All Accounting & Auditing articles – Page 30
-
ArticleFASB proposes delay to long-duration insurance standard
The Financial Accounting Standards Board proposed a one year delay to its standard on accounting for long-duration contracts at insurance companies as a result of the ongoing coronavirus pandemic.
-
Article
Grant Thornton UK fined $2.4M for ethical, independence failures
The U.K. Financial Reporting Council fined Grant Thornton £1.95 million (U.S. $2.4 million) for firmwide ethical and independence failures concerning an audit of alcohol retailer Conviviality Retail.
-
ArticleWill U.K. mandate that Big Four separate audit units make a difference?
The FRC hopes its demand that the Big Four isolate their audit units from their other businesses by 2024 will improve their ethical behavior … but some are skeptical.
-
ArticleWirecard scandal will have cascading impact on Germany’s audit, regulatory landscape
Wirecard already is shaping up to be to Germany what Enron was to the United States: An accounting oversight failure so epic in its scope and scale that its aftermath is likely to forever alter the country’s auditing and accounting profession as it exists today.
-
ArticleIn time of crisis, Wirecard has turned to its would-be CCO to lead
Reeling from a $2 billion accounting scandal, Wirecard has turned to its would-be chief compliance officer as its interim CEO. It’s the first smart move the company has made in a while, writes Martin Woods.
-
ArticleVEREIT to pay $8M to settle SEC fraud charges
VEREIT, a publicly traded real estate investment trust, will pay an $8 million penalty to resolve SEC fraud charges over intentionally overstating a key non-GAAP performance metric.
-
ArticleFRC to probe EY, PwC audits of London Capital & Finance
The U.K. Financial Reporting Council has commenced three investigations into the audits of collapsed investment firm London Capital & Finance, including audits carried out by Big Four firms EY and PwC.
-
ArticleLessons from Wirecard: Ignore unchallenged allegations at your peril
When a company does not rebut serious allegations of wrongdoing with litigation, the only response is to demand answers from the firm or take your business elsewhere, writes financial crime expert Martin Woods.
-
ArticleHow coronavirus has shifted non-GAAP measures
The rules around non-GAAP reporting have not changed, but the coronavirus pandemic has brought about new considerations and challenges to consider in second-quarter reporting.
-
ArticleAuditor change: GE dumps KPMG for Deloitte
General Electric announced the appointment of Deloitte as its new independent auditor for fiscal year 2021, ending a relationship with KPMG that dates back to 1909.
-
ArticleRegulators skew virtual with summer events calendar
Despite the coronavirus pandemic throwing a wrench into the events industry, U.S. regulators are still planning Webinars and other opportunities this summer to engage with the public.
-
Article
FRC sanctions KPMG for audit failings of Foresight 4 VCT
The U.K. Financial Reporting Council imposed non-financial sanctions on KPMG related to audit failures concerning the financial statements of investment firm Foresight 4 VCT for fiscal years ending 2013, 2014, and 2015.
-
ArticleBest practices for auditing in the current crisis and beyond
A session from a recent MetricStream virtual conference provides lessons for internal audit on what risks to watch out for and how to chart a path forward.
-
ArticleKPMG cites internal control weaknesses in BT Group review
KPMG, in conducting an independent review of BT Group, has expressed the telecommunications company “did not maintain effective internal control over financial reporting” following its accounting fraud scandal.
-
ArticleFRC strikes out again as third Tesco probe ends
The U.K. Financial Reporting Council has ended its third and final investigation into the Tesco accounting scandal, yet again failing to find anyone responsible for the overstating of £250 million (U.S. $317.5 million) in profits.
-
ArticlePCAOB inspection reports: Deloitte shines in 2018; KPMG still behind
The Public Company Accounting Oversight Board issued 2018 inspection reports for the six largest U.S. audit firms, with Deloitte boasting the fewest deficiencies among the Big Four and KPMG struggling most.
-
ArticleFASB finalizes leases, rev rec delays prompted by coronavirus
The Financial Accounting Standards Board finalized effective date delays of one year to standards affecting revenue recognition and leases in response to the coronavirus pandemic.
-
ArticleDocumentary: Roadtrip Nation, CAQ partner to explore auditing careers
Considering a career in auditing? A new documentary produced by Roadtrip Nation and supported by the Center for Audit Quality follows three individuals pursuing just such a career.
-
ArticleInvestigation into EY’s audit of Danske Bank dropped
Denmark’s state prosecutor has dropped its investigation into whether Big Four firm EY violated anti-money laundering laws in connection with its audit of Danske Bank.
-
ArticleU.S. takes aim at China with stock delisting bill
The “Holding Foreign Companies Accountable Act,” passed unanimously by the Senate and now headed to the House, looks to rein in accounting improprieties of Chinese-based companies listed on the U.S. Stock Exchange.