Internal Audit & Controls

The Public Company Accounting Oversight Board (PCAOB) has taken action against five audit firms for breaching PCAOB rules and standards pertaining to their communications with audit committees. The sanctions were part of a comprehensive sweep, which enabled the PCAOB to assess potential violations simultaneously across multiple firms. The move underscores the PCAOB's commitment to strengthening enforcement and ensuring accountability within the auditing profession.

The Public Company Accounting Oversight Board (PCAOB) recently released a report previewing the inspection results for 2022, revealing a troubling trend in audit deficiency rates. According to the report, approximately 40% of the audits reviewed in 2022 are expected to have one or more Part I.A. deficiencies, marking a significant increase from previous years. PCAOB inspectors found that audit firms failed to obtain sufficient appropriate evidence to support their opinions, signing audit reports without completing the required verification of financial statements.

Booz Allen Hamilton Holding Corp., a prominent consulting firm, has reached a landmark settlement with the Department of Justice (DOJ) to pay approximately $377.5 million, addressing alleged violations of the False Claims Act. The settlement comes as a result of improper billing of commercial and international costs in government contracts, raising concerns about the misuse of taxpayer funds.

The multinational Wall Street bank and its lead officers believe they have had an encouraging 2nd quarter, displaying signs for an encouraging 2024 for the firm and of upward trends for the trading market especially.

Over the last year, interest rates have been soaring at a historical rate in an attempt to curb the inflation crisis. Now over a year later, we are starting to see inflation dropping, costs stabilizing, and for the first time in at least 2 years a light at the end of the tunnel.

The recent financial crisis, which resulted in the closure of several banks, including Silicon Valley Bank, has prompted Wall Street executives and banking analysts to advocate for increased intervention from U.S.regulators to enhance the security of the country's banking sector

In response to recent bank failures, financial regulators in the US intend to implement tougher restrictions on a broader range of financial institutions.