Internal Audit & Controls

The Public Company Accounting Oversight Board (PCAOB) has taken a significant step in safeguarding investors by adopting a new standard that strengthens and modernizes the auditor's use of confirmation. The confirmation process involves verifying information related to financial statement assertions with third parties. The updated standard is a vital response to changes in technology, communication methods, and business practices since the interim standard's initial adoption by the PCAOB in 2003, following issuance by the AICPA in 1991.

The Financial Conduct Authority in the UK has plans for a review of valuations while there has been an environment of rising interest rates as well as an economic downturn that has applied pressure to private equity firms and their portfolio companies.

The Public Company Accounting Oversight Board (PCAOB) has announced disciplinary actions against Deloitte & Touche S.A.S. ("DT Colombia" or the "Firm") for violations of PCAOB rules and quality control standards related to a 2016 audit.

The Public Company Accounting Oversight Board (PCAOB) has taken action against BDO USA, P.C. ("BDO"), as well as its partners Kevin Olvera and Michael Musick, in a disciplinary order that sanctions the firm and individuals for violations of PCAOB rules and audit standards related to the 2017 audit of AAC Holdings, Inc. ("AAC").

The Public Company Accounting Oversight Board (PCAOB) has released a proposal aimed at enhancing accountability for individuals who contribute to violations committed by registered public accounting firms. The proposed amendment seeks to update PCAOB Rule 3502, Responsibility Not to Knowingly or Recklessly Contribute to Violations, originally enacted in 2005. This move is intended to better protect investors and align the rule with industry expectations.

As a result of the aftermath of the winter storms that ravaged the state of California in December of last year and into January of 2023, the IRS has decided to provide businesses within the state who were affected with tax relief, allowing them to defer their payments until next month.

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.