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A rare criminal investigation into corporate auditing is focused on allegations that bid-rigging helped Ernst & Young LLP win a competition run by Sealed Air Corp., according to people close to the probe. The scrutiny highlights the close ties that often exist between corporate executives and the Big Four audit firms. William Stiehl and Carol […]
Gregory Andrew, who worked at KPMG for nearly two decades before his January 2018 firing, had argued in proceedings before the U.S. Labor Department that he was terminated in violation of a federal whistleblower protection law. He alleged that in the months leading up to his firing he’d complained about deficiencies in the number and […]
According to the SEC’s order, RSM US repeatedly represented that it was “independent” in audit reports issued on the clients’ financial statements, which were included or incorporated by reference in public filings with the Commission or provided to investors. Instead, the SEC found that RSM US or its associated entities, including other member firms of […]
The Securities and Exchange Commission today charged foreign affiliates of KPMG, Deloitte & Touche, and BDO for their involvement in audit work that circumvented the full oversight of the Public Company Accounting Oversight Board (PCAOB). The firms agreed to settle the charges by paying penalties or disgorging their profits from the audits. via Foreign Affiliates […]
A California-based audit firm is being charged with conducting flawed audits and reviews of financial statements, which are critical sources of information for investors. The SEC’s Enforcement Division alleges that Anton & Chia LLP and its accountants ignored numerous indications of fraudulent financial reporting by three of the firm’s audit clients – microcap companies Accelera […]
Global audit giant PwC is being investigated by U.K. regulators over a scandal involving broadcaster BT’s Italian division, which has been blighted by claims of “inappropriate management behavior” and “historic accounting errors.” The Financial Reporting Council (FRC) announced on Thursday that it would be investigating the audits by PricewaterhouseCoopers LLP (PwC) of BT’s financial statements […]
The SEC’s order finds that through his work at an independent audit firm, Nima Hedayati learned that Fremont, Calif.-based Lam Research Corporation was making preparations to acquire Milpitas, Calif.-based KLA-Tencor Corporation. The two companies manufacture equipment used in the creation of semiconductors. via Auditor Charged With Insider Trading on Client’s Nonpublic Information — SEC Press Release
Ernst & Young’s Indonesian firm has agreed to pay $1m to the US auditing watchdog to settle allegations it fell short of auditing standards, making it the latest affiliate of a “big four” firm to be sanctioned. The Public Company Accounting Oversight Board issued the penalty against KAP Purwantono, Suherman & Surja and sanctioned two […]
With a few notable exceptions, the last three months of 2016 were slow for auditors attempting to land new Securities and Exchange Commission clients. Among large firms, KPMG brought in the most new clients, with four, but Crowe Horwath topped the list among its peers by netting two new clients (see “Q4 Client Gains & […]
A federal judge rejected PricewaterhouseCoopers’ bid to dismiss a $1 billion lawsuit accusing the accounting firm of professional malpractice for helping cause the October 2011 bankruptcy of MF Global Holdings Ltd, a brokerage once run by former New Jersey Governor Jon Corzine. via PwC Must Face $1 Billion MF Global Malpractice Lawsuit: U.S. Judge – […]