accounting profession

Why Do Audit Reports Have Such a High Deficiency Rate?

Accounting Profession / /

Indicators of Audit QualityForty percent of the audits inspected by audit firm regulators had at least one finding indicating aserious problem, according to a new survey. A recent report from the International Forum ofIndependent Audit Regulators, a group of national audit regulators including the Public CompanyAccounting Oversight Board (PCAOB) in the U.S. and the Financial […]

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KPMG Sanctioned by the SEC for “Stealing the Exam”

Accounting Profession, Business Ethics, Workplace Behavior / /

Actions Constitute an Act Discreditable to the Profession On May 18, 2020, the Securities and Exchange Commission (SEC) announced settled charges against three former KPMG LLP audit partners for improperly sharing answers to internal training exams. The exams were administered to determine whether its audit professionals understood certain accounting and auditing principles that are essential

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Audit Firms Should Not Be Allowed to Perform Nonaudit Services for Audit Clients

Accounting Profession, Workplace Behavior / /

The Lost Art of an Independent Audit The time has come to revisit the issue of whether all nonaudit services should be prohibited for audit clients. The accounting profession continues to struggle with independence issues when both services are provided. The threats and safeguards approach in the AICPA Code does not seem to have reduced

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Unintended Consequences of Supreme Court Whistleblowing Decision

Accounting Profession, Business Ethics, financial fraud, Whistleblowing / /

Here’s Why Dodd-Frank Worker Retaliation Protections Have Been Turned on Their Head Thinking about blowing the whistle on wrongdoing at your organization? Well, you need to read on because the U.S. Supreme Court ruling on February 21, 2018, in the case Digital Realty Trust, Inc. v. Somers changes the rules of the game. Employees who

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