PYMNTS

AUGUST 7, 2019

Former ASIC Chairman Greg Medcraft warned that declining audit quality runs the risk of high-profile corporate collapses, pointing to the Enron scandal that went undetected by auditors — described as the “gatekeepers” that “facilitate trust,” Medcraft said. Auditors are not skeptical enough. Global Pressure. According to the U.K.

auditor 51

auditor audit Government corporate accounting 51

PYMNTS

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.

auditor 52

auditor accounting and finance audit Finance 52

Acterys

JANUARY 24, 2023

SOC 2, established by the American Institute of Certified Public Accountants (AICPA), is a set of standards designed to ensure that service providers have implemented appropriate controls to protect their customers’ data and meet industry standards for security, availability, processing integrity, confidentiality, and privacy.

auditor 26

auditor audit Technology B2B 26

Going Concern

DECEMBER 1, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. How Is Deloitte Making Accounting Accessible To Diverse Young Talent? Only 10.8%

cpas 111

cpas audit auditor CPA 111

PYMNTS

AUGUST 5, 2019

Australia’s four biggest banks, along with large accounting firms, have joined forces to defend the use of independent audit firms as consultants. EY has been the bank’s independent auditor for 13 years. The country’s big four banks paid their auditors more than $110 million last year. ANZ Bank , which paid KPMG $22.4

auditor 43

auditor audit accounting firms Government 43

PYMNTS

JUNE 5, 2020

CaseWare International ‘s new technology will attempt to let accountants and auditors work better with customers, particularly as the world emerges from the coronavirus pandemic. Hampton said that means the speed at which firms will be adapting to the new reality of things will “rapidly increase.”

audit 52

audit auditor accountant accounted 52

PYMNTS

AUGUST 8, 2019

As pressure continues to mount on the so-called Big Four corporate auditors in both Australia and the U.K., Grant Thornton is expected to divest Sports Direct as a client next month amid rising concerns over the company’s accounting practices, with the auditor separately announcing plans to take a “line by line” review of its clients.

auditor 40

auditor audit Sports Retail 40

PYMNTS

NOVEMBER 2, 2020

Palette Software has connected its accounts payable (AP) automation cloud technology with Aptean ERP , according to a Monday (Nov. Palette lets these companies take in bill data from vendors quickly, process invoices with an automated flow for approvals and offers a trail that auditors can look at. 2) announcement.

AP Automation 56

AP Automation Technology Approval Workflows AP Processes 56

PYMNTS

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. ” Below, PYMNTS breaks down some of the key data points from the research.

managerial accounting 51

managerial accounting auditor accountant accounted 51

PYMNTS

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. Reports in the Financial Times said the U.K. Now, auditing giants are bracing for even more fines. Insolvency Service.

auditor 52

auditor accountant accounted Account 52

PYMNTS

OCTOBER 29, 2020

A number of large accounting groups have turned down requests to audit Greensill Capital as the SoftBank -backed firm mulls a stock market listing, the Financial Times (FT) reported. Officials at SoftBank pushed Greensill to have a bigger and more renown group as its auditor, FT reported, citing unnamed sources.

audit 52

audit accounting firms auditor accountant 52

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.

auditor 40

auditor audit Construction corporate accounting 40

PYMNTS

JULY 11, 2019

s so-called Big Four accountancy firms — KPMG, PwC, EY and Deloitte — have reportedly failed to reach audit quality standards set by the Financial Reporting Council , Reuters reported this week. The FRC said accountants are failing to take a tougher stance with their clients and question information given to them. All of the U.K.’s

audit 49

audit accountant accounted Account 49

PYMNTS

JUNE 20, 2018

’s accounting watchdog, the Financial Reporting Council (FRC), has now levied more fines in two days than it has in the entirety of 2017, according to Bloomberg reports on Tuesday (June 19). Parliament committee found, adding that the FRC identified issues with Carillion accounts in 2015, but failed to act on them.

institute of chartered accountants 49

institute of chartered accountants accountant accounted Account 49

PYMNTS

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.

Finance 74

Finance auditor accounting and finance corporate accounting 74

PYMNTS

MARCH 19, 2018

regulators are encouraging an inquiry into whether the market’s Big Four accountancy firms — KPMG, Deloitte, PwC and EY — should be broken up and forced to spin off their auditing arms, reports said. Several accounting scandals have recently made headlines in the U.K., But there is no more competition. Last year, PwC was fined $6.5

accountant 49

accountant accounted Account audit 49

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. ” Those struggles led Asiana to revise its financials and disclose a larger annual loss for 2018 in order to receive approval from auditors.

accountant 46

accountant accounted Account auditor 46

PYMNTS

JANUARY 2, 2020

The largest accounting firms – EY, Deloitte, KPMG and PwC – are investing billions of dollars in artificial intelligence (AI) and data technology products to change the industry in new ways, according to a report by Bloomberg Tax. That means accountants will be expected to become business advisers, not just number checkers.

Technology 71

Technology auditor accounting and finance accounting standards 71

PYMNTS

AUGUST 12, 2020

Palette Software unveiled accounts payable (AP) automation technology that is designed for firms in the construction and engineering industries and run on the cloud, according to an announcement. Finance administrators and project managers both benefit from automation of the accounts payable process.

