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Tag >> audit
Apr 06
2011

Five PwC affiliates fined $7.5 million

Posted by Stephen Taub in Securities and Exchange CommissionSEC enforcementSatyamPublic Company Accounting Oversight BoardPricewaterhouseCoopersPCAOBIndiacomplianceauditorsauditingaudit

Stephen Taub

Five India-based affiliates of PricewaterhouseCoopers (PwC) agreed to pay $7.5 million to regulators to settle charges of conducting deficient audits of Satyam Computer Services and other firms.

The PW India affiliates agreed to pay a $6 million penalty to settle the SEC's charges, the largest ever by a foreign-based accounting firm in an SEC enforcement action.

Mar 15
2011

Audit execs embrace Sarbanes-Oxley

Posted by Stephen Taub in Grant ThorntoncomplianceCloud Computingchief audit executivesauditorsaudit

Stephen Taub

Since the day it became law in the summer of 2002, Sarbanes-Oxley has always had a chorus of critics and should even be dismantled.

It's too expensive, too over-reaching, not well thought out, encourages companies to list overseas, doesn't really reign in fraud. Pick your reason for disdaining to governance rules.

Nov 04
2010

Detecting and deterring fraud

Posted by Karen1 in fraudfinancial reportingCAQaudit

Karen1

Over the past few years, a number of high-profile companies, from AIG to Qwest, have been caught issuing financial statements that were, to put it mildly, less than accurate. How can other CFOs ensure that their firms are not part of this group?

A recent study by the Center for Audit Quality (CAQ) sheds some light on the factors that can lead to fraud, as well as the attributes that need to be in place to minimize the risk of fraud. The study, "Deterring and Detecting Financial Reporting Fraud: A Platform for Action," incorporates the input gained from more than 100 participants in five roundtable discussions that occurred in both the US and the UK over the past year. Among the participants were corporate executives, members of boards of directors, internal and external auditors, investors, regulators, academics and others.

Oct 05
2010

Two accounting firms fined $1.7 million for audit

Posted by Stephen Taub in McGladrey & PullenLLPcomplianceCommodity Futures Trading CommissionCFTCauditAccounting

Stephen Taub

Two accounting firms agreed to pay a total of $1.7 million and a certified public accountant (CPA) agreed to a permanent bar stemming from Commodity Futures Trading Commission charges of failing to audit properly a client that was earlier accused of fraud and misuse of customer funds.

According to the CFTC, McGladrey & Pullen, LLP and Altschuler, Melvoin & Glasser LLP and partner G. Victor Johnson II failed to properly audit Sentinel Management Group, a Northbrook, Ill.-based futures commission merchant that declared Chapter 11 bankruptcy in August 2007. M&P acquired assets relating to AMG's audit practice in 2006.

Aug 27
2010

Upscale California county scrapping Deloitte-installed SAP system

Posted by Going Concern in SAPERPDeloittebiztechBig FourBig 4auditorsauditingaudit feesaudit

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

Aug 18
2010

American Apparel coming apart at the seams?

Posted by Going Concern in SEC filingsfinancial statementsfinancial reportingDeloittecomplianceauditorsauditingauditAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

American Apparel's downward spiral continues as Bloomberg reports that the company has been subpoenaed by the U.S. Attorney for the SDNY over the company's "change in accounting firms."

Aug 12
2010

Reining in the PCAOB

Posted by Going Concern in Securities and Exchange CommissionSarbanes-OxleyPublic Company Accounting Oversight BoardPCAOBCPAscomplianceBig FourBig 4auditorsauditingauditAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

The PCAOB has had a pretty good run of late. It all started with the SCOTUS handing them a loss that was really a win and the Board has, most recently, gotten ambitious with new risk assessment standards. What's more is the call of acting Chair Dan Goelzer to have the Board's enforcement inspections held publicly so audit firms can't get all mysterio about what they did and did not do to warrant said inspection.

Aug 04
2010

GAO warns on internal controls of US financial reports

Posted by Stephen Taub in Office of Management and Budgetinternal controlsGovernment Accountability Officegenerally accepted accounting principlesGAODepartment of Treasurycomplianceaudit

Stephen Taub

It looks like the folks who brought us Sarbanes-Oxley need a dose of the governance and accounting rules themselves.

A new US Government Accountability Office (GAO) report concluded that improvements are needed in controls over the preparation of the US consolidated financial statements.

Aug 04
2010

BDO has its work cut out for it at KV Pharma

Posted by Going Concern in complianceauditingauditAccountingaccountants

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

As we've mentioned, it's been a rough summer - hell a rough year - for KV Pharmaceutical. The company paid nearly $26 million to the Justice Department back in February, had massive layoffs in March and their Chairman and CFO back in June.

Jul 26
2010

SEC looks to fill auditor oversight board vacancies

Posted by Going Concern in Supreme CourtPublic Company Accounting Oversight BoardPCAOBcomplianceBig 4auditAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

Since the PCAOB is here to stay, the SEC figured it was probably best that they get some people sit on this thing to, ya know, help protect the investors, the public at large, so on and so forth.

The problem, as it appears to us, is that Mary Schapiro and the gang are plumb out of ideas for nominations. Accordingly, they're out there looking for help from some of the best and beardest, including the Beard, acting PCAOB chair Dan Goelzer, AICPA President and CEO Barry Melancon and a few other noted notables.

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