The Securities and Exchange Commission (SEC) has taken action against Alfonse Gregory Giugliano, CPA, the former National Assurance Services Leader at Marcum LLP, a prominent public accounting firm. Giugliano has been charged with failing to adequately address and rectify a multitude of deficiencies in Marcum's quality control system, a role critical to maintaining the integrity of the audit process.
In recent years, Artificial Intelligence (AI) has emerged as a transformative force across various industries. One area that stands to benefit significantly from AI's capabilities is internal audit. AI has the ability to revolutionize the landscape of internal audit and controls, making processes more efficient, insightful, and adaptable, but nevertheless, concerns persist. However, as businesses navigate a rapidly evolving and competitive risk environment, harnessing AI's potential could prove essential for staying ahead of the curve.
The Public Company Accounting Oversight Board (PCAOB) has taken action against Warren Averett, LLC, imposing a fine in response to violations of auditor independence rules in connection with two issuer audits.
In a recent announcement, the Public Company Accounting Oversight Board (PCAOB) has revealed that AJ Robbins CPA, LLC and its principal, Allan Jeffrie Robbins, CPA, are facing disciplinary actions for their involvement in various violations of PCAOB rules and standards. The sanctions come as a result of their failure to uphold essential professional responsibilities, signaling the PCAOB's commitment to safeguarding investor interests.
Instinet, LLC, a prominent player in the financial sector, has been hit with a substantial penalty of $3.8 million by the Financial Industry Regulatory Authority (FINRA) for its failure to meet Consolidated Audit Trail (CAT) reporting obligations. The fine comes as a result of Instinet's deficient and inaccurate reporting of order event data to the CAT Central Repository.
The Public Company Accounting Oversight Board (PCAOB) has announced disciplinary actions against three audit firms for failing to make required disclosures to the regulatory body. The firms in question, BDO Taiwan, Jendrach Accounting and Professional Services, and Moore MSLL Lima Lucchesi Auditores e Contadores Ltda., have been sanctioned for their lapses in reporting certain information as mandated by the PCAOB.
In a development signaling heightened scrutiny over flagged transactions, global auditing firm Deloitte has chosen to step down as the auditor of India's Adani Ports. This move follows a series of concerns stemming from transactions highlighted in a report by U.S. short-seller Hindenburg. Deloitte's decision not to independently investigate the flagged transactions underscores the complexity of the situation.