Big Four Heading for Audit Shakeup in U.K.
The U.K.'s accounting watchdog has asked the firms to submit a plan by Oct. 23 for separating their audit and consulting businesses.
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."
IFIAR Reports Decline in Audit Deficiency Rate
While IFIAR says the audit deficiency rate “is trending downward on an overall basis," it urges firms to continue strengthening quality control systems.
PCAOB Fines Grant Thornton $1.5 Million
Grant Thornton assigned two partners in its Philadelphia office to audits even though the firm had concerns about the quality of their auditing work.
PCAOB Trying Different Tack in Selecting Audits
Among other things, the new approach will limit the ability of firms to predict which of their audits the PCAOB may select to inspect.
Higher Pay for Auditors Leads to Fewer Restatements
The more a Big Four firm pays its auditors, the fewer restatements its clients have, finds a new study.
Disclosing Engagement Partner Improves Audit Quality
It's especially so when audit committee members serve in the same role for other companies with the same audit-firm engagement partner, research finds.
Five Accountants Charged With Audit Violations
The SEC alleges CPA Peter Messineo owned stakes in companies that the firm he worked for was auditing.
An Auditor Independence State of Mind
A Billy Joel favorite sparks thoughts of auditor independence.