Audit

For decades, the credit has been subject to a wide gulf of interpretation and hence is an issue ripe for adjustments.

The Public Company Accounting Oversight Board released a document Tuesday with information for auditors and audit committees about audits involving cryptoassets, such as Bitcoin and other digital currencies.

The International Auditing and Assurance Standards Board released guidance for auditors to consider when issuing audit reports amid the COVID-19 pandemic.

Under the Senate legislation, if a company can’t show that it is not under control of a foreign government, or the PCAOB isn’t able to audit the company for three consecutive years to determine that is the case, the company’s securities would be banned from the exchanges.

The Senate overwhelmingly approved legislation Wednesday that could lead to Chinese companies such as Alibaba Group Holding Ltd. and Baidu Inc. being barred from listing on U.S. stock exchanges amid increasingly tense relations between the world’s two largest economies.

But relatively few audit execs are actually performing reviews of critical risk areas such as health and safety.

The president acknowledged the move could prompt Chinese companies to move off of the NYSE and Nasdaq.

Some things remain constant for auditors, even when everything else is changing.

The U.K.’s Financial Reporting Council has opened an investigation into Ernst & Young LLP’s auditing of NMC Health Plc, the Middle Eastern hospital operator facing fraud allegations.

EY leads among the largest auditors in the first quarter of 2020.

The auditing profession is responding to the novel coronavirus pandemic by adjusting how it conducts audits, and that’s evident in the Center for Audit Quality, whose CEO, Julie Bell Lindsay, took over the leadership job when the priorities for the profession and the CAQ looked far different.

An independent audit into Wirecard AG concluded that it was unable to obtain the data needed to confirm past revenues, and criticized the payment processor for internal “shortcomings” and unwillingness by its third-party partners to contribute to the report.

The International Auditing and Assurance Standards Board has released an exposure draft of a standard for improving the quality of audits of group financial statements.

SOX professionals are thinking about how to revise their risk management playbook for the year in response to the pandemic.

Chinese investigators raided the offices of Luckin Coffee Inc. as part of a multi-agency investigation into its finances, according to a person familiar with the matter, as pressure grows on the formerly high-flying coffee chain at the center of an accounting scandal.

In the shadow of the coronavirus, the AICPA and other groups are working on ways to help the environment.

When it comes to companies exposed to emerging markets — most notably China — investors should beware the lack of visibility into their books.

Tycoon OK Lim and his family are set to hand over management of the company founded in 1963 to PricewaterhouseCoopers LLP, deepening the demise of an empire Lim built into one of Singapore’s most powerful oil traders.

As oil prices collapsed in the fallout from the coronavirus, Singapore-based Hin Leong's foundations crumbled.

The American Institute of CPAs’ Auditing Standards Board has decided to defer the effective dates of seven of its recently issued Statements on Auditing Standards because of the novel coronavirus pandemic.