All Accounting & Auditing articles – Page 25
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ArticleKPMG UK chair resigns over controversial pandemic remarks
KPMG UK Chairman Bill Michael has resigned after controversial remarks he made about the coronavirus pandemic during a virtual town hall meeting offended several employees and were subsequently made public.
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ArticleJames Freis did the right thing at Wirecard … but why didn’t anyone else?
At the end of the sorry Wirecard saga, James Freis may be one of the very few former senior employees who can hold his head high, writes Martin Woods.
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ArticleFASB advances goodwill triggering event standard update
The Financial Accounting Standards Board ruled tentatively to move forward with and expand the scope of its proposed standard update regarding goodwill triggering events under Topic 350. The standard is expected to be finalized in March.
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VideoVideo: Wirecard’s failings back in spotlight
Jaclyn Jaeger lauds two oil companies for raising the bar on ESG commitment in the industry, while Dave Lefort assesses new developments in the Wirecard saga that point to greater failures in the firm’s internal controls.
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ArticlePCAOB 2019 inspection reports: Deloitte still tops; PwC deficiency rate rises again
Three of the Big Four audit firms—Deloitte, EY, and KPMG—improved their year-over-year deficiency percentage in the PCAOB’s 2019 inspection reports, while PwC’s deficiency rate increased for the third straight year.
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Former WageWorks CEO, CFO settle SEC accounting violation charges
The Securities and Exchange Commission charged two former executives of WageWorks with making false and misleading statements and omissions that resulted in the improper recognition of $3.6 million in revenue.
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ArticleIncoming IIA chief Anthony Pugliese to prioritize technology, D&I
Compliance Week caught up with Anthony Pugliese, the incoming president and chief executive officer of the Institute of Internal Auditors, to discuss his plans for the future of the IIA and the internal audit profession at large.
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ResourceLease Accounting Solution Transition (LAST) Planner
Did you rush to meet lease accounting requirements (ASC 842, IFRS 16) in time for the compliance deadline? You’re not alone.
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Article
J. Robert Brown to depart PCAOB board
The Public Company Accounting Oversight Board announced J. Robert Brown Jr. will conclude his service on the Board this month.
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ArticleSEC Chief Accountant Sagar Teotia to depart
SEC Chief Accountant Sagar Teotia joins the growing list of senior officials at the agency set to depart amid the presidential transition to the Biden administration.
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ArticleCommon themes from financial statement fraud SEC enforcement actions
A new report from the Anti-Fraud Collaboration analyzes the most common financial statement fraud themes noted in SEC enforcement actions and offers insights to mitigate the top risk areas.
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ArticleNew IAASB standards tackle audit quality management
The International Auditing and Assurance Standards Board has issued a trio of new and revised standards intended to strengthen and modernize the way audit firms on an international level approach quality management.
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RPM, chief compliance officer to pay $2M for accounting violations
RPM International and its general counsel and chief compliance officer have agreed to a $2 million settlement with the SEC for accounting and disclosure rules violations relating to a prior DOJ investigation.
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ArticleFASB proposes goodwill alternative for certain private companies, nonprofits
The Financial Accounting Standards Board proposed a standard update to provide an accounting alternative to the goodwill triggering event assessment for certain private companies and nonprofit organizations.
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ArticleCAQ review: Little surprises in Year 1 of CAM reporting
The Center for Audit Quality released its review of the first year of auditor reports for over 2,000 large accelerated filers that included the PCAOB’s new critical audit matters requirements.
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ArticleSEC, China react as Trump approves foreign audit oversight bill
President Donald Trump signed into law a measure that will kick publicly traded Chinese companies off U.S.-based exchanges if they refuse to allow U.S. regulators to examine their finances.
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ArticleEY member firm fined $1.5M for failure to uncover $3B homebuilding fraud
A member firm of EY Global has been fined $1.5 million by the SEC to settle audit violations and improper conduct charges connected to a $3.3 billion accounting fraud committed by one of its customers.
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ArticleLuckin Coffee to pay $180M for accounting fraud
China-based Luckin Coffee has agreed to a $180 million penalty as part of a settlement with the U.S. Securities and Exchange Commission to resolve charges related to the coffee chain’s inflated-sales scandal.
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ArticleFASB Chair Jones projects pandemic challenges to persist in 2021
New FASB Chairman Richard Jones said in a recent speech that he believes accounting challenges from the coronavirus pandemic won’t go away soon, with his organization poised to address new issues as they arise.
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ArticleAudit whistleblower receives $300K in rare SEC award
The Securities and Exchange Commission announced the award of $300,000 to a whistleblower with audit-related responsibilities, a rarity for the program.