The Securities and Exchange Commission has approved Nasdaq’s proposal to increase diversity in boardrooms of companies listed on the exchange. Under the new guidelines, most listed companies would be required to have one or more female director, as well as a director from an “underrepresented” minority group, namely anyone who Read More
The Big Four accounting firms have come under increased fire from within the United Kingdom’s legal community in recent weeks. The UK sector’s watchdogs said that 30 percent of audits it examined did not meet acceptable standards. Of the Big Four firms, KPMG received the most criticism for its work Read More
The Institute of Internal Auditors voiced its full support of the U.S. House Armed Services Committee’s recommendation to reverse a proposal that would severely cut the U.S. Navy Audit Service’s budget and reduce its workforce from nearly 300 to 85 worldwide. The Trump administration had planned to reduce the Navy Read More
The Federal Accounting Standards Advisory Board issued a standard on Friday regarding accounting and financial reporting for government-owned land and delayed the effective date due to the pandemic. The organization is aiming to provide more consistent accounting methods and reporting for land holdings. Before the FASAB released this statement, federal Read More
The Securities and Exchange Commission charged Big Four firm Ernst & Young, one of its partners, and two of its former partners with improper professional conduct for violating auditor independence rules in trying to become the auditor of Sealed Air, a publicly held company with close to $5 billion in Read More
The Office of Inspector General and Department of Homeland Security found in an audit last week that the Science and Technology Directorate failed to adequately meet all internal purchase card policies and procedures. The Government Charge Card Abuse Prevention Act of 2012 requires the OIG to conduct an annual risk Read More
A federal judge in San Francisco dismissed charges against Big Four firm PwC, after a former employee had claimed the firm terminated him for blowing the whistle about conflicts of interest with audit clients. In November 2016, former PwC employee Mauro Botta went to the Securities and Exchange Commission with Read More
The Financial Reporting Council, Britain’s audit regulator, admonished KPMG once again for conducting poor audits. The FRC says the Big Four firm’s banking audits are not up to acceptable standards for the third year in a row. And KPMG isn’t alone as a target of the regulator’s criticism: Out of Read More
The Information Commissioner’s Office, the United Kingdom’s independent authority established to uphold information rights in the public interest, has released beta guidance on managing artificial intelligence and data protection risks. The guidance, which the ICO calls a “toolkit,” contains risk statements to help organizations that are using AI to process Read More
The Louisiana Department of Public Safety and Corrections failed to provide documentation for more than $1.6 million in federal COVID-19 aid spending, according to a recent state audit. The Louisiana Legislative Auditor, an agency tasked with providing financial accountability for public funds, examined the department’s internal handling of expense reimbursements Read More
