Audit

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.

The Institute of Internal Auditors has stopped most of its in-person activities, including training, during the COVID-19 pandemic and will instead do online testing on a temporary basis for its certification exams.

The International Auditing and Assurance Standards Board released its 2020-2023 strategy and 2020-2021 work plan, while acknowledging that the COVID-19 pandemic could throw those plans out of whack.

Ernst & Young must pay $10.8 million to an auditor who blew the whistle on wrongdoing at a Dubai gold refiner in another black eye for the U.K. accounting industry.

The Securities and Exchange Commission recently voted to exempt many smaller public companies from the Sarbanes-Oxley requirement for auditor attestations of their internal controls over financial reporting, but many companies have been able to bypass those audits anyway.

China’s second accounting scandal in less than a week is underscoring concern over lax corporate governance at some of the country’s fastest-growing companies.

COVID-19 has created the largest health and economic crisis in decades.

KPMG and one of its senior partners have been reprimanded and fined 455,000 pounds ($560,000) for failings in its audit of a U.K. company, the latest sanction against the Big Four auditor in recent years.

A better audit isn’t measured by the number of forms completed.

Throughout most of its decades-long history, research credit audits have exposed areas of misunderstanding and, in many circumstances, led to major disagreements with the IRS.

Existing general auditing standards can and should be complied with, despite difficulties.

The Public Company Accounting Oversight Board is giving firms a pause until May 11, given the difficulties businesses are facing from COVID-19.

Officials and employees are working from home and doing inspections of U.S. audit firms remotely to protect them from infection.

Plans for internal audits often don’t take into account some of the most common risks, such as cybersecurity, governance and sustainability, according to a new report from the Institute of Internal Auditors.