All Accounting & Auditing articles – Page 32
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ArticleEni to pay $24.5M to resolve FCPA charges
Italian oil company Eni will pay $24.5 million to settle SEC charges that it violated the Foreign Corrupt Practices Act with regard to the award of certain contracts to its former subsidiary Saipem in Algeria.
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ArticlePCAOB seeks more practitioner input on CAMs
The Public Company Accounting Oversight Board is seeking practitioner comment on Critical Audit Matter requirements, part of the agency’s strategic plan to solicit more input from stakeholders.
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ArticleU.K. court orders EY to pay $11M to whistleblower, a former partner
A former EY partner who blew the whistle on a massive money laundering scheme was awarded nearly $11 million by a U.K. judge, settling a lawsuit in which he claimed EY buried an audit that uncovered wrongdoing by a client.
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ArticleSEC censures Schulman Lobel for deficient audit engagements
The SEC censured audit firm Schulman Lobel and ordered it to pay a total of $98,510 for deficient audit and review engagements it performed on now-defunct software provider Quadrant 4 System.
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ArticleStudy: Going concern opinions in 2018 at lowest level in 19 years
Public company audit opinions communicating doubts about their ability to continue as going concerns reached a 19-year low in 2018, based on the latest report from Audit Analytics.
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ArticleSFO: Tesco concludes three-year DPA for accounting scandal
The U.K. Serious Fraud Office announced British supermarket chain Tesco Stores has fulfilled the terms of its 2017 deferred prosecution agreement resulting from an accounting fraud scandal.
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FASB Q&A addresses lease concessions related to coronavirus
FASB staff has issued interpretative guidance in the form of a question-and-answer document addressing accounting for lease concessions related to economic effects of the coronavirus pandemic.
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ArticleLuckin Coffee, iQIYI fraud allegations point to wider China problem
Scathing reports against China-based Luckin Coffee and iQIYI both alleging fabricated revenues are the latest examples of a much broader accounting and auditing problem in the United States.
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ArticleFASB votes to approve leases, rev rec delays amid coronavirus response
The Financial Accounting Standards Board ruled unanimously on tentative effective date delays to standards affecting revenue recognition and leases in response to the ongoing coronavirus pandemic.
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ArticleAICPA best practices for conducting remote audits in uncertain times
Auditors facing higher audit risks and new accounting and reporting issues as a result of the coronavirus pandemic and downturns in the economy have some new guidance from the AICPA.
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ArticleFRC sanctions KPMG, former senior partner for audit failings
The U.K. Financial Reporting Council has reprimanded and fined KPMG and one of its former senior partners for a failure to exercise “sufficient professional skepticism” and for failure to obtain “sufficient appropriate audit evidence.”
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ArticleFASB to address coronavirus impact at April meeting
The Financial Accounting Standards Board announced its intent to meet April 8 and address standard-setting issues related to the ongoing coronavirus pandemic.
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ArticleHow to account for coronavirus impact during CECL implementation
The challenge facing companies that choose to report CECL in the first quarter despite reporting relief announced Friday is how to reasonably reflect the potential effects of the coronavirus in estimates of current expected credit losses.
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ArticleCECL delayed amid U.S. government’s coronavirus response
FASB’s controversial standard on credit losses was dealt two significant blows Friday as the U.S. government scrambles to respond to the financial impact of the escalating coronavirus pandemic.
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ArticleCoronavirus pandemic elicits opposing views on CECL, TDRs
Two regulatory chairs are battling over whether a delay is needed for financial institutions to implement the updated credit loss standard; also expressed are opposing views on how loan modifications should be viewed in terms of troubled debt restructurings.
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ArticlePCAOB grants auditors 45-day relief period from inspections
The Public Company Accounting Oversight Board is giving audit firms a maximum 45-day relief period from the inspection process during the COVID-19 pandemic.
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ArticleCoronavirus begins disrupting public companies’ financial reporting
Companies are reporting ways in which the coronavirus pandemic is hurting their bottom lines, as well as steps they are taking to reduce spending as disruptions ripple through their supply chains and rattle their customer bases.
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ArticlePCAOB vet Mark Adler to depart
The Public Company Accounting Oversight Board announced Mark Adler, former acting director of its Division of Enforcement and Investigations, is leaving after more than nine years with the agency.
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SEC filer definition changes aim to promote going public
The SEC’s revisions to definitions of accelerated and large accelerated filers should provide relief to smaller issuers and reduce costs for certain public companies.
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ArticleNew FASB guidance eases transition from LIBOR
FASB has issued a temporary standards update intended to reduce the costs and complexities surrounding reference rate reform.