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MAY 12, 2017

million — a record for the watchdog, reports said — for misconduct during its audit of Connaught. Reports Thursday (May 11) said the Financial Reporting Council slapped PwC with the fine and issued a separate fine to retired PwC audit partner Stephen Harrison for his role in the 2009 audit. regulator has fined PwC $6.5

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MARCH 13, 2018

Forty percent of audits inspected by the International Forum of Independent Audit Regulators (IFIAR) included serious problems, according to news from The Financial Times on Monday (March 12). The IFIAR found accounting lapses in about 40 percent of the 918 audits of public companies inspected in 2017. In the U.K.

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AUGUST 1, 2019

s Big Four corporate accountancy and auditing firms — Deloitte, PwC, KPMG and EY — saw nearly three times as many fines last year as they did in 2017, according to the Financial Times. million, respectively, once accounting for settlement discounts). million, respectively, once accounting for settlement discounts).

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PYMNTS

MAY 28, 2019

financial watchdogs have stepped up their oversight of the accounting and auditing industry amid a string of corporate accounting scandals, collapses and questions over the dominance of the Big Four auditing firms. KPMG , PwC , Deloitte and EY head the U.K.

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JANUARY 2, 2020

Several high-profile corporate collapses and initiatives from corporate accounting standard-setters have raised questions about businesses’ use of supply chain finance and whether the trade finance tool prevents investors and auditors from gaining a transparent view into company finances. Reverse Factoring, Auditing Scrutinized.

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NOVEMBER 26, 2018

It’s common sense that a corporation would want its C-Suite to have some knowledge of accounting practices, and one could assume that a lack of understanding of corporate accounting may heighten the risk for misstatements on financial reports.

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PYMNTS

MARCH 6, 2019

Corporate accounting standards are changing, with the Financial Accounting Standards Board adopting new standards in ways companies report on leases, hedging and other financial activity. ” Meanwhile, previous research from Audit Analytics has also revealed that the number of accounting errors among the U.S.’s

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DECEMBER 27, 2019

.’s so-called Big Four accounting giants — PwC, Deloitte, KPMG and EY — have reportedly set aside more than $212 million in preparation for potential fines ahead as auditing scrutiny grows. million in fines to the auditing industry, three times the value of fines it had issued in the year prior.

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PYMNTS

MAY 21, 2018

M&G chief executive Anne Richards, HM Treasury non-executive director and deputy chair of Kinnevik Amelia Fawcett, and former audit partner at PwC and former chair of the Accounting Standard Board Mary Keegan are all on the panel. We have no faith in this whitewash.”.

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PYMNTS

MARCH 10, 2020

FloQast AutoRec, previously known as FloQast Matching, is meant to automate the reconciliation process, and it’s been used by more than 100 accounting teams in under a year, the company said. .

accounting and finance 54

accounting and finance corporate accounting audit Account 54

PYMNTS

APRIL 18, 2019

A new technology protocol announced by corporate accounting and auditing firm Ernst & Young (EY) aims to secure transactions made over public Ethereum blockchain.

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auditor corporate accounting audit Technology 67

PYMNTS

AUGUST 7, 2019

The former chairman of the Australian Securities and Investments Commission has warned of Enron-style corporate collapses thanks to failings of the nation’s auditing industry, according to ABC.net news reports this week. Often, there is a conflict between the consulting business and the audit business of the big four firms.”.

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auditor audit Government corporate accounting 51

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NOVEMBER 5, 2018

s Financial Reporting Council is reportedly stepping down from the position amid continued scrutiny that the FRC lacks effectiveness to prevent corporate accounting scandals and industry failures. s auditing market as some policymakers have called on the government to break up the nation’s Big Four accounting firms.

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JUNE 18, 2019

Corporate auditing and accounting firm KPMG remains in the crosshairs of regulators in various parts of the globe. government’s Public Company Accounting Oversight Board. government’s Public Company Accounting Oversight Board. .” government’s Public Company Accounting Oversight Board.

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PYMNTS

FEBRUARY 8, 2019

Corporate accounting and auditing firm KPMG is shuttering its small business services unit, reports in The Business Desk said Thursday (Feb. According to the publication, KPMG’s Small Business Accounting (SBA) service, which launched in 2014, will be closed in the U.K. will remain unaffected.

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small business accounting business accounting Account accountant 53

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JULY 13, 2018

South Korean financial regulators said a unit of Samsung , Samsung BioLogics , intentionally breached corporate accounting rules, Reuters reported Thursday (July 12). “We have legally implemented all accounting procedures,” the company stated.

