Auditing

Auditing

Audits Are Broken. Here’s a Radical Way to Fix Them.

A certain federal agency should take over all public company audits, suggests a former Big Four auditor and current accounting software company CEO.

Michael Whitmire
November 27, 2019
Strategy

Start-Up CFOs: Be Ready to Raise Capital, Recap, or Sell

It doesn’t matter if selling the company is or isn’t the ultimate goal — a CFO needs to be prepared to execute all three.
Applications

AI Gets Real in Professional Services

Auditors are developing a level of speed and accuracy that would have been considered superhuman less than a decade ago.
Accounting & Tax

PwC Fined $7M for Audit Independence Violations

The SEC says the firm improperly worked on non-audit services including financial software projects for audit clients.
Auditing

Audit Committees Boost Disclosure to Shareholders

Investors get more information about the selection and evaluation of large companies' independent auditors.
Auditing

RSM Charged by SEC with Violating Auditor Independence Rules

The accounting firm agreed to a $950,000 penalty and to engage an independent consultant to evaluate its current quality controls.
Auditing

Microsoft Discloses ‘Critical Audit Matters’

The software giant's auditor, Deloitte, found CAMs related to revenue recognition judgments and uncertain income tax provisions.
Auditing

Watchdog Slams PCAOB Oversight of Big Four

“By failing to hold the Big Four accountable [for audit deficiencies], the board is putting all Americans’ financial futures in jeopardy.”
Auditing

Fresh Evidence of Auditor Bias Emerges

Companies don't look good for penalizing honest auditors, while other auditors don't look good for rendering slanted opinions.
Auditing

KPMG Withdraws Two Audits for CannTrust

The Canadian cannabis company is embroiled in a scandal over an unlicensed grow facility.
Regulation

Walmart FCPA Case Cites Poor Internal Controls

The Securities and Exchange Commission today charged Walmart with dragging its feet on anti-corruption compliance for more than a decade.
Auditing

Audit Firms’ Problems Are Also Cultural

The SEC's case against KPMG demonstrates that sloppy audits and conflicts of interest aren't the only challenges the Big Four face.
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