Audit

A failed oil trader in Singapore that owes creditors more than $3.5 billion is suing Deloitte & Touche LLP, alleging the auditing firm failed to detect “serious irregularities” in its financial statements for more than a decade.

The top 10 firms grew their share of the SEC audit market slightly, but the increase didn’t go to the biggest firms.

The institute's Auditing Standards Board amended its standards Tuesday to include guidance in two areas.

Clients anticipate that audit fees will increase in 2021 due to the impact of inflation, COVID-19, acquisitions and divestitures, according to a survey by Gartner.

The SEC abruptly fired William Duhnke as chairman of the Public Company Accounting Oversight Board. As part of the shakeup, PCAOB board member Duane DesParte will become acting chair, but the SEC plans to replace the entire slate of board members.

Almost three-quarters of inspections showing sub-par work, according to the watchdog.

As companies come under increasing pressure to deal with climate change and diversity, their internal auditors are putting more emphasis on making sure environmental, social and governance reports are reliable.

LeaseCrunch Verify allows firms to add client accounts from one dashboard and enter and test a sample size of their leases.

The American Institute of CPAs and the Chartered Institute of Management Accountants jointly released guidance Tuesday for auditing and accounting for the risks of digital assets such as cryptocurrency.

Auditors are taking advantage of the remote auditing capabilities they used during the pandemic to do more types of audits and expand priorities like fraud detection and cybersecurity.