Audit preparation

For KPMG, another week, another rebuke from U.K. accounting regulators.

The developer of cloud-based auditing software has finished a second round led by Battery Ventures.

The Big Four firm netted almost three times as many new engagements as any other auditor.

The International Federation of Accountants has released an updated reference.

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.

The Public Company Accounting Oversight Board censured Deloitte & Touche LLP and imposed a $500,000 penalty against the Big Four firm for overlooking material accounting errors during three consecutive audits of Jack Henry & Associates, Inc., a Missouri-based IT provider for banks and credit unions.