Auditing January 23, 2025
RSM US Forms Audit Quality Board
The three-member board will be tasked with evaluating the effectiveness of quality control and system of quality management matters within RSM US's assurance practice, among other things.
Auditing January 23, 2025
RSM US Forms Audit Quality Board
The three-member board will be tasked with evaluating the effectiveness of quality control and system of quality management matters within RSM US's assurance practice, among other things.
Auditing January 23, 2025
PCAOB Fines Baker Tilly $500,000 for Quality Control Missteps
The top 10 accounting firm will pay a $500,000 fine as part of a Jan. 14 settlement with the Public Company Accounting Oversight Board for violating U.S. auditing rules and quality control standards.
SEC January 22, 2025
Trump Taps Mark Uyeda as Acting SEC Chief
The Republican, who has served as an SEC commissioner since 2022, will hold down the fort while Trump's pick to succeed Gary Gensler as chair of the SEC, Paul Atkins, works his way through the Senate confirmation process.
Auditing January 21, 2025
PCAOB Puts Spotlight on Journal Entries in Latest ‘Audit Focus’
PCAOB staff continues to identify a large number of deficiencies related to the auditor’s examination of journal entries, the audit regulator said.
Auditing January 16, 2025
Withum Leads in IPO Audit Clients for Q3 of 2024
After tying PwC for the lead in the second quarter of 2024, top 25 accounting firm Withum was alone at the top of the initial public offering auditor market share standings in Q3 with 11 audit clients that went public, according to Audit Analytics.
Auditing January 14, 2025
Many Auditors Are Still Married to Their Excel Spreadsheets, Report Finds
"While Excel's versatility has made it a staple for decades, it's limitations—such as version control issues, manual data entry errors, and collaboration bottlenecks—are becoming increasingly problematic," accounting automation platform Trullion says in a new report.
SEC January 13, 2025
WWE Founder Vince McMahon Settles SEC Charges of Undisclosed Payments
McMahon did not admit to or deny the SEC's findings, but he agreed to pay a $400,000 civil penalty and reimburse WWE for about $1.33 million, according to SEC officials.
Auditing January 7, 2025
PCAOB Doled Out a Record $37.4 Million in Fines in 2024
The blockbuster fine of 2024 was the $25 million penalty the PCAOB gave KPMG in the Netherlands last April for systemic internal exam cheating over a five-year period. It's the largest fine the PCAOB has ever doled out.
Technology January 7, 2025
Caseware Acquires SaaS Solutions Provider LeaseJava
This is Caseware’s eighth acquisition since Hg Capital acquired majority ownership of the Toronto-based company in late 2020.
Accounting January 7, 2025
Navigating 2025’s Complex Landscape for Boards and Audit Committees
Maintaining the focus on financial reporting and internal control risks remains job number one for audit committees.
Auditing January 3, 2025
SEC Approves New PCAOB Procedure That Revokes Delinquent Firms’ Registrations
Under the new rules, the PCAOB can address situations in which a registered firm has ceased to exist, is nonoperational, or no longer wishes to remain registered, as demonstrated by its failures to file annual reports via PCAOB Form 2 and pay annual fees for at least two consecutive reporting years.
Auditing January 2, 2025
Average Audit Fees Rose 6.4% in 2023, Report Finds
Average audit fees increased by 6.4% in 2023—from $2.83 million in 2022 to $3.01 million the following year—according to the 15th Annual Audit Fee Survey and Insights Report from the Financial Education & Research Foundation.