Internal Audit & Controls

PCAOB Chair Warns of Rise in Audit Deficiency Rates, Calls for Improved Quality

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 to Pay $377.5 Million in Historic Settlement Over False Claims Act Violations

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.

Morgan Stanley Reports a Stronger than Expected Q2 Along with Optimism for the Future of the Market

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.

Despite Inflation Rate Falling to its Lowest Point in 2 Years, Expect the Fed to Hike Interest Rates Again this Year

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.

Securing the Banking Sector: Calls for Greater Intervention and Consumer Protection Amid Financial Crisis

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

With The Federal Reserve Leading the Way, Larger US Banks Could Be Facing as Much As 20% Increase in Capital Requirements

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

KPMG and PwC Fined for Audit Lapses: Heightening the Importance of Quality Assurance in the Accounting Industry

Two of the world's largest accounting firms, KPMG, and PwC, have recently been fined for audit lapses by regulatory bodies. These penalties underscore the significance of maintaining rigorous quality assurance measures within the accounting industry