Internal Audit & Controls

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.

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.