Audit

The Securities and Exchange Commission gave its approval Monday to the Public Company Accounting Oversight Board’s new standard for an enhanced audit report.

Grant Thornton CEO Mike McGuire is moving his firm to become a more streamlined organization better able to respond to technological change than the Big Four, similar to the way Tesla has challenged the Big Three automakers.

The Big Four firm plans to begin offering auditing technology next week to smaller accounting firms through a new venture.

Companies and their auditors are getting ready for the Public Company Accounting Oversight Board’s new audit reporting model, despite uncertainty over whether the Securities and Exchange Commission will approve the new standard.

The Public Company Accounting Oversight Board will be looking out for some major risk areas at audit firms in the months ahead.

Two alerts spotlight some potential risks facing firms during the 2017 audit cycle.

The Internal Revenue Service could be auditing more tax returns where it sees big discrepancies in the payments reported on the Form 1099-K and the income reported on tax returns, according to a new report.

KPMG LLP’s South African unit appointed nine new executives in an attempt to restore trust in the auditing firm as clients continued to distance themselves over its involvement with the politically connected Gupta family.

The Anti-Fraud Collaboration between the Center for Audit Quality, Financial Executives International, the Institute of Internal Auditors and the National Association of Corporate Directors has released the fourth in a series of case studies highlighting ways to deter financial fraud.

South Africa’s auditing regulator said KPMG LLP’s local unit hasn’t fully cooperated with the body’s investigations into work done for the Gupta family, who are alleged to have used political connections to win state contracts.