Audit

An Ernst & Young partner said his firm fell victim to “criminals,” rejecting allegations EY didn’t do enough to uncover wrongdoing at the now-defunct payment processor.

Most of the insurers that provided the company with director-liability policies have agreed to pay as much as $93 million toward settlements resulting from a 2017 accounting crisis.

More than 20 percent of the wealthiest Americans’ income isn’t being reported to the Internal Revenue Service, according to a new study that calculates U.S. tax evasion is far higher than previously estimated.

Fewer than two out of every 100 taxpayers reporting over $1 million in income were audited by the Internal Revenue Service in fiscal year 2020, according to a new report.

Richard Chambers has released a book on disruption as a new IIA report examines how the internal audit profession is coping with COVID-19.

Top executives at companies hit by accounting scandals could lose their bonuses under U.K. proposals for beefed-up regulation after a wave of corporate collapses including Carillion Plc and travel firm Thomas Cook Group Plc.

Audit committee chairs may not be fully able to grasp certain detailed comments from the PCAOB or respond appropriately on behalf of the company.

Auditors were only able to recoup about 39 percent of the more than $4 billion in unpaid taxes owed by a group of rich taxpayers with an average annual income of nearly $1.6 million.

Deloitte LLP faces a probe by the U.K.’s accounting regulator into its audits of financial statements by Lookers Plc.

Senator Elizabeth Warren said IRS funding should be bolstered so the richest Americans get audited about once every three years as part of her proposed 2 percent annual tax on wealth in excess of $50 million.

A major merger puts the firm in the lead at the end of a difficult year.

The International Federation of Accountants is partnering with the International Integrated Reporting Council on a joint initiative.

Auditing costs have been increasing in recent years, thanks to new accounting standards and corporate acquisitions, according to a study released Thursday.

The Securities and Exchange Commission suspended two former KPMG auditors accused of improper professional conduct during an audit of the now defunct College of New Rochelle.

The U.K.’s accounting regulator introduced fresh recommendations to put further distance between the Big Four accounting firms and their consulting arms ahead of their impending split.

House Democrats are proposing two pieces of legislation that would also provide more funding for the Internal Revenue Service.

The Center for Audit Quality and the American Institute of CPAs released a guide Wednesday to environmental, social and governance reporting and attestation for accountants.

Two Ernst & Young auditors were told by a German court that they must testify before a parliamentary committee about their accounting work for scandal-ridden Wirecard AG.

Nonprofit and for-profit organizations that received Paycheck Protection Program loans could unexpectedly find themselves confronting the “single audit” requirement for the first time, even though PPP loans are supposedly exempt.