Internal Audit & Controls

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.

In a recent development, the Public Company Accounting Oversight Board (PCAOB) has announced a settled disciplinary order against India-based K G Somani & Co. LLP (KGS) and its engagement partner Anuj Somani. The sanctions stem from violations of various PCAOB rules and standards during a 2020 issuer audit. The disciplinary action underscores the PCAOB's commitment to upholding audit quality and protecting investor interests.

In a significant stride toward bolstering confidence and accountability in sustainability reporting, the International Auditing and Assurance Standards Board (IAASB) has unveiled its proposed International Standard on Sustainability Assurance (ISSA) 5000, marking a pivotal moment in the evolution of global sustainability assurance practices.

In a clash of perspectives, the Public Company Accounting Oversight Board (PCAOB) finds itself at the center of a contentious debate over its proposal to heighten auditors' scrutiny of compliance and legal violations within client companies. While comment letters continue to pour in, the reaction so far underscores both support and skepticism, revealing a divide that could reshape the landscape of corporate oversight.