All Accounting & Auditing articles – Page 20
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ArticleFormer Poseidon executive pleads guilty in securities fraud case
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.
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ArticleKPMG rapped for ‘untruthful defense’ in Silentnight investigation
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.
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ArticleFed increasing LIBOR scrutiny as finish line nears
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.
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ArticleFRC investigating Mazars over French Connection audit
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.
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ArticleFRC probing Crowe over Akazoo audit
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.
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ArticlePCAOB fines Deloitte Canada $350K for quality control failures
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.
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ArticleGrant Thornton UK fined $3.2M for Patisserie Valerie audit lapses
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.
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ArticlePCAOB penalizes EY partners for Synchronoss audit deficiencies
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.
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ArticleBig Four mishaps in U.K. underscore need to challenge auditors
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.
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ArticleFASB proposal seeks to clarify fair value standard
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.
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ArticleKPMG Australia fined $450K over training test cheating
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.
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ArticleCAQ report: Climate-related risk considerations in audited financial statements
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.
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ArticleESG matters have financial reporting implications now
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.
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ArticleStudy: How COVID-19 has affected public company financials
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.
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ArticleEx-Cavco Industries CCO charged with accounting control failures
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.
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ArticleSEC fines telecom Pareteum $500K for overstating revenue
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.
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ArticleKraft Heinz fined $62M in SEC accounting probe
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.
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ArticleStudy: Auditor assurance over ESG reporting still in early stages
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.
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SEC charges CCO for role in TMG fraud scheme
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.
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ArticleFRC: KPMG provided ‘false’ info in Carillion, Regenersis audit inspections
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.