Audit

The South African Revenue Service is considering instituting legal proceedings against KPMG LLP’s local unit for reputational damage after the auditing firm withdrew the conclusions of a report that was used in a police probe against former Finance Minister Pravin Gordhan and led to the removal of senior staff at the agency.

In the wake of a variety of accounting scandals that cost investors billions of dollars, the Sarbanes-Oxley Act was introduced in 2002 to provide assurance about the accuracy and completeness of financial statements.

The Workiva product provides audit and enterprise productivity capabilities.

KPMG LLP said the head of its South African office and seven other senior executives quit after an internal investigation found that work done for the politically connected Gupta family fell “considerably short” of the auditing firm’s standards.

A little-known Republican Senate aide is in line to lead the accounting industry’s watchdog, setting up an official who lacks experience in the auditing profession for one of the highest-paying jobs in financial regulation.

More than three-quarters of directors at public companies polled by BDO USA expect a tax overhaul to be achieved before the end of Trump’s term in office, but only 22 percent anticipate it will happen before the end of this year.

The audits of companies’ internal controls mandated by the Sarbanes-Oxley Act are good predictors of financial fraud, according to a new study.

The Public Company Accounting Oversight Board released a document Wednesday offering information about the main areas its inspectors are looking at during its visits to auditing firms this year.

There isn’t much evidence suggesting the implementation of a cost segregation study on a tax return, by itself, will trigger an IRS audit.

A recent academic study lends support to the Public Company Accounting Oversight Board’s regulatory oversight of auditing firms, suggesting it gives investors greater confidence in companies, in turn leading to more capital available to businesses.