The U.K. Financial Reporting Council announced July 18 it has imposed financial and non-financial sanctions, as well as a “severe reprimand,” against Grant Thornton UK and a former audit partner of the firm for failures during 2016 and 2018 audits of the financial statements of British retail company Sports Direct […]
In a unanimous vote, the Senate confirmed Democrat Jaime Lizárraga and Republican Mark Uyeda this week to serve as the Securities and Exchange Commission’s newest Commissioners. President Joe Biden nominated the two as Commissioners in April. Lizárraga served most recently as a senior advisor to House Speaker Nancy Pelosi, (D-Calif.). Uyeda is […]
The Securities and Exchange Commission charged audit firm CohnReznick LLP with improper professional conduct on audit engagements for two clients in 2017 and hit the firm with a $1.9 million penalty to settle the charges. The agency also charged three of the firm’s partners with improper conduct related to the […]
Internal auditors are busy folks. There never seems to be enough hours in the day to get through everything on the audit plan, not to mention the issues that seem to crop up all the time. These days, the topics that seems to be on the tip of everyone’s tongue […]
Last month, the Securities and Exchange Commission proposed new rules that would require public companies to say much more about their climate-related initiatives. Until now, most environmental, social, and governance disclosures have been voluntary. The SEC proposal has put internal audit functions on alert at the prospect of the biggest […]
A new survey on the state of the internal audit profession finds that companies are slightly investing in internal audit again and working to return to normal on the back end—fingers crossed—of the pandemic. The overall message of the report may well be that only incremental change has come to […]
The overall effectiveness of corporate governance among publicly traded companies declined slightly in 2021, according to data from the third annual American Corporate Governance Index (ACGI) from the Institute of Internal Auditors and the Neel Corporate Governance Center at the University of Tennessee, Knoxville’s Haslam College of Business. Managing change […]
Chinese companies that list on U.S. stock exchanges must reveal whether they are owned or controlled by a government entity, and provide evidence of their auditing inspections, the Securities and Exchange Commission stated this week. The rule advances a process that could lead to more than 200 companies being delisted […]
The AICPA Auditing Standards Board issued a new Statement on Auditing Standards (SAS) that is intended to clarify its views on how auditors should determine which areas pose the most risks of material misstatement in an audit engagement. Statement on Auditing Standards (SAS) No. 145, Understanding the Entity and Its […]
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 […]
