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September 27, 2024
UK Accounting Regulator Mandates Disclosure of Private Equity Investments in Audit Firms
The Financial Reporting Council (FRC), the UK's accounting watchdog, has issued a directive to major audit firms, requiring them to disclose any plans to sell stakes to private equity (PE) investors. This move comes as the accounting sector anticipates a possible influx of private equity capital, raising concerns about maintaining the integrity and independence of audit practices.
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June 27, 2024
Enhancing Auditors' Approach to Fraud: Integrating Forensic Techniques
Addressing the risk of fraud in financial audits is increasingly complex. The AICPA Auditing Standards Board (ASB) has conducted interviews with forensic professionals to gather insights on improving fraud detection during audits.
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March 15, 2024
EU Adopts New Corporate Sustainability Reporting Directive (CSRD) to Enhance Transparency and Accountability
The Corporate Sustainability Reporting Directive (CSRD) entered into force on January 5, 2023, marking a significant shift in sustainability reporting requirements for companies within the European Union (EU).
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February 13, 2024
Revolutionizing Audits: The Transformative Power of AI in Enhancing Efficiency and Accuracy
Artificial Intelligence (AI) is rapidly transforming the auditing landscape, offering unparalleled efficiency and precision in data analysis. As the auditing field grapples with vast amounts of unstructured data, AI ...
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January 19, 2024
Deloitte's Oversight in Tingo's $412 Million Fraud Raises Questions About Auditing Integrity
In a significant oversight by Deloitte, one of the 'Big Four' accounting firms, a massive financial discrepancy was uncovered in the financial statements of the Nigerian company Tingo Group. Despite Deloitte's ...
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June 22, 2023
Failures Shake KPMG's Dominance on Bank Audits
Bloomberg questioned KPMG's reputation as a reliable bank auditor.
KPMG, one of the leading members of the prestigious "Big Four" accounting firms, is facing a significant challenge to its dominance in bank ...
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February 7, 2023
$4 Billion Accounting Scandal Puts More Scrutiny on PwC’s Auditing Record
Brazilian retailer Americanas SA has filed for bankruptcy protection after a $4 billion accounting scandal came to light.
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June 29, 2022
Ernst & Young Auditors Caught Cheating on Ethics Exam
The S.E.C. said the cheating involved hundreds of the firm’s workers from 2017 to 2021, resulting in the largest penalty ever imposed by the agency against an auditing firm.
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December 30, 2021
KPMG Replaces EY as the Insurance Giant’s New External Auditor
The FTSE 100 Listed Phoenix Group Holdings plc has decided to replace EY with KPMG for the financial year ended December 31, 2024
The big four firm EY has been the company’s auditor since 2018 so technically was in a ...
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November 1, 2021
BDO Replaces PwC as Auditor of Sanderson Design Group
AIM listed furnishings group Sanderson Design Group has appointed BDO as its new auditor. BDO replaced the big four firm PwC as the group’s new external auditor
The furnishing group’s decision to appoint BDO as ...
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