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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-09-27T20:21:00
A Colombian affiliate of Big Four audit firm Deloitte agreed to pay $900,000 as part of a settlement with the Public Company Accounting Oversight Board (PCAOB) addressing alleged quality control lapses that occurred during the 2016 audit of a bank.
Deloitte Colombia’s quality control system failed to provide it with reasonable assurance for its audit work’s compliance with PCAOB standards and the independence of its personnel, the regulator said in a press release Wednesday.
Regarding Deloitte Colombia’s 2016 audit at Bancolombia, the lead partner and engagement team did not appropriately document necessary procedures and altered documentation after the audit report was issued, according to the PCAOB’s order.
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News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2023-11-14T21:22:00Z By Kyle Brasseur
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.
2023-10-02T20:26:00Z By Kyle Brasseur
The Public Company Accounting Oversight Board announced the adoption of a new standard regarding auditor use of confirmation that replaces the previous version that hadn’t been notably changed in more than 30 years.
2023-09-29T21:45:00Z By Adrianne Appel
Accounting firm Prager Metis violated auditor independence rules through use of indemnification provisions in its engagement letters hundreds of times during a period of nearly three years, the Securities and Exchange Commission charged in a lawsuit.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T14:42:00Z By Adrianne Appel
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
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