Audit

Audits aren’t the only ways the service can put them on the spot, the tax prep chain warns.

Foreign affiliates of KPMG, Deloitte & Touche and BDO have agreed to settle charges with the Securities and Exchange Commission for getting involved in audit work that circumvented the Public Company Accounting Oversight Board’s full oversight.

The International Forum of Independent Audit Regulators reported on issues with how firms are scrutinizing accounting estimates, testing internal controls, checking revenue recognition and more.

Internal auditors are getting more involved in technology initiatives like cybersecurity and data analytics, according to several new reports.

Auditors can upload scanned documents directly into client engagements.

When auditors push non-attest services, their clients’ financials tend to contain more errors, according to new research.

The audit of the future

The Big Four firm agreed to resolve potential liabilities related to its work for a failed mortgage lender.

Steinhoff International Holdings NV said a review by auditors at PwC into its accounts is focused on certain off-balance-sheet structures and deals with related parties and is likely to find that some assets, revenue and profit figures have been overstated.

Efforts in the U.S. and Europe to encourage public companies to change audit firms have largely failed, according to new academic research.

An omnibus revision to the Statement on Standards for Accounting and Review Services will come out after tax season.

Final regulations have been released for how to avoid the centralized way the IRS can now examine large firms.

India’s tycoon Singh brothers took at least 5 billion rupees ($78 million) out of the publicly traded hospital company they control without board approval about a year ago, people with knowledge of the matter said.

The Big Four firm had the larger number of new clients for the year, but the Seattle firm netted the most.

A new academic study scrutinizes how bias may play a role when an auditor used to work in the same accounting firm as the CFO of the company being audited.

Audit committees at public companies should be aware of some of the accounting implications of the new Tax Cuts and Jobs Act, according to a new report from Ernst & Young.

Paul Sobel, vice president and chief audit executive of the paper manufacturer Georgia-Pacific, has been appointed chairman of the Committee of Sponsoring Organizations of the Treadway Commission, or COSO, for a three-year term starting Thursday.

A merger with Denver-based Hein gave the West Coast giant 33 new clients.

The U.K. Financial Reporting Council opened a probe into KPMG LLP’s audits of Carillion Plc, after the builder collapsed under a mountain of debt earlier this month.

William J. McDonough, the original chairman of the Public Company Accounting Oversight Board after the PCAOB was created by the Sarbanes-Oxley Act and a former president and CEO of the Federal Reserve Bank of New York, died Monday.