Audit

The Securities and Exchange Commission has initiated proceedings against an audit partner at PricewaterhouseCoopers accusing him of not doing enough to audit a venture capital fund whose manager was stealing money.

The Securities and Exchange Commission has charged PKF O’Connor Davies and one of its senior partners with issuing fraudulent audit reports on the municipal bond offerings of the town of Ramapo, N.Y.

A group of Senators, including Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., are asking KPMG about the quality of its audits in the wake of the recent scandal involving Wells Fargo’s opening of millions of unauthorized customer accounts.

The Financial Accounting Standards Board has released an accounting standards update for income taxes related to intra-entity transfers of assets other than inventory.

The Financial Accounting Standards Board has released an accounting standards update on how to treat consolidations of interests held through related parties that are under common control.

The American Institute of CPAs is broadening the range of services to which its Statements on Standards for Accounting and Review Services apply, covering not only reviews of financial statements, but also preparation of financial statements and compilation of prospective financial information.

CPA.com has released a position paper arguing for the need for a secure, digital way to transmit private company financial data.

The Four-Way Test shows GAAP-based financial reporting is unethical

A Houston-based company, FMC Technologies, has agreed to pay a $2.5 million penalty to resolve charges that it overstated profits in one of its business segments, the Securities and Exchange Commission said Thursday.

Three former Tesco Plc executives charged with accounting fraud will go on trial in September 2017.

The countdown is on for 2018, as new international accounting rules, IFRS 15 for international countries and ASC 606 for the U.S., will change the way companies need to manage revenue recognition.

GASB issued an exposure draft of a proposed implementation guide on the requirements of GASB Statement No. 74, "Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans."

Comedian Harry Shearer is suing the company that owns the rights to “This is Spinal Tap,” claiming that it has shortchanged the film’s creators through fraudulent accounting.

The Public Company Accounting Oversight Board announced a cooperative agreement with the audit regulator of Finland, the Finnish Patent and Registration Office.

The trustees of the IFRS Foundation, which oversees of the International Accounting Standards Board, have appointed Sue Lloyd as vice chair of the board.

Big Four firm Ernst & Young has agreed to pay more than $11.8 million to the Securities and Exchange Commission for failing to detect fraud in its audits of an oil services company.

The Public Company Accounting Oversight Board announced that it is actively seeking candidates for economic research fellowships during the 2017-18 academic year.

The Securities and Exchange Commission on Monday charged energy services provider Lime Energy Co. and four executives for their roles in accounting fraud.

Grant Thornton International Ltd. has prevailed in a class-action lawsuit brought by three Louisiana pension funds against the firm.

The Securities and Exchange Commission reported that it has filed 868 enforcement actions related to financial reporting misconduct in fiscal year 2016 – a new single-year high.