All Accounting & Auditing articles – Page 5
-
News BriefSAP to pay $220M in FCPA settlements
German-based software company SAP agreed to pay more than $220 million as part of resolutions with authorities in the United States and South Africa regarding alleged violations of the Foreign Corrupt Practices Act.
-
OpinionTen things I’d like to see happen in 2024
Election years in the United States, United Kingdom, and at European Parliament, along with ongoing geopolitical tensions, make 2024 difficult to predict—aside from the expectation compliance officers will be busy.
-
News BriefSEC fines UAE-based Brooge Energy $5M in fraud case
Brooge Energy agreed to pay $5 million in a settlement with the Securities and Exchange Commission resolving fraud charges related to a scheme to inflate revenues.
-
News Brief
FRC drops investigation into PwC’s Intu Properties audits
The U.K. Financial Reporting Council announced it closed its investigation into Big Four firm PwC’s audit work at collapsed real estate investment trust Intu Properties.
-
PremiumARGA future questioned as U.K. audit reform hits backburner
The U.K. Financial Reporting Council’s long-planned transition to become the Audit, Reporting and Governance Authority appears to be taking place no time soon, leading some to question whether the change will happen at all.
-
WebcastWebcast: Application security and controls: Avoiding the resurgence of material weaknesses
We’ll discuss real-life examples of companies who have implemented technologies and techniques to monitor internal controls, increase control testing accuracy, boost security role precision, reduce the cost of compliance, improve ERP operational effectiveness, or recover from a material weakness.
-
PremiumSurveys: Finance, legal execs share concerns around AI use
Finance executives and general counsel alike say their firms and leadership teams are unprepared for the risks and benefits of artificial intelligence, according to two recent surveys.
-
Blog
PwC Australia announces new general counsel
Accounting firm PwC Australia announced the appointment of Kylie Gray as general counsel.
-
News BriefMallinckrodt dodges $40M SEC penalty in disclosure violation case
Pharmaceutical company Mallinckrodt, fresh out of its second bankruptcy, was spared having to pay a $40 million penalty levied by the Securities and Exchange Commission for alleged disclosure and accounting failures related to its underpaying of Medicaid rebates.
-
News BriefChina-based PwC affiliates fined $7M in historic PCAOB actions
The Public Company Accounting Oversight Board imposed $7 million in total penalties against two PwC affiliates under its first settlements with mainland Chinese and Hong Kong firms since the passage of the Holding Foreign Companies Accountable Act.
-
PremiumMore companies enter ‘discovery phase’ of ESG reporting in 2023
Climate-related disclosure efforts are amplifying year over year, despite persistent and persnickety pain points, as more organizations widen the scope of their ESG journeys, our “Inside the Mind of the CCO” survey found.
-
News BriefRio Tinto to pay $28M in SEC fraud case
Rio Tinto consented to pay a $28 million fine to resolve charges levied by the Securities and Exchange Commission alleging the mining company and its executives committed fraud by inflating the value of coal assets.
-
News BriefKPMG Japan fined $500K over journal entry quality controls
The Japanese affiliate of Big Four audit firm KPMG was assessed a $500,000 penalty by the Public Company Accounting Oversight Board for quality control deficiencies regarding journal entry testing.
-
News BriefCharter Communications fined $25M over stock buyback violations
The Securities and Exchange Commission fined Charter Communications $25 million for violating internal accounting control requirements related to stock buybacks.
-
News BriefPwC Greece fined $3M for due care, skepticism failures
The Greece-based branch of Big Four audit firm PwC agreed to pay $3 million as part of a settlement with the Public Company Accounting Oversight Board addressing alleged failures in due professional care and appropriate skepticism regarding an audit of a marine fuel logistics company.
-
News BriefSEC, Canadian regs fine RBC $6M for accounting failures
Royal Bank of Canada will pay $6 million in total penalties to settle charges from the Securities and Exchange Commission and two Canadian regulators that it failed to properly record software development costs for more than a decade.
-
PremiumWirecard what happens when ‘those that are meant to check compliance don’t’
The Wirecard fraud highlights the result of regulators and auditors failing to act properly and underlines the importance of encouraging and protecting whistleblowers, said the reporter who exposed the firm in speaking at Compliance Week’s Europe conference in London.
-
News BriefPCAOB fines Smythe $175K over unregistered firm use
Canada-based accounting firm Smythe agreed to pay a $175,000 penalty in settling with the Public Company Accounting Oversight Board regarding its use of unregistered firms across four issuer audits.
-
News BriefFRC proposes auditors closer scrutinize noncompliance
The U.K. Financial Reporting Council is the latest regulator to propose standard changes that would require auditors to play a larger role in detecting and reporting instances of noncompliance when reviewing company financial statements.
-
PremiumExpert: SEC’s view on Prager Metis indemnity clauses ‘problematic’
Audit firms should carefully weigh the pros and cons of indemnity clauses in light of the Securities and Exchange Commission’s recent complaint against Prager Metis, according to a legal expert.