Audit

The Public Company Accounting Oversight Board is reassessing its plans to reestablish its outside advisory groups after the latest bout of turmoil at the audit firm regulator.

KPMG U.K. Ltd. faces a 15 million pound ($21 million) fine after it committed “gross misconduct” over a conflict of interest when it advised bed manufacturer Silentnight and the private equity firm that bought it in 2011.

The Securities and Exchange Commission is reportedly probing William Duhnke, the recently fired chair of the Public Company Accounting Oversight Board.

The increasing number of hours devoted to Sarbanes-Oxley compliance, along with the COVID-19 pandemic, have accelerated the need to use technology and automation to cope, according to a new survey.

A failed oil trader in Singapore that owes creditors more than $3.5 billion is suing Deloitte & Touche LLP, alleging the auditing firm failed to detect “serious irregularities” in its financial statements for more than a decade.

The top 10 firms grew their share of the SEC audit market slightly, but the increase didn’t go to the biggest firms.

The institute's Auditing Standards Board amended its standards Tuesday to include guidance in two areas.

Clients anticipate that audit fees will increase in 2021 due to the impact of inflation, COVID-19, acquisitions and divestitures, according to a survey by Gartner.

The SEC abruptly fired William Duhnke as chairman of the Public Company Accounting Oversight Board. As part of the shakeup, PCAOB board member Duane DesParte will become acting chair, but the SEC plans to replace the entire slate of board members.

Almost three-quarters of inspections showing sub-par work, according to the watchdog.

As companies come under increasing pressure to deal with climate change and diversity, their internal auditors are putting more emphasis on making sure environmental, social and governance reports are reliable.

LeaseCrunch Verify allows firms to add client accounts from one dashboard and enter and test a sample size of their leases.

The American Institute of CPAs and the Chartered Institute of Management Accountants jointly released guidance Tuesday for auditing and accounting for the risks of digital assets such as cryptocurrency.

Auditors are taking advantage of the remote auditing capabilities they used during the pandemic to do more types of audits and expand priorities like fraud detection and cybersecurity.

The board’s 2020 Annual Report reveals an ongoing drop in registrees, as well as how it responded to COVID-19.

The Public Company Accounting Oversight Board has proposed a rule for implementing a recent law that penalizes foreign companies whose auditing firms can’t be inspected by the PCAOB.

The Internal Revenue Service has picked TaxBit, a Salt Lake City-based company, as a subcontractor to help it do data analysis and tax calculations for audits of taxpayers with cryptocurrency.

The Big Four firm was exploring what smart glasses could do before COVID-19. When the pandemic hit, they put their foot on the gas.

Lawmakers are considering giving the IRS additional funding and authority to expand its tax enforcement operation.

The market in new audit engagements is picking up after dropping in the second half of last year.