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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-03-08T17:17:00
The U.K. Financial Reporting Council (FRC) fined Big Four firm PwC more than 5.6 million pounds (U.S. $6.6 million) for failing to challenge management, obtain sufficient evidence, and follow basic requirements while conducting audits of a British defense contractor and its subsidiary.
The FRC’s final settlement notice, made public Wednesday but issued Jan. 3, also fined two former PwC audit partners for their work at Babcock International Group for the fiscal years ended 2017 and 2018 and Babcock subsidiary Devonport Royal Dockyard for FY2018.
The FRC said its investigation of the audits of Babcock and Devonport found “numerous, serious breaches” of U.K. auditing standards. Deficiencies included “repeated failures to challenge management and obtain sufficient appropriate evidence” and “failure to follow basic audit requirements, evidencing a lack of competence, care, or diligence,” the regulator said in a press release.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2023-06-29T20:30:00Z By Kyle Brasseur
The U.K. Financial Reporting Council separately penalized Big Four audit firms PwC and KPMG for deficiencies in their work at transport company Eddie Stobart Logistics for the financial years ended 2018 and 2017, respectively.
2023-04-18T17:13:00Z By Kyle Brasseur
The U.K. Financial Reporting Council is investigating the work of Big Four firm KPMG during a 2021 audit at agriculture and engineering services provider Carr’s Group.
2023-02-16T15:14:00Z By Kyle Brasseur
The U.K. Financial Reporting Council launched an investigation into Big Four firm PwC’s audit work at collapsed real estate investment trust Intu Properties.
2024-11-20T18:15:00Z By Aaron Nicodemus
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
2024-11-19T21:05:00Z
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
2024-11-19T19:26:00Z By Aaron Nicodemus
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
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