Audit

Deloitte's member firm in China agreed to pay a $20 million penalty to settle charges with the Securities and Exchange Commission that the firm asked its audit clients to do their own auditing work.

Switching accounting firms had been seen by some companies as a way to satisfy a 2020 law that threatens to remove businesses from the NYSE and Nasdaq if U.S. officials can't inspect their audit work papers.

The commission charged the Top 100 Firm for failing to comply with the standards of the PCAOB while conducting audits of two public companies from 2017 through 2020.

The board is asking for public input on modernizing standards, which is one of the key goals for its draft strategic plan.

Just days after American officials arrived in Hong Kong to review the audit work papers of Chinese companies, Washington's watchdog has a stern warning for Beijing: U.S. inspectors must get full access.

Over the last three decades, internal audit plans of financial institutions have shifted from a model focused on deep dives of sample selections to plans based on overall risk and controls.

Remembering a reform expert; more suggestions for IRS improvement; fluffy nonsense; and other highlights from our favorite tax bloggers.

EY Americas vice chair John King discusses the impact and history of one of the most influential pieces of financial legislation of the past 50 years. 

Some of the standards were inherited two decades ago from the AICPA and don't take into account ever-changing technology.