Audit

PricewaterhouseCoopers’ firm in the United Kingdom was fined a record £5 million ($6.4 million) by the U.K.’s Financial Reporting Council for its audits of Connaught, a social housing maintenance business that collapsed in 2010.

The Association of Chartered Certified Accountants has released a new report calling for more professional skepticism on the part of auditors.

The Institute of Internal Auditors has published a new guide to help auditors deal with the challenges of “big data,” the huge volumes of structured and unstructured information that’s being generated at a fast pace by today’s systems.

The Public Company Accounting Oversight Board is seeing signs of progress on audit quality in its inspections.

Susan Hayes can’t forget the trek from the parking lot, across a dusty patch of Arizona desert, to a dingy building without air conditioning and through a door marked “Scorpion Room.”

The Center for Audit Quality, the Council of Institutional Investors and CFA Institute have written a joint letter to the leaders of the House Financial Services Committee objecting to legislation that would weaken some key provisions of the Sarbanes-Oxley Act and the Dodd-Frank Act.

The American Institute of CPAs’ Financial Reporting Committee has released a new working draft on how telecommunications companies can deal with an issue related to the new revenue recognition standard.

Audit clients stand to benefit more than they know from new developments in the field.

Senators ask the Public Company Accounting Oversight Board about auditing rules in the wake of a high-profile scandal involving the opening of millions of customer accounts.

Tax breaks for the profitable; how long to keep tax docs; unenrolled preparers; analytical procedures for auditors; other highlights from our favorite tax bloggers.

Mandatory change of auditing firms and engagement partners doesn’t necessarily foster greater professional skepticism, according to new research.

The number of public companies filing their financial statements with the Securities and Exchange Commission has shrunk dramatically in recent decades, according to a new report.

The Public Company Accounting Oversight Board announced six settled actions against non-U.S. accounting firms late last month for failure to report certain disciplinary or regulatory actions against them in their home country.

The American Institute of CPAs is toughening the rules after a critical report from the Labor Department about the quality of ERISA audits.

The latest version accounts for upcoming changes in accounting standards and PCAOB rules.

The first step in any successful whistleblower claim for auditors and accountants is to determine eligibility.

The Government Accountability Offices is asking for feedback on a set of proposed changes to Government Auditing Standards, commonly known as the Yellow Book, the first revision since 2011.

The conglomerate’s auditors, PwC Arata, could not form an opinion on its results.

The head of the practice and four partners are leaving for violations of the Big Four firm’s Code of Conduct.

The move is part of a wider effort to automate the audit process, focusing it more on auditor judgement rather than the tools used to perform the task.