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. Auditors are not skeptical enough. Global Pressure. Global Pressure.

auditor 51

auditor audit Government corporate accounting 51

PYMNTS

NOVEMBER 15, 2018

As the peaks and valleys of blockchain hype continue to rise and fall, more doubt has surfaced over the future of distributed ledger technology, particularly in the area of B2B payments. Analysts point to the challenges associated with adoption and implementation of blockchain-powered B2B payment solutions as a key hurdle for the technology.

B2B 74

B2B accounting and finance Finance auditor 74

Going Concern

DECEMBER 1, 2023

The measure targets the non-audit departments of each city branch in China, including consulting, financial advisory, risk advisory and assurance. How Deloitte gave AR postcards the personal touch [ The Drum ] Deloitte has won the Print category at The Drum Awards for B2B. Employees who do not follow will be counseled out.

cpas 111

cpas audit auditor CPA 111

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. Reverse Factoring, Auditing Scrutinized.

auditor 52

auditor accounting and finance audit Finance 52

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

CPA Practice

AUGUST 28, 2024

Fieldguide Insights Fieldguide, the AI platform for audit and advisory firms, recently launched Fielguide Insights, the first end-to-end analytics solution for CPA and consulting firm leaders. 2024 Award Finalists AuditFile Advanced AI The company that was first to bring audits into the cloud continues innovating by bringing AI into audits.

Technology 124

Technology accounting firms accountant accounted 124

PYMNTS

MARCH 15, 2020

The Securities and Exchange Commission (SEC) voted last week to ease audit requirements for some small, publicly traded companies, the agency said in a statement Friday (March 13). Those firms can now sidestep the process of having an auditor check their internal controls, something implemented in 2002 with the Enron scandal and others. “A

audit 63

audit Indiana auditor accountant 63

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. With CaseWare Audit, the risk of duplicate work and accidental over- or under-auditing is done away with due to the cloud-based software.

audit 52

audit auditor accountant accounted 52

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. Only 75 percent of the audits of the U.K.’s It will review a larger number of the firm’s audits in the coming year. All of the U.K.’s

audit 49

audit accountant accounted Account 49

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

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

JUNE 6, 2019

auditing giant to overhaul operations amid growing regulatory scrutiny on the industry. PwC is reportedly planning to ramp up its auditing operations by hiring 500 more auditors across the U.K., The company will also deploy a digital audit team, strengthen training operations and review existing clients.

audit 46

audit cma auditor B2B 46

PYMNTS

JUNE 11, 2020

That means significant implications for the ways accountants and auditors operate both within an enterprise and externally from it. The key drivers of that transformation include technology, as well as a heightened need for auditors, accountants and their clients to foster a collaborative ecosystem, he said.

corporate accounting 77

corporate accounting auditor accountant accounted 77

PYMNTS

NOVEMBER 13, 2018

Parliament will commence an inquiry into the nation’s corporate auditing market, which is currently dominated by the Big Four accounting firms Deloitte, PwC, EY and KPMG, adding new pressure on an industry already being probed by other policymakers. Reports in Reuters on Sunday (November 11) said the U.K.

audit 49

audit cma auditor Construction 49

PYMNTS

AUGUST 8, 2019

As pressure continues to mount on the so-called Big Four corporate auditors in both Australia and the U.K., 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.”

auditor 40

auditor audit Sports Retail 40

PYMNTS

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.

audit 44

audit auditor accountant accounted 44

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. The FRC has already increased the number of audit quality reviews from 126 in 2014 to 160 in fiscal year 2018.

auditor 40

auditor audit Construction corporate accounting 40

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. She noted that the company believes it has “lived up to” its role as an auditor.

auditor 70

auditor audit accounting firms accountant 70

PYMNTS

NOVEMBER 2, 2018

1) that a probe by international auditors is underway, examining a fraud that could be $200 million in scope at Aegean Marine Petroleum Network , tied to shell companies that ostensibly did business with the shipping fuel firm. Procards Get Auditor’s Scrutiny. The audit covered the period of July 1, 2014 to Dec.

auditor 67

auditor audit Massachusetts Florida 67

PYMNTS

AUGUST 17, 2018

B2B FinTech is undoubtedly a hot spot for venture capitalists (VCs) this year. However, this summer, a different kind of B2B startup has captured investors’ attention. Cloud-based risk and auditing management provider AuditBoard raised $40 million in Series B funding, announced this week, led by Battery Ventures.

