The Public Company Accounting Oversight Board (PCAOB) today approved a new quality control standard aimed at driving significant improvements in the systems used by audit firms to promote high-quality audits. The landmark standard replaces outdated quality control requirements developed before the PCAOB's creation and establishes a modern, risk-based approach.
The Public Company Accounting Oversight Board (PCAOB) announced settled disciplinary orders against two former partners of Liggett & Webb, P.A. and an engagement quality reviewer for violations of auditing standards and rules. The violations occurred during audits of the 2019 and 2020 financial statements of Innovative Food Holdings, Inc. and Luvu Brands, Inc.
The Internal Audit Foundation has released its annual North American Pulse of Internal Audit report, offering critical insights into the state of the internal audit profession. Based on survey responses from 448 Chief Audit Executives (CAEs) and directors, the report sheds light on key trends shaping the industry in 2024.
The Public Company Accounting Oversight Board (PCAOB) has issued a disciplinary order against PricewaterhouseCoopers LLP (PwC), imposing a civil money penalty of $2.75 million for violations of PCAOB quality control standards concerning auditor independence. This decision follows an investigation into deficiencies in PwC's quality control policies and procedures, which failed to ensure timely consultation on complex independence issues.
The Public Company Accounting Oversight Board (PCAOB) has announced disciplinary sanctions against three partners of mainland China-based KPMG Huazhen LLP. Choi Chung Chuen, Ma Hong Chao, and Dong Chang Ling, collectively referred to as the "Respondents," have been penalized for violations of PCAOB standards, as revealed in a settled disciplinary order issued by the PCAOB.
In a strategic move to advance professional standards in Governance, Risk, and Compliance (GRC), OCEG (Open Compliance & Ethics Group) has unveiled the Integrated Audit and Assurance Professional Certification (IAAP) in 2024. This certification is designed to cater to GRC professionals seeking a comprehensive and advanced understanding of audit and assurance practices.
The Financial Reporting Council (FRC) has imposed a substantial fine of nearly £2 million (approximately $2.75 million) for audit failures related to its statutory audit of M&C Saatchi plc for the financial year ending December 31, 2018. The sanctions also extend to Adrian Wilcox, the audit engagement partner involved in the case.