AP Automation 69

AP Automation Construction Technology accounts payable 69

PYMNTS

MARCH 13, 2018

The IFIAR found accounting lapses in about 40 percent of the 918 audits of public companies inspected in 2017. The inspections targeted businesses with complex accounting needs or those with risky situations, like merger and acquisition activity. Among those failures: Carillion , the now-defunct U.K. In the U.K.

audit 44

audit auditor accountant accounted 44

PYMNTS

DECEMBER 19, 2018

’s Big Four accountancy firms — KPMG , PwC , EY and Deloitte — have escaped a forced breakup from the Competition and Markets Authority (CMA), The Guardia n reported on Tuesday (Dec. The CMA said the proposal would spur competition in the market, and allow smaller auditing and accounting companies to obtain greater market share.

accounting firms 46

accounting firms cma accountant accounted 46

PYMNTS

APRIL 29, 2019

million after filing false financial statements and lying to auditors. In addition, some of the company’s quality-management executives allegedly lied to independent auditors in early 2017. As a result, the auditor was unable to sign off on Celadon’s previous financial statements. “We In addition, Celadon also agreed to a $7.5

auditor 43

auditor accountant accounted Account 43

PYMNTS

AUGUST 5, 2016

There is seemingly no end to the discussion of how automated accounting can improve a business’ performance. The market is on the cusp of a groundswell of adoption of these technologies, says Therese Tucker, CEO of accounting solutions firm BlackLine , after a long lull among mid-market firms.

Technology 42

Technology accountant accounted Account 42

PYMNTS

OCTOBER 12, 2018

café chain Patisserie Valerie has been arrested after the company revealed “significant, and potentially fraudulent, accounting irregularities,” according to BBC reports on Friday (Oct. ” Reports said PwC has been hired to examine Patisserie Valerie’s accounts audited by Grant Thornton.

Finance 49

Finance accountant accounted Account 49

PYMNTS

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.

accountant 43

accountant accounted Account auditor 43

PYMNTS

DECEMBER 7, 2018

Separate reports on Thursday in AccountingToday said the nation’s top auditors, including KPMG and PwC, have been urged to improve their corporate accounting processes, with the U.K.’s .” The case’s collapse also comes amid rising scrutiny of a perceived lack of transparency into public U.K.

accountant 43

accountant accounted Account auditor 43

PYMNTS

JANUARY 10, 2017

Fishing around in drawers for files, especially for operations that are quite some ways away, can be painful for both companies and auditors alike, said Nissen. The information that is fed back to the larger corporate entity must be timely, he said, with audits growing in incidence.

accounts payable 48

accounts payable accountant accounted Account 48

PYMNTS

APRIL 3, 2019

may be changing course in its efforts to break up the Big Four accountancy firms after the Competition and Markets Authority (CMA) decided against such action late last year. Reports in Bloomberg on Monday (April 1) said a U.K. audits for large businesses. ” The committee’s conclusion drew expected criticism.

cma 43

cma accountant accounted Account 43

PYMNTS

JULY 23, 2019

The Indian government is reportedly seeking an antitrust investigation into potential anticompetitive behavior among the nation’s Big Four accountancy and auditing firms, reports in Reuters said Monday (July 22). The CCI should look into the dominance of these four global auditors and whether they are thwarting competition.”.

accountant 43

accountant accounted Account auditor 43

PYMNTS

OCTOBER 16, 2019

Germany-based Wirecard is once again facing allegations of accounting fraud by the Financial Times (FT). Auditor Oversight Doubted. Earlier this year, the Financial Times published separate reports accusing Wirecard of accounting fraud, which the payments company also vehemently denied. billion ($4.63 Previous Allegations.

accountant 44

accountant accounted Account Non-Profits 44

PYMNTS

JULY 6, 2020

This week’s look at the latest cases of B2B fraud finds a surge of business email compromise (BEC) attacks, as well as emerging trends in fraud related to government coronavirus relief efforts. 34 percent of furloughed employees were asked to commit furlough fraud , according to a survey from U.K. .

accounts payable 59

accounts payable Missouri Real Estate payroll 59

PYMNTS

DECEMBER 7, 2017

Blockchain and crypto companies may be operating with cutting-edge technology, but in the back-office, accounting and bookkeeping strategies are stuck in the stone age. There is a huge gap right now, and traditional accounting software doesn’t integrate with blockchains and cryptocurrencies.”. Libra, which recently announced $7.8

accountant 52

accountant accounted Account accounting software 52

PYMNTS

APRIL 15, 2019

For its part, KPMG was the auditor of Kobenhavns Andelskasse, a small Danish lender shut down last year due to concerns it was used to launder money. In fact, last month new standards were added that included the ability to ban accounting firms from doing business in the country if they don’t do their jobs properly.

auditor 70

auditor audit accounting firms accountant 70

PYMNTS

JANUARY 30, 2020

New lease accounting standards are in effect for publicly traded companies in the U.S. after the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) introduced changes to the way businesses account for their outstanding leases. ” Lease Misunderstandings. .

accountant 40

accountant accounted Account accounting standards 40

PYMNTS

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).

accountant 43

accountant accounted Account audit 43

PYMNTS

JANUARY 13, 2020

Trade finance remains an essential tool for cross-border B2B trade, and with an estimated $1.5 Furthermore, with analysts and regulators around the world placing greater scrutiny on certain trade finance solutions, B2B traders can face even greater uncertainty over how to finance transactions (responsibly).

Finance 56

Finance accounting and finance Non-Profits B2B 56

PYMNTS

JULY 6, 2020

The Big Four accounting firms will have to put their United Kingdom auditing and consulting practices in separate business units by 2024, but may keep them within the same parent companies, under regulations announced today by the Financial Reporting Council. The measures by the U.K.’s

audit 66

audit cma auditor accounting firms 66