing a £1.3 billion (U.S. $1.8 billion) lawsuit for missing “red flags” during its audits at failed construction company Carillion, which creditors say was insolvent more than two years before it collapsed.
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ArticleAA study: Total audit fees decline in 2020 for first time in decade
Total and average audit fees in 2020 each declined for the first time since 2010, according to the latest Audit Analytics research.
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ArticleFRC to reinvigorate enforcement efforts ahead of transition to ARGA
The U.K. Financial Reporting Council expects to receive greater staffing and resources to ramp up the number of investigations it carries out over 2022 as it prepares to make way for a new regulator next year.
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ArticleQ&A: IAASB head on audit's role in combating fraud, ESG, new technologies, more
IAASB Chair Tom Seidenstein discusses with Compliance Week the organization’s current and future efforts to improve audit quality, the biggest challenges to audit confidence today, and what emerging issues might be around the corner.
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ArticleESG reporting: A summary of preparers’ perspectives
Preparers speaking at a pair of recent high-profile accounting and auditing conferences discuss current practices and the challenges their controllership teams face in ESG reporting and governance.
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ArticleHow Covid-19 has redefined the seamless audit process
The pandemic has forced companies to make significant changes to their internal audit processes and how they prepare for external auditors to review their financials. A recent CW webcast sponsored by BlackLine explored how technology can help meet these new challenges.
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Resourcee-Book: Pandemic paves way for new financial audit process
This e-Book from Compliance Week and audit cloud software vendor BlackLine Systems focuses on how companies are enhancing their audit processes amid the ongoing pandemic.
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ArticleKPMG fined $4.1M for Conviviality audit failings, reaches settlement regarding Regenersis
The U.K. Financial Reporting Council announced sanctions against KPMG regarding its audits at now-collapsed alcohol retailer Conviviality, in addition to a settlement with the Big Four firm concerning its work at software company Regenersis.
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FRC expands probe of PwC’s Babcock International audits
The U.K. Financial Reporting Council has expanded its investigation into PwC over its statutory audits of British defense contractor Babcock International Group to include the fiscal years ended March 31, 2019, and March 31, 2020.
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ArticleErica Williams sworn in as PCAOB chair
Erica Williams assumes leadership of a newly reconstituted Public Company Accounting Oversight Board that can count implementation of the Holding Foreign Companies Accountable Act among its top priorities.
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ArticleS&T AG orders Deloitte audit of short seller allegations
Austrian technology company S&T AG has ordered a forensic audit of its corporate structure and several recent acquisitions in response to allegations made by short seller Viceroy Research.
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ArticleShould lawyers, accountants be filing more SARs?
A study of suspicious activity reporting data in the United Kingdom suggests accountants, lawyers, estate agents, and other service-facing professionals could be doing more to contribute to the fight against financial crime.