SEC approves new PCAOB audit confirmation standards targeting fraud
CFO Dive
DECEMBER 7, 2023
Since early 2021 SEC Chair Gary Gensler has called on the PCAOB to more aggressively oversee the accounting firms that audit publicly listed companies.
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CFO Dive
DECEMBER 7, 2023
Since early 2021 SEC Chair Gary Gensler has called on the PCAOB to more aggressively oversee the accounting firms that audit publicly listed companies.
Future CFO
MAY 26, 2022
EY is considering a global audit spinoff amid growing regulatory pressure, according to media reports. EY and other Big Four accounting firms — PwC, Deloitte, and KPMG — have long been slammed for their lack of independence in their auditing of company accounts from which they also generate income with consulting, tax, and advisory services.
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Beacon CFO Plus
NOVEMBER 30, 2023
How to Divide Responsibilities and Prioritize Communication The relationship between a fractional or outsourced Chief Financial Officer (CFO) and your company’s public accounting firm should be collaborative, clear, and well-defined. This ensures your company’s financial and accounting needs are met effectively.
Future CFO
JANUARY 22, 2024
Two audit firm solutions of Wolters Kluwer have been pre-approved by the Infocomm Media Development Authority (IMDA), a statutory board of the Singapore government, said Wolters Kluwer Tax & Accounting (TAA) Asia Pacific (APAC) recently.
PYMNTS
OCTOBER 29, 2020
A number of large accounting groups have turned down requests to audit Greensill Capital as the SoftBank -backed firm mulls a stock market listing, the Financial Times (FT) reported. The United Kingdom-based organization has become one of the most highly valued private finance firms in the nation as of its 2011 establishment.
CFO Dive
APRIL 12, 2023
Back in September, the Big Four accounting firm announced plans to split its auditing and consulting arms into two entities. Now, ‘Project Everest’ has been halted.
CFO Dive
DECEMBER 7, 2022
The PCAOB cracked down against KPMG for several alleged violations in the latest sign of tougher oversight of the accounting firms that audit publicly listed companies.
Future CFO
FEBRUARY 23, 2023
Auditing and accounting talent shortage continue to make employers toss and turn, according to a global survey of more than 4,100 accountants and 2,300 auditors. When it comes to talent retention, more than 85% of accountants and 90% of auditors said it is either somewhat or extremely difficult.
PYMNTS
JULY 6, 2020
The Big Four accounting firms will have to put their United Kingdom auditing and consulting practices in separate business units by 2024, but may keep them within the same parent companies, under regulations announced today by the Financial Reporting Council. The FRC notified the firms of its intent to compel changes in March.
CFO News
FEBRUARY 15, 2023
The exchanges had sought a clarification from the company after Business Standard reported that the embattled Adani group had appointed accountancy firm Grant Thornton for an independent audit of some of its companies in a bid to come clean of the damning allegations levelled by the US short-seller Hindenburg Research and to assure investors and regulators. (..)
CFO Dive
JUNE 22, 2022
The new requirements come as many companies have expanded their operations globally, leading to an increase in audits executed by multiple accounting firms.
PYMNTS
DECEMBER 19, 2018
’s Big Four accountancy firms — KPMG , PwC , EY and Deloitte — have escaped a forced breakup from the Competition and Markets Authority (CMA), The Guardia n reported on Tuesday (Dec. ” “Most people will never read an auditor’s opinion on a company’s accounts,” he said. ”
PYMNTS
DECEMBER 4, 2020
Munich prosecutors have launched an investigation into the Ernst & Young ( EY ) audit of Wirecard AG, compounding the firm’s troubles associated with $2.3 EY’s Wirecard fiasco triggered a 90 percent freefall in its share price in June, while critics have come down on the accounting firm for not noticing billions were missing.
PYMNTS
JULY 11, 2019
s so-called Big Four accountancy firms — KPMG, PwC, EY and Deloitte — have reportedly failed to reach audit quality standards set by the Financial Reporting Council , Reuters reported this week. Only 75 percent of the audits of the U.K.’s s largest 350 public firms met that 90 percent performance threshold.
PYMNTS
NOVEMBER 13, 2018
Parliament will commence an inquiry into the nation’s corporate auditing market, which is currently dominated by the Big Four accounting firms Deloitte, PwC, EY and KPMG, adding new pressure on an industry already being probed by other policymakers. Reports in Reuters on Sunday (November 11) said the U.K.
