Audit

Auditing fees kept up their steady pace of increase over the past six years, according to a new report, climbing from $7.6 billion in 2010 to $9.2 billion in 2016.

Leveraging the opportunities in technological change requires collaboration and coordination.

Auditing firms cannot be expected to root out evil, or to conduct full forensic investigations.

The Public Company Accounting Oversight Board swore in its new chairman William D. Duhnke III on Tuesday, along with a new board member, Kathleen M. Hamm, at the headquarters of the Securities and Exchange Commission.

A federal judge ruled PricewaterhouseCoopers was negligent in its audits of Colonial Bank, which failed in 2009 in the midst of the financial crisis, potentially exposing PwC to heavy damages.

The board’s staff are offering additional information on determining auditor tenure.

The Internal Revenue Service has proposed guidance on the new partnership audit regime that promises to make it easier for firms, if not all their partners, but with some extra complications added by the new tax reform law.

The Public Company Accounting Oversight Board said Wednesday it has imposed a $1.5 million civil penalty against Grant Thornton LLP and censure the firm for violations of quality control standards and for audit failures.

The International Federation of Accountants is expressing alarm about recent proposals from a group of global financial regulators to separate its standard-setting boards for auditing and ethics.

KPMG International reported Thursday its worldwide revenue grew 5 percent in local currency terms to a record level of $26.4 billion the fiscal year ending Sept. 30, 2017.