Day: June 19, 2018

kpmg cheating scandal

U.K. Regulator: KPMG Audit Quality ‘Unacceptable’

On By IA360 Staff

KPMG’s audit work in the United Kingdom is of an unacceptable standard, Britain’s accounting regulator said, fueling calls to reform the industry, including dismantling Big Four firms. In an unprecedented assessment, the Financial Reporting Council said auditors at KPMG don’t challenge management enough, aren’t sufficiently skeptical, and are inconsistent in Read More

vinatage cash register

New Revenue Recognition Rules Could Create Chances for Fraud

On By IA360 Staff

The additional professional judgment required by the new revenue recognition standard could expose companies to an increased level of fraud, given the inherent opportunity for bias created by a principles-based framework. The new standard moves companies away from a rules-based framework to a more principles-based approach as it relates to Read More