PYMNTS
JULY 5, 2020
The German payment processing company’s operating performance in Europe and the Americas was far worse than previously known, according to a report from KPMG, the Netherlands-based global accounting firm, obtained by the newspaper. Wirecard’s filing insolvency two weeks ago has exposed a pair of deposits totaling $2.1
CFO News
JULY 16, 2023
The size of the contract will require the Big Four accounting firm to call in staff from other countries to work on the audit, two people told the FT. PricewaterhouseCoopers (PwC), which has been Credit Suisse's auditor since 2020, will audit the acquired bank's accounts for 2023, according to the newspaper.
CFO News
SEPTEMBER 25, 2023
Kishore Biyani, founder of the Future Group, has challenged the forensic audit process and report submitted by accounting firm BDO India LLP and its lender, Bank of India, at the Bombay High Court. This development comes after Bank of India asked Future Retail and its promoters to respond to a forensic audit report.
PYMNTS
JUNE 26, 2020
Ernst & Young ( EY ), the global accounting firm hired to verify Wirecard’s financials, failed to request crucial information from a Singapore bank where the German payment processor claimed it had up to 1 billion euros ($1.1 The big question for me is what on earth did EY do when they signed off the accounts?”
Focus CFO
APRIL 7, 2023
Jim has over 30 years of progressive financial and operations leadership beginning with five years of diverse audit experience with Big 4 public accounting firm Arthur Andersen, LLP, including a major fraud investigation. He reated and managed the first internal audit department at a community hospital located in Wheeling, WV.
PYMNTS
SEPTEMBER 29, 2020
An EY whistleblower has alleged the global accounting firm was warned as far back as 2016 that senior managers at Wirecard may have committed fraud and one had tried to bribe an auditor, the Financial Times (FT) reported. An audit by KPMG , a global auditing firm, criticized Wirecard’s lack of transparency.
PYMNTS
MARCH 1, 2020
s audit regulator, announced plans this week to break up the dominance of the largest four accounting firms, Deloitte, EY, KPMG and PwC , according to the Financial Times. The regulator issued letters to those firms, known as the Big Four, Thursday. She said the goal was for audits to be “clear and transparent.”.
The Charity CFO
APRIL 2, 2024
It’s important to do your due diligence when looking for an accounting partner. Nonprofit accounting has several major differences from for-profit accounting. An accounting firm that specializes in nonprofit accounting knows the legal and tax limitations of a nonprofit organization.
PYMNTS
JUNE 24, 2020
A KPMG audit was conducted for Wirecard last fall. The Netherlands accounting firm said it was unable to conclude whether revenues booked from three partner processing companies ever existed for 2016, 2017 or 2018, CNBC reported.
PYMNTS
DECEMBER 27, 2019
.’s so-called Big Four accounting giants — PwC, Deloitte, KPMG and EY — have reportedly set aside more than $212 million in preparation for potential fines ahead as auditing scrutiny grows. million in fines to the auditing industry, three times the value of fines it had issued in the year prior.
PYMNTS
AUGUST 5, 2019
Australia’s four biggest banks, along with large accounting firms, have joined forces to defend the use of independent audit firms as consultants. That news led to a Senate vote for the Parliamentary Joint Committee on Corporations and Financial Services to investigate conflicts of interest in auditing firms.
PYMNTS
SEPTEMBER 15, 2020
EY’s global chairman and CEO has expressed regret over the accounting firm’s failure to uncover fraud sooner at Wirecard AG , the bankrupt German payment company. Marc Liebscher, a lawyer with the Berlin firm representing Wirecard investors, called EY’s auditing “a disaster” and said the firm should stand trial.
PYMNTS
JUNE 18, 2019
Corporate auditing and accounting firm KPMG remains in the crosshairs of regulators in various parts of the globe. government’s Public Company Accounting Oversight Board. government’s Public Company Accounting Oversight Board. .” government’s Public Company Accounting Oversight Board.
Future CFO
AUGUST 18, 2022
When it comes to ESG assurance, 82% of engagements were limited in scope in 2020, essentially the same as in 2019 (83%), according to a joint study by IFAC, American Institute of CPAs (AICPA) and Chartered Institute of Management Accountants (CIMA) that reviewed data from 1,400 global companies from the G20 nations plus Hong Kong and Singapore. .
