Auditing

Auditing

Ex-EY Partner Sanctioned Over Inadequate Audit

The PCAOB says William Trainor improperly concluded he did not have to issue an adverse ICFR opinion for Forest Oil.

Matthew Heller
June 7, 2019
Auditing

PwC to Restructure U.K. Audit Practice

Amid growing pressure from regulators, the firm announced plans for a significant transformation of its audit business.
Auditing

KPMG to Restructure Audit Business in U.K.

The Big Four firm says it wants to "restore trust in audit" but a U.K. regulator indicates the changes don't go far enough.
Banking & Capital Markets

SEC Approves Audit Exemption for Smaller Firms

Requiring smaller companies to have their internal controls audited "may not be an efficient way of benefiting and protecting investors."
Auditing

U.K. Watchdog Calls for Audit Market Makeover

The Competition and Markets Authority stopped short of recommending the Big Four be broken up in response to a series of high-profile audit failures.
Regulation

U.K. Lawmakers Urge Full Breakup of Big Four

“The Big Four’s dominance has fostered a precarious market which shuts out challengers and delivers audits which investors and the public cannot rely on."
Auditing

CAQ Releases Guide to Reviewing Auditors

There continues to be interest from investors, regulators, and others regarding how audit committees perform their responsibilities, says the CAQ.
Auditing

‘Opinion-Shopping’ Compromises Auditor Independence

While it may serve the interests of struggling companies, shopping for a favorable audit opinion lessens auditor independence and audit quality.
Accounting

Numbers Don’t Lie, Until They Do

A good number of controllers, financial analysts, accountants, and auditors don't completely trust the accuracy of their company's financial data.
Auditing

Audit Committees Warned on Meeting with PCAOB

When the PCAOB asks to speak with an issuer's audit committee, it "may be a gateway to enforcement activity," note attorneys from Stinson Leonard Street.
Auditing

Chief Audit Execs: Internal Audit Can Do Better

CAEs say their function doesn't make adequate efforts in communicating with the board and management, among other shortcomings.
Auditing

Accounting Watchdog Finds Ongoing Problems at KPMG

The PCAOB’s criticism came in its 2017 inspection report for the firm.
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