Audits

The American Institute of CPAs has extended the comment period for its proposed standard for ERISA plan audits for another 150 days.

The Public Company Accounting Oversight Board released a report Friday calling attention to high deficiencies among auditors of brokers and dealers.

PricewaterhouseCoopers LLP was fined 5.1 million pounds ($6.6 million) for misconduct over its audit of RSM Tenon Group Plc in the largest-ever sanction issued by the U.K. accounting regulator.

KPMG has agreed to pay more than $6.2 million to settle charges it failed to properly audit the financial statements of Miller Energy Resources, a Knoxville, Tenn.-based oil and gas company that settled accounting fraud charges last year, the Securities and Exchange Commission said Tuesday.

Three international standard-setting boards for auditing, accounting ethics and accounting education issued a new publication Monday in the hopes of making accountants and auditors more skeptical of management assertions.

The American Institute of CPAs said Monday that it supports a new policy from the National Credit Union Administration on how audit reports on credit unions should be submitted.

The Public Company Accounting Oversight Board will award one student each from 167 institutions to encourage audit careers.

The Public Company Accounting Oversight Board has imposed a $1 million civil penalty against PricewaterhouseCoopers and censured the firm for its audits of Merrill Lynch.