Internal Audit & Control

PCAOB Imposes $2 Million in Fines on WithumSmith+Brown, PC for Quality Control Lapses in SPAC Audits

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.

PCAOB Sanctions Four Audit Firms for Violating Audit Committee Communication Standards

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.

PCAOB Sanctions Auditors for Breaching Standards in Grupo Simec

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.

PCAOB Sanctions Audit Firm and Partner for Violating Audit Standards

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.

ISIA Unveils 2024 Global Internal Audit Standards

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.

EBA Proposes Guidelines for Strengthening Internal Policies and Controls to Mitigate Risk of Non-Compliance with Union and National Sanctions

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.

SEC Greenlights 2024 PCAOB Budget and Accounting Support Fee

The Securities and Exchange Commission (SEC) has given the green light to the Public Company Accounting Oversight Board's (PCAOB) budget for the year 2024, along with the corresponding annual accounting support fee. The approved budget, totaling $384.7 million, and the accounting support fee, totaling $358.8 million, underscore the crucial role the PCAOB plays in maintaining the integrity of financial reporting in public companies.