The Public Company Accounting Oversight Board (PCAOB) has fined four audit firms for failing to file Form APs and, thus, failing to disclose who led specific audits for the firm and whether any other firms were involved in those audits. Failure to file Form APs in a timely manner is Read More
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 Read More
A new report hopes to provide more clarity around the roles of internal audit and compliance, as they each work to fulfill separate but related duties without too much overlap and interference. The report, which is part of the Institute of Internal Audit’s Global Perspectives & Insights series, explains why Read More
The Securities and Exchange Commission has charged an affiliate of McKinsey & Co. with compliance failures including the misuse of material nonpublic information. The affiliate, MIO Partners, which offers investment options exclusively to current and former McKinsey partners and employees has agreed to pay an $18 million penalty to settle Read More
The Securities and Exchange Commission appears to be making a new effort to pass rules that would require executives to pay back compensation that was obtained by hitting incentive goals that were later found to be false or inaccurate. The rule was included in the Dodd-Frank Wall Street Reform and Read More
Regardless of the geographic location, industry, or type of organization or program, opportunities for corruption present significant risks. Approximately six billion people around the world live in a country with a serious corruption problem. Worldwide, corruption puts businesses and governments at risk and affects organizations, private individuals, and public officials. 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 Securities and Exchange Commission has released its 2021 “Agency Rule List” to give companies an idea of the regulations in its pipeline and when they can expect them to move forward. The list includes a schedule of proposed and final rules on such topics such as climate change disclosures, Read More
Akron General Health System, a regional hospital system based in Akron, Ohio, will pay $21 million to resolve allegations under the False Claims Act of improper relationships with certain referring physicians, resulting in the submission of false claims to the Medicare program. The settlement resolves charges that between August 2010 Read More
Investors and regulators are pushing for more comprehensive and uniform reporting on environmental, social, and governance (ESG) efforts. Some organizations are even tying incentive compensation metrics to ESG goals. In March, the Securities and Exchange Commission said it would be looking more closely at ESG disclosures and also announced the Read More
