The Financial Reporting Council (FRC) has imposed a substantial fine of nearly £2 million (approximately $2.75 million) for audit failures related to its statutory audit of M&C Saatchi plc for the financial year ending December 31, 2018. The sanctions also extend to Adrian Wilcox, the audit engagement partner involved in the case.
The Public Company Accounting Oversight Board (PCAOB) has issued a settled disciplinary order, imposing a $2 million civil money penalty on WithumSmith+Brown, PC (the firm), for pervasive quality control violations related to special purpose acquisition company (SPAC) audits. The sanctions come in response to violations of PCAOB rules and quality control standards observed during the period from January 2020 through December 2021.
The Public Company Accounting Oversight Board (PCAOB) has issued settled disciplinary orders, imposing sanctions on four audit firms for breaching PCAOB rules and standards related to communications with audit committees. The disciplinary actions are part of an ongoing sweep by the PCAOB, allowing it to address potential violations across multiple firms simultaneously.
The Public Company Accounting Oversight Board (PCAOB) has announced a settled disciplinary order, imposing sanctions on Marcelo de los Santos Anaya and Martín Rodríguez Martínez for multiple violations of PCAOB rules and standards in connection with the audits of Grupo Simec, S.A.B. de C.V. ("Simec") for the years 2018 and 2019.
The Public Company Accounting Oversight Board (PCAOB) has announced sanctions against Jack Shama and his firm for multiple and repeated violations of PCAOB rules and standards in connection with nine audits. The disciplinary order highlights failures in due professional care, professional skepticism, and obtaining sufficient audit evidence, leading to the permanent revocation of the firm's registration and a permanent bar for Shama.
The International Internal Audit Standards Board (ISIA) recently announced the release of the highly anticipated Global Internal Audit Standards, marking a significant milestone in the evolution of internal audit practices worldwide. The comprehensive standards, the result of extensive collaboration and input, are poised to elevate the profession and guide the global internal audit community.
The European Banking Authority (EBA) has initiated a public consultation on two sets of guidelines designed to fortify internal policies, procedures, and controls, focusing on the implementation of Union and national restrictive measures. These measures, comprising both individual and sectoral sanctions, carry legal obligations for entities operating within the jurisdiction of Member States. The consultation period will extend until March 25, 2024.