All Accounting & Auditing articles – Page 26
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Split SEC loosens conflict-of-interest rules for independent auditors
The Securities and Exchange Commission has moved forward with relaxing its conflict-of-interest rules for independent auditors by a 3-2 vote.
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Ex-KPMG partner avoids prison in cheating scandal sentencing
Former KPMG partner David Britt has been sentenced to six months of home confinement for his role in a cheating scandal that has haunted the Big Four audit firm for two years and is now finally nearing its end.
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SAExploration accused of $100M accounting fraud
SAExploration Holdings has been accused by the SEC of perpetrating a $100 million accounting fraud that involved routing payments through shell companies so it appeared to be legitimate revenue.
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U.S. agencies get nod for using data, smart incentives in enforcement
Both the CFTC and CFPB “Nailed It” this week while corporate heavyweight General Electric found itself in more trouble.
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GE facing potential SEC action over accounting issues
General Electric revealed in a regulatory filing that it is facing a civil injunctive action from the Securities and Exchange Commission regarding accounting issues tied to its legacy insurance portfolio.
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Deloitte: Top-of-mind challenges for Q3 financial reporting
A new report from Deloitte highlights third-quarter financial reporting and accounting challenges that should be top of mind as the coronavirus pandemic continues with no end in sight.
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EY allegedly flubbed Wirecard dealings worse than we thought
In this week’s “Nailed It or Failed It,” we take down EY and JPMorgan Chase for apparently ignoring whistleblowers and give the SEC a nod for rewarding them.
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HP fined $6M for disclosure violations and control failures
HP has agreed to pay $6 million in a settlement with the Securities and Exchange Commission to resolve allegations of disclosure violations and control failures regarding improper sales practices.
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‘Audit in Action’: BDO partner shares data analytics journey
Brian Miller, national partner of audit transformation and innovation at BDO USA, talked with Compliance Week about how the pandemic has driven adoption of technologies by BDO’s auditors.
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SEC charges Manitex, three former execs with accounting fraud
The SEC has brought charges against Manitex International and three of its former senior executives for engaging in accounting fraud that resulted in the issuance of materially misstated financial statements.
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Fiat Chrysler fined $9.5M for ‘misleading disclosures’ on diesel emissions
Fiat Chrysler Automobiles has agreed to pay $9.5 million to settle allegations from the SEC that it made “misleading disclosures” regarding an internal audit of emission control systems for diesel vehicles it sold in the United States.
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Two companies charged in landmark SEC data analytics cases
A new risk-based data analytics initiative at the SEC has been credited for forming the basis of charges against two publicly traded companies for improper reporting of quarterly earnings per share.
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Survey: Practitioners weigh in on IIA’s new Three Lines Model
A look at results from a joint survey from Compliance Week and Workiva reveals companies could benefit from a deep dive into the IIA’s new Three Lines Model, especially in light of the recent pandemic.
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Internal whistleblower exposes fraud at Illinois engine manufacturer
An internal whistleblower exposed a scheme by three executives of a Chicago-area engine manufacturer to improperly inflate revenue and cover their tracks by lying to company accountants and independent counsel.
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Lighting company, four executives fined for improperly booking revenue
A Connecticut industrial lighting company has been fined $1.25 million by the SEC for falsely booking $55 million worth of sales on its financial statements over four years. Four company executives have been fined as well.
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Takeaways from FASB leases roundtable
FASB held a public roundtable on implementation of the new lease accounting standard, discussing technical issues that are challenging for practitioners and where additional or amended guidance might be needed.
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Chinese regulator fines Luckin Coffee, affiliated groups $9M
China’s market competition regulator announced a fine of 61 million yuan (U.S. $9 million) against Luckin Coffee and a group of affiliated firms in response to the coffee chain’s inflated sales scandal.
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FRC fines Deloitte record $19.4M for Autonomy audit failures
The U.K. Financial Reporting Council fined Deloitte a record £15 million (U.S. $19.4 million) for numerous findings of misconduct regarding past audits of British software company Autonomy Corporation.
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EY chairman: Auditors should work harder to find fraud
The chairman and chief executive of Big Four auditing firm EY says auditors should do more to uncover fraud while conducting external audits, a topic the industry has historically been reluctant to tackle.
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PCAOB adds independence, evidence projects to agenda
The Public Company Accounting Oversight Board has added projects regarding auditor independence and audit evidence to its research and standard-setting agendas.