Audit & Accounting

Accounting and financial firms and business groups are sending comment letters to the Securities and Exchange Commission ahead of a deadline Friday for approving a new standard from the Public Company Accounting Oversight Board on expanding the scope of audit reports.

PricewaterhouseCoopers LLP was fined 5.1 million pounds ($6.6 million) for misconduct over its audit of RSM Tenon Group Plc in the largest-ever sanction issued by the U.K. accounting regulator.

Members of the Latino Tax Professionals Association now have access to many more resources.

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KPMG has agreed to pay more than $6.2 million to settle charges it failed to properly audit the financial statements of Miller Energy Resources, a Knoxville, Tenn.-based oil and gas company that settled accounting fraud charges last year, the Securities and Exchange Commission said Tuesday.

The American Institute of CPAs is recommending a set of changes to the Internal Revenue Service’s proposed partnership audit regulations.

Three international standard-setting boards for auditing, accounting ethics and accounting education issued a new publication Monday in the hopes of making accountants and auditors more skeptical of management assertions.

The American Institute of CPAs said Monday that it supports a new policy from the National Credit Union Administration on how audit reports on credit unions should be submitted.

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