PwC Will Have to Pay £1.75 Million Fine Over Flawed BT Audit
The Financial Reporting Council also handed partner Richard Hughes a £42,000 penalty for his role on the audit.
Auditing
The Technology Lab Podcast – Review of OnceAccounting – Aug 13, 2022
Randy and Brian review OnceAccounting, a single hub for accounting firms to manage all of their clients' books, even on different systems.
History Rewind: Behind the Bernie Madoff Scam
In 2009, Bernie Madoff pleaded guilty to a Ponzi scheme that cost investors an estimated total of $65 billion, the largest in U.S. history. Before that, he had been chairman of the NASDAQ stock ...
IFRS Consolidates with Value Reporting Foundation
The consolidation delivers on market demand, including from companies, investors and regulators, for simplification of the ...
More Companies Obtaining Independent Assurance on Sustainability Data
61% of ESG assurance services were performed by professional accounting firms, with substantial variation in practice within different jurisdictions
PCAOB ‘Up to the Task’ of Updating Standards, Tougher Enforcement
SEC Chair Gary Gensler called out the PCAOB yesterday for being too slow to modernize old auditing standards.
Twenty Years After SOX Was Signed Into Law, SEC Chief Says ‘Who Audits the Auditors’ Still Matters
Gary Gensler said updating outdated auditing standards and strengthening auditor independence rules are still works in progress.
Four Rogue KPMG Auditors Fined £365,000
They were disciplined after an industry tribunal found they forged documents and lied during a probe into their work.
Auditors Told To Stop Staff Cheating In Their Exams
The Financial Reporting Council said it was ‘deeply concerned’ by fines levied against the likes of EY, PwC and KPMG.
IIA Honors Charlie Johnson Jr. as Outstanding Auditor
The award recognizes those who “have given unusual and outstanding service to the profession of internal auditing through participation in the activities of the IIA.”
After a Chaotic First Half, What’s on the Horizon for Forensic Accountants in 2022?
With the threat of a recession on the horizon, and the ongoing fallout of the COVID-19 pandemic still being felt, business and forensic accountants are...
Audit Board Survey Shows Critical Risks and Opportunities for Internal Audit
Given the outlook for budgets and staffing levels, most internal audit departments remain optimistic about their department’s continuing value and growth.
EZLease Offers Free Accounting Solution
EZLease, a maker of lease accounting software, is now offering a free, full-function lease management system for private and government organizations managing small lease portfolios.
Report Shows Risk Management Processes Not Keeping Pace with Growing Risks
The report found indication that adoption of ERM processes in the U.S. is on the rise. Over the last 13 years, the percentage of ...
FASB is Going to Do a Little More Research on Hedge Accounting, Statement of Cash Flows
Recent feedback from investors and other stakeholders has influenced the FASB’s research and technical agendas.
California Accountant Sentenced to 29 Months in Prison For Defrauding Two Former Employers
Stephanie Simontacchi, 48, was sentenced to more than two years in federal prison on July 1 for bank fraud, embezzlement of credit union funds, and tax evasion.