Audit preparation

The board offered insights on the remediation process that audit firms need to undergo when addressing problems with their quality control.

CFOs at some of the U.K.'s largest companies have already complained to the Big Four about the high costs of audits.

Companies can alleviate some of the coming stress with proactive planning, processes and collaboration.

"Proof of reserves is neither a full accounting of the assets and liability of a company, nor does it satisfy segregation of customer funds under the securities laws," said SEC chair Gary Gensler.

The board released its latest inspection reports on Deloitte & Touche, PricewaterhouseCoopers, KPMG and Ernst & Young, plus BDO USA and Grant Thornton.

Michael Burry, the investor who foresaw the housing market crash in 2008, is skeptical about today's proof-of-reserve audits.

The accounting firm Mazars Group halted work for Binance and other crypto firms on reports that are meant to demonstrate that the companies hold the necessary reserves.

The Committee of Sponsoring Organizations of the Treadway Commission selected Lucia Wind, vice president of internal audit at the technology company Unisys, as its next board chair, succeeding Paul Sobel, for a three-year term starting Jan. 1, 2023.

Mazars Group has halted all work for crypto clients, dealing a blow to an industry seeking to shore up confidence in the wake of FTX's collapse.

A proof of reserves report, based on a snapshot review by Mazars, showed the exchange having sufficient crypto assets to balance its total platform liabilities, but acknowledged limitations.