Audit & Accounting

The Public Company Accounting Oversight Board has sanctioned seven audit firms for violating independence requirements in connection with audits of brokers and dealers, and sanctioned engagement partners at two of the firms for causing the violations.

The Institute of Internal Auditors and the Auditing Roundtable, Inc. have signed a merger agreement after more than a year of negotiations.

Mary Schapiro, the former chair of the Securities and Exchange Commission has joined the governing board of the Center for Audit Quality.

The consulting and internal audit firm Protiviti has released its annual Internal Audit around the World outlook.

The American Institute of CPAs has posted new information on its Web site for auditors who are asking for further information from attorneys.

The Securities and Exchange Commission is increasingly relying on administrative hearings for its enforcement actions, according to a new report.

The U.K. Financial Reporting Council is investigating former employees of RSA Insurance Group Plc’s Irish unit regarding accounting irregularities in 2012.

Noble Group Ltd. appointed PricewaterhouseCoopers LLP to review how it values some of its assets after criticism of the Asian trading company’s accounting practices.

The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board, are reassessing its structure and effectiveness.

New research indicates that many investors tend to overlook the vague misgivings that auditors might express in letters included with their audit reports, even though those warnings often turn out to be a predictor of future trouble with a company’s financial statements.