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Tag >> auditing
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.

Sep 16
2010

UK watchdog barks at auditors

Posted by nicklord in PwCKPMGErnst & YoungDeloitteauditing

nicklord

The Financial reporting Council of the UK has released the annual results of its inspection of the big four accounting firms. Its verdict? Could do better.

Each of the big four - KPMG, PwC, Deloitte and Ernst & Young - were found to have been less than perfect. Each was found guilty of specific misdemeanors, but the common thread running through the report was that auditors faced too much internal pressure to do non-audit work, so that the quality and independence of the audits were in danger of slipping.

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

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 19
2010

Shopaholic CFO agrees to felony charges

Posted by Going Concern in embezzlementcomplianceCFOsCareers/ManagementauditingauditAccounting

Going Concern

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

Late on Friday, it was reported that Sue Sachdeva will plead guilty to six felony counts in the Koss embezzlement case that was discovered at the end of last year.

Jul 06
2010

GAO to audit GASB

Posted by Going Concern in RegulationGAAPCongresscomplianceauditorsauditingaccrual methodAccountingaccountants

Going Concern

Submitted by Adrienne Gonzalez, republished from Going Concern, Accounting News for Accountants and CFOs.

If we still care about financial reform, we should especially care about proposed changes to the Government Accounting Standards Board because, let's face it, government accounting could really use a helping hand. Were government pensions forced to use the same reporting rules as every other pension, a $3 trillion hole would open up and we would see immediately that rules in desperate need of repair have remained broken because the current system allows the truth to be buried in the footnotes.

Jun 30
2010

Auditors may have missed Overstock accounting issue

Posted by Going Concern in PricewaterhouseCoopersOverstock.comGrant ThorntonGAAPcomplianceauditorsauditingAccounting

Going Concern

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

Yesterday we briefly picked up the Overstock beat as Sam Antar pointed out that everyone's favorite Salt Lake City resident got a little confused about when they knew their gain contingency existed that resulted in some contradictory disclosures.

Jun 29
2010

Court decision undermines PCAOB's independence

Posted by Ron F in Supreme CourtSecurities and Exchange CommissionSection 404Sarbanes-OxleyPublic Company Accounting Oversight BoardPCAOBFASBcomplianceauditorsauditingAccountingaccountants

Ron F

We're not quite as sure as others are that yesterday's Supreme Court decision regarding SarbOx is so utterly meaningless regarding the future of the Public Company Accounting Oversight Board.

Sure, the court said the law is still fully in effect, blah, blah, blah.

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