Audit preparation

The U.K. accounting watchdog is ramping up misconduct fines after being called useless and toothless by lawmakers irate at the failure of the accounting industry to prevent several high-profile corporate collapses.

It’s said auditors get off lightly when companies fail. Tell that to the PricewaterhouseCoopers partner who signed off on the accounts of failed British retailer BHS. He has just received a 325,000-pound ($434,000) fine and a record 15-year ban from audit work.

KPMG LLP is conducting an internal review into its audits of embattled Middle East buyout firm Abraaj Group following the alleged misuse of money, according to people with knowledge of the matter.

Even as their job gets easier, the largest auditors impose greater charges the longer they’re auditing a company, according to a new academic study.

The AICPA chief challenged the profession to embrace changes in auditing, technology and more.

Helen Munter, director of registration and inspections at the Public Company Accounting Oversight Board, plans to leave the PCAOB at the end of May.

Carillion Plc deceived lenders and investors about its debt levels and was enabled by “complacent” auditors who failed to challenge its “aggressive” accounting, according to a U.K. Parliament report.

The audit automation software provider has introduced a free tool for Microsoft Office users.