Audit

As oil prices collapsed in the fallout from the coronavirus, Singapore-based Hin Leong's foundations crumbled.

The American Institute of CPAs’ Auditing Standards Board has decided to defer the effective dates of seven of its recently issued Statements on Auditing Standards because of the novel coronavirus pandemic.

The Institute of Internal Auditors has stopped most of its in-person activities, including training, during the COVID-19 pandemic and will instead do online testing on a temporary basis for its certification exams.

The International Auditing and Assurance Standards Board released its 2020-2023 strategy and 2020-2021 work plan, while acknowledging that the COVID-19 pandemic could throw those plans out of whack.

Ernst & Young must pay $10.8 million to an auditor who blew the whistle on wrongdoing at a Dubai gold refiner in another black eye for the U.K. accounting industry.

The Securities and Exchange Commission recently voted to exempt many smaller public companies from the Sarbanes-Oxley requirement for auditor attestations of their internal controls over financial reporting, but many companies have been able to bypass those audits anyway.

China’s second accounting scandal in less than a week is underscoring concern over lax corporate governance at some of the country’s fastest-growing companies.

COVID-19 has created the largest health and economic crisis in decades.

KPMG and one of its senior partners have been reprimanded and fined 455,000 pounds ($560,000) for failings in its audit of a U.K. company, the latest sanction against the Big Four auditor in recent years.

A better audit isn’t measured by the number of forms completed.