The Public Company Accounting Oversight Board (PCAOB) took a strong stand today, holding Heaton & Co. and one of its partners, Kristofer Heaton, accountable for a series of significant violations. These lapses, which spanned audit documentation, quality control, and engagement reviews, have led to penalties, a firm registration revocation, and a professional ban for Heaton.
In his latest article, Norman Marks investigates the evolving role of artificial intelligence (AI) in Sarbanes-Oxley (SOX) compliance, offering valuable insights into how AI can revolutionize internal controls and risk management practices. In this article, he explores the potential of AI to enhance the efficiency and effectiveness of SOX programs, from risk assessment to process documentation, and emphasizes the importance of maintaining a focus on financial statement integrity while navigating the opportunities and challenges AI presents.
In this piece, Norman Marks addresses the evolving role of internal auditing in the face of rapid technological advancements, shifting business dynamics, and emerging risks. He challenges the profession to adapt, offering a pragmatic perspective on what auditors need to focus on today to remain valuable in the future.
The Financial Reporting Council (FRC) has issued a Final Settlement Decision Notice, making it clear that Ernst & Young LLP (EY) and an individual audit partner were found in breach of key auditing standards in their work on the Thomas Cook Group plc audits for the financial years ending 30 September 2017 and 30 September 2018.
In this article by Tim Leech, he delves into the evolving roles of risk and internal audit functions, exploring how they can transition from their traditional, compliance-focused image to become key decision-support partners for management and the board. Drawing on his extensive experience, Tim outlines the need for change in how internal audit and risk functions operate, emphasizing the importance of aligning with mission-critical objectives to drive better decision-making and organizational success.
The latest report from the International Forum of Independent Audit Regulators (IFIAR) is out, and it doesn’t pull any punches. Released on March 17, 2025, the 2024 Survey of Inspection Findings paints a picture of the state of global audit quality, and it’s not as pretty as many might hope.
The Public Company Accounting Oversight Board (PCAOB) just dropped its 2024 annual report, and it's clear they’ve been busy making real moves in the audit space. From faster inspection results to tougher accountability for bad actors, this year's report showcases some significant changes aimed at strengthening trust in the auditing process—and, of course, protecting investors. Here’s the lowdown on what the PCAOB is doing to shake up the audit world in 2024.