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PYMNTS

APRIL 19, 2018

“In today’s era of greater corporate accountability, it’s absolutely essential for organizations to take a comprehensive and systematic approach to rooting out unauthorized, wasteful or fraudulent spending activity,” Clare added. However, this is hard because spending is spread across multiple systems.

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OCTOBER 1, 2019

In a statement, the FRC’s Chief Executive Stephen Haddrill said, “High-quality audit protects the public interest, meets the needs of users of financial statements and underpins investor confidence. Recent corporate failures have, for good reason, adversely affected that confidence.”

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accounting standards auditor Account accountant 51

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MAY 17, 2018

A few key themes emerged from the fallout, however, with analysts citing Carillion as a prime example of how a consolidated auditing market risks lackluster accounting standards, as well as how late payments by large corporates can have detrimental impacts on small suppliers. The Government’s Response.

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AUGUST 21, 2018

auditing giant KPMG was hit with yet another fine from the nation’s Financial Reporting Council (FRC). million in fines for its audits of Ted Baker in 2013 and 2014 after the company admitted misconduct to the FRC. Reports in Bloomberg said KPMG was hit with $2.7 “This would help the process of making changes to the U.K.

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MARCH 13, 2019

government is readying to create a new accounting and auditing watchdog after months of scrutiny that the current regulatory landscape has failed to prevent accounting scandals and protect customers. The Competition and Markets Authority also conducted its own review of the sector. “The U.K.

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AUGUST 8, 2019

PwC first began its review in June, reports said, with its Head of Audit Hemione Hudson telling the publication that the company aims to “ensure we achieve a return that allows continual investment in and focus on quality.” If a company’s books aren’t properly examined, people’s jobs, pensions or savings can be at risk.”.

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JUNE 20, 2018

The FRC issued fines totaling $19 million against PricewaterhouseCoopers (PwC) and KPMG last week, while the regulator also sent KPMG an unprecedented warning that its auditing processes are subpar. “The risk in imposing ever-greater financial sanctions is that these increase the risk profile of auditing,” he said.

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APRIL 18, 2018

A slew of accounting scandals in the U.K. has led the government to launch an inquiry into the powers of the Financial Reporting Council (FRC), the government watchdog aimed at overseeing auditing and accounting practices in the country. Reports in Reuters this week said the U.K.

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OCTOBER 9, 2018

The structure of the Financial Reporting Council is “not conducive to the differing regulatory approaches needed for governance and stewardship on the one hand, and statutory audit on the other,” the IoD said, calling for the body to be split into separate units. companies,” a statement that the U.K.

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JULY 6, 2018

In its assessment, the ASIC also concluded that some audit reports were too vague. The regulator found that most of the businesses that are likely to be significantly impacted by the rule changes “had not quantified the impact of these standards” in their financial statements, reports noted.

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JUNE 6, 2019

Earlier this week reports revealed that the SEC’s top accountant position is now open, left vacant by Chief Accountant Wes Bricker, who led multiple accounting standard changes, including the lease accounting standard change.

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MARCH 17, 2017

“Companies are sharing leading practices and voluntarily working with regulators to help deter and detect financial reporting fraud,” said City Fornelli, executive director of the Center for Audit Quality, on behalf of the Anti-Fraud Collaboration. Institute of Internal Auditors President and CEO Richard F.

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auditor audit Government Account 40

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JANUARY 10, 2019

Now, analysts at the International Federation of Accountants (IFAC) are urging ERM to move beyond the c-suite. Professional accountants are well-positioned to better serve the organizations they work for by enabling effective enterprise risk management that identifies both risks and opportunities for the business,” the CEO noted.

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JANUARY 26, 2018

Corporate accounting software is now a continually evolving space, but progress doesn’t occur in a vacuum: External forces and trends, from changing regulations to increased adoption of FinTech by the enterprise, force businesses to adjust how they record and report financial data. Open Banking initiatives in the EU, U.K.,

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general ledger corporate accounting Technology accounting and finance 47

PYMNTS

MARCH 29, 2019

The co-chief executive officer of Asiana Airlines is exiting the company following an accounting debacle that led two auditors to reject the company’s annual reports.

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PYMNTS

DECEMBER 7, 2017

According to Jake Benson, CEO of back-office software provider Libra , that’s because traditional accounting and auditing software solutions aren’t compatible with blockchain, rendering them unable to access, manage and analyze financial data stored on distributed ledgers. Libra, which recently announced $7.8

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MARCH 18, 2019

According to Reuters , in what the publication described as the largest corporate scandal in South Africa, corporate auditing firm PwC has uncovered a $7.4 billion accounting fraud at South African retailer Steinhoff.

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