B2B 40

B2B audit Finance auditor 40

PYMNTS

JANUARY 10, 2019

Today, external auditors and accountants are facing rising pressure to mitigate risk amid market volatility, with analysts pointing to increased auditing fees last year as accounting standards tighten.

Finance 74

Finance auditor accounting and finance corporate accounting 74

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. million in fines to the auditing industry, three times the value of fines it had issued in the year prior. government issued a combined $56.29

auditor 52

auditor accountant accounted Account 52

PYMNTS

NOVEMBER 6, 2019

Wirecard is having auditing giant KPMG expand the scope of its review of Wirecard financials as the company continues to defend against allegations of fraud. 6) said Wirecard is having KPMG expand its audit review and expects authorities in Singapore to clear the company of any claims of fraud. Reports in Reuters on Wednesday (Nov.

audit 40

audit auditor accounted accountant 40

PYMNTS

NOVEMBER 4, 2019

lawmakers are calling for new legislation that would ensure auditors and accountants are better able to identify and call out issues within their clients’ finances as the government works to avoid more high-profile corporate collapses. Finance U.K. reported on Monday (Nov. Finance U.K. reported on Monday (Nov. She added that the U.K.

audit 40

audit accounting and finance auditor Finance 40

PYMNTS

JANUARY 2, 2020

However, many more jobs will be created, as accountants and auditors have a wealth of more information available to them: They can now check all of a company’s transactions in real time, with data analytics allowing them to spot trends and anomalies,” Vaidyanathan said. They need to be on top of technology and train staff to use it.”.

Technology 71

Technology auditor accounting and finance accounting standards 71

PYMNTS

NOVEMBER 26, 2018

A new report suggested a surprising correlation between executives’ accounting expertise and the risk of those misstatements, and researchers said the findings could be key to auditors , financial regulators and corporate directors. In their “Do Auditors Recognize the Potential Dark Side of Executives’ Accounting Competence?”

managerial accounting 51

managerial accounting auditor accountant accounted 51

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. So, it seems to me that we ought to have another look at [the audit market].”. million related to its audit of Aero Inventory.

accountant 49

accountant accounted Account audit 49

PYMNTS

DECEMBER 19, 2018

Instead, the watchdog is suggesting that major audits of top companies be conducted by at least two firms, one of which must not be one of the Big Four. 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 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. “The most efficient way to maximize blockchain adoption is to release this work to the community as a true contribution, with no strings attacks,” Brody continued.

auditor 67

auditor corporate accounting audit Technology 67

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

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.

institute of chartered accountants 49

institute of chartered accountants accountant accounted Account 49

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

NOVEMBER 20, 2020

For Chegg and many other firms, that means the first time going through a virtual audit, and going through quarterly reviews with auditors via virtual communication platforms. The pandemic continues to introduce many firsts for businesses forced to embrace a fully digital ecosystem.

NetSuite 87

NetSuite Education auditor accounting and finance 87

PYMNTS

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.

auditor 40

auditor audit financial statements accounting and finance 40

PYMNTS

NOVEMBER 10, 2017

Especially for businesses that rely on manual expense reports, management and auditing processes, an employee that fudges a dollar amount here and there, or a worker who accidentally submits an expense report twice, mean companies can easily fall victim to fraud, both intentional and unintentional. It’s a very involved process.

accounts payable 44

accounts payable Expense Management audit Technology 44

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

APRIL 3, 2019

audits for large businesses. The Business, Energy and Industrial Strategy Committee released a 100-page report on the matter, recommending that the auditing giants undergo a “full legal separation” of auditing and consultancy operations. ” The committee’s conclusion drew expected criticism.

cma 43

cma accountant accounted Account 43