PYMNTS
APRIL 3, 2019
may be changing course in its efforts to break up the Big Four accountancy firms after the Competition and Markets Authority (CMA) decided against such action late last year. audits for large businesses. audits for large businesses. Reports in Bloomberg on Monday (April 1) said a U.K.
CFO Talks
AUGUST 23, 2023
Nonkululeko Gobodo’s advice for shattering glass ceilings Written by: Leigh Schaller Nonkululeko Gobodo, one of the founders of what would become South Africa’s largest black-owned accounting firms as well as the first black female CA(SA) spoke to Chwayita Deliwe, co-owner of CN Outsourced Finance on the CFOClub Podcast.
Future CFO
SEPTEMBER 7, 2022
Assurance service providers include audit professionals from accounting firms who help companies identify their reporting parameters, according to the organisation. Audit and assurance professionals require upskilling in carbon accounting and assurance to ensure the quality of information to stakeholders, ISCA said.
Future CFO
MARCH 1, 2023
Additional key findings Use of Sustainability Accounting Standards Board (SASB) standards and the Task Force on Climate-Related Financial Disclosures (TCFD) framework have increased significantly between 2019 and 2021: there was a 29% increase for SASB standards usage and 30% for the TCFD framework.
PYMNTS
JULY 19, 2020
Wirecard AG’s accounting firm said an independent report failed to account for half of the German payment company’s revenue and all its operating profit, the Financial Times (FT) reported. .
PYMNTS
JUNE 29, 2020
As the fallout from Wirecard ’s troubles unfold, Germany’s deputy finance minister has called for radical solutions to fix how accounting firms are regulated, the Financial Times reported. Last week, the company filed for insolvency, owing creditors almost $4 billion. Only then can we contain the fallout from this affair.”.
PYMNTS
APRIL 15, 2019
In fact, last month new standards were added that included the ability to ban accounting firms from doing business in the country if they don’t do their jobs properly.
PYMNTS
MARCH 19, 2018
regulators are encouraging an inquiry into whether the market’s Big Four accountancy firms — KPMG, Deloitte, PwC and EY — should be broken up and forced to spin off their auditing arms, reports said. So, it seems to me that we ought to have another look at [the audit market].”. A previous inquiry by the then-U.K. “But
CFO News Room
NOVEMBER 14, 2022
accounting regulators to inspect China-based audits is raising questions about the role of unregistered auditors in the Chinese gambling enclave of Macau, where several U.S.-listed audit watchdog. audit watchdog. A recent agreement between Washington and China allowing U.S. listed casino businesses operate.
CFO Talks
AUGUST 10, 2022
I think it must be extremely difficult to be a CFO of a local authority, there is a lot of pressure on those CFOs to achieve unqualified or clean audits. Did you manage to achieve clean and unqualified audits for the Moqhaka Municipality? A clean audit basically says your financials and your compliance are in sync.
PYMNTS
NOVEMBER 16, 2020
Accounting firms, including PwC, EY , Deloitte and KPMG , have been working to invest in artificial intelligence , going beyond just automating processes and addressing things like entrenched AI work, data analysis and tech training for any employee.
The Charity CFO
APRIL 19, 2022
When most nonprofits think about ‘accounting issues,’ they’re concerned about poorly prepared financial reports, bookkeeping errors, gaps in communication with funders, bad audits and a million more things in this vein. Has the Department of Labor audited your organization for misclassifying contractors as employees?
PYMNTS
JANUARY 2, 2020
The largest accounting firms – EY, Deloitte, KPMG and PwC – are investing billions of dollars in artificial intelligence (AI) and data technology products to change the industry in new ways, according to a report by Bloomberg Tax. They need to be on top of technology and train staff to use it.”.
The Charity CFO
APRIL 18, 2024
Consider these three tips to help you start leveraging data without compromising user data: Use cloud-based accounting and customer data software like QuickBooks Online. Audit and adjust technology and data practices based on current cybersecurity best practices. Implement staff and volunteer training on security best practices.
PYMNTS
JUNE 26, 2020
Ernst & Young (EY), the auditing team hired by Wirecard, is facing questions after sources said the global accounting firm failed to verify Wirecard’s financials. “This now means customer money cannot be accessed. Our primary objective is to protect the interests and money of consumers who use Wirecard.”.
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