Audit preparation

PricewaterhouseCoopers was fined 4.55 million pounds by the U.K.’s accounting watchdog over failings in its handling of technology firm Redcentric.

The Public Company Accounting Oversight Board has published guidance from its staff on how auditors can communicate critical audit matters in their audit reports.

The firm said the fine should be just a fraction of that size, at 1.4 million pounds.

Auditing quality seems to be improving somewhat internationally, although there’s still a lack of consistency, according to a new report.

The United Kingdom’s Financial Reporting Council has fined KPMG’s U.K. firm £5 million (discounted through a settlement to £4 million, or about $5.2 million) for its fiscal year 2009 audits of the Co-operative Bank.

The Public Company Accounting Oversight Board has posted a preview of its inspection staff’s observations from 2018, describing some of the main deficiencies it uncovered for auditing firms, along with ways to improve audit quality.

In a slow first quarter, the Big Four firm racked up a commanding position.

The United Kingdom’s Financial Reporting Council also 'severely reprimanded' the firm, as well as two partners.

AICPA chief auditor Bob Dohrer dives deep into the new requirement for reporting critical audit matters in the auditor's report, including recent guidance.

The United Kingdom’s Competition and Markets Authority has issued a long-awaited report calling for separation of audit from consulting services, mandatory “joint audits” and regulatory powers to increase the accountability of audit committees.

South Korean auditors are refusing to sign off on more and more corporate financial statements due to tighter regulations, giving investors earlier warning signs of trouble ahead.

An adviser to union pension funds is calling on General Electric to change audit firms after investor confidence in the one-time blue-chip company has been rattled.

The Center for Audit Quality has released an updated version of its tool for audit committees to address recent changes in accounting standards and potential areas of risk.

New research suggests that when auditors are sick with the flu, the quality of their work declines.

Data-driven technology has the power not only to revolutionize the profession, but also to provide greater insight and analysis.

Three pieces of guidance outline new requirements for companies to disclose CAMs in their audit reports.

PricewaterhouseCoopers has settled with the Federal Deposit Insurance Corporation for $335 million over its audits of Colonial Bank, which failed in the midst of the financial crisis.

When it came to snagging new engagements, mergers made a major difference for many auditing firms.

The two were found guilty of sharing confidential materials ahead of a planned inspection of the Big Four auditing firm.

The laboratory-testing company facing criticism for its corporate governance, will no longer use an auditor for its Luxembourg subsidiaries who was contemporaneously signing off on the accounts of businesses controlled by the company’s largest shareholder.