Audit preparation

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.

The board is stepping up its enforcement activities with a mostly new slate of board members.

As PCAOB inspections in China move forward, U.S. auditors should use caution in engagements with Chinese-based companies.

Auditing firms have been relying increasingly on outside specialists for audit engagements since the Public Company Accounting Oversight Board unveiled a new standard governing their use.

The board is finding deficiencies in about one-third of the audits it inspected in 2021.

Audit committees are including more disclosures within proxy statements, but there's a disconnect between what investors expect and what companies are willing to disclose.

Cole was convicted of a single count each of securities fraud and improperly influencing an audit, plus six counts of making false filings with the SEC.

Prager Metis CPAs LLC, an auditor for FTX, was sued by an investor, who also sued Armanino LLP, an auditor for FTX US, FTX's co-founder Sam Bankman-Fried and others.

The Public Company Accounting Oversight Board proposed significant changes in the requirements for firms' QC systems, modernizing standards in place for decades.

A recent study found that when municipal governments are assigned a random auditor, versus one they appoint themselves, financial performance improves.

Average audit fees rose a slight 2.5% from $2,600,677 in 2020 to $2,666,659 in 2021, reflecting increased demands on auditors.

The International Auditing and Assurance Standards Board is looking for feedback on updating one of its fundamental standards.

A New York CPA was hit with a $150,000 penalty and barred from association with a registered firm for misleading board inspectors and investigators.

The document includes new tools and resources on committee requirements, oversight responsibilities and strategies for promoting effectiveness.

Banking depositors perceive failures at financial institutions as failures on the part of auditors, reducing their assessment of the credibility of an auditing firm.

The Public Company Accounting Oversight Board has again rejiggered its standard-setting and research agendas, adding three new projects.

PPP misrepresentation; rebuilding clients' basis; what you're doing wrong; and other highlights from our favorite tax bloggers.