Audit

The firm admitted shortcomings in three years of work for a client, which had to restate its distributable reserves twice.

EY was sued over its work for the payment company, just two days after Wirecard’s headquarters were raided as part of a market manipulation probe.

As the coronavirus pandemic continues, the need for remote audit capabilities remains a prime concern.

The Big Four increased their percentage of SEC audit engagements at the expense of the rest of the top 10 auditors in 2019.

Defunct U.K. contractor Carillion Plc won’t be able to get key KPMG documents to prepare for a 250 million-pound ($314 million) negligence lawsuit against the accounting firm.

The service hasn’t been doing enough to collect the taxes owed by hundreds of thousands of people who owe billions of dollars, according to a new report.

The Public Company Accounting Oversight Board issued inspection reports Monday for the six largest auditing firms in a new format with more graphs and charts.

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.