Auditing

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

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.
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.
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

‘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.
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.
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