Auditing

SEC January 13, 2025 

McMahon did not admit to or deny the SEC's findings, but he agreed to pay a $400,000 civil penalty and reimburse WWE for about $1.33 million, according to SEC officials.

Auditing January 7, 2025 

The blockbuster fine of 2024 was the $25 million penalty the PCAOB gave KPMG in the Netherlands last April for systemic internal exam cheating over a five-year period. It's the largest fine the PCAOB has ever doled out.

Jason Bramwell

Technology January 7, 2025 

This is Caseware’s eighth acquisition since Hg Capital acquired majority ownership of the Toronto-based company in late 2020.

Jason Bramwell

Accounting January 7, 2025 

Maintaining the focus on financial reporting and internal control risks remains job number one for audit committees.

Isaac M. O'Bannon

Auditing January 3, 2025 

Under the new rules, the PCAOB can address situations in which a registered firm has ceased to exist, is nonoperational, or no longer wishes to remain registered, as demonstrated by its failures to file annual reports via PCAOB Form 2 and pay annual fees for at least two consecutive reporting years.

Jason Bramwell

Auditing January 2, 2025 

Average audit fees increased by 6.4% in 2023—from $2.83 million in 2022 to $3.01 million the following year—according to the 15th Annual Audit Fee Survey and Insights Report from the Financial Education & Research Foundation.

Jason Bramwell

Auditing December 26, 2024 

In a Dec. 19 comment letter to the SEC, the AICPA says the new requirements adopted by the PCAOB last month would particularly burden small and midsized firms, as well as unintentionally hurt capital markets and the investing public.

Jason Bramwell

SEC December 23, 2024 

The SEC alleged that Entergy had inaccurate controls when recording materials and supplies, despite employees and management consultants flagging the issue.

Auditing December 19, 2024 

Thursday's free CPE session topics begin at 9am ET, and include Secure Act 2.0 effects on retirement, CAS, business license management, firm strategies, tax resolution, firm staffing, and marketing. Day two sessions start at 9am ET.

Isaac M. O'Bannon

SEC December 18, 2024 

The 2025 PCAOB budget totals $399.7 million, and the accounting support fee totals $374.9 million, of which $346.1 million will be assessed on public company issuers and $28.8 million will be assessed on registered broker-dealers.

Jason Bramwell

Auditing December 17, 2024 

The median duration of a fraud scheme is more than a year, with losses compounding the longer the plot goes on. 

Accounting December 17, 2024 

The Financial Accounting Standards Board released the 2025 GAAP Financial Reporting Taxonomy, which contains updates for accounting standards, and four other taxonomies on Dec. 16.

Jason Bramwell