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How Apollo, Soros and others spotted red flags at First Brands
Small group of lenders avoided losses on car parts supplier’s collapse by refusing credit or cutting exposure.
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BDO and two former partners fined £6.1m total by FRC over faked audit evidence
The misconduct included the fabrication and falsification of documents as well as the unauthorized use of electronic signatures.
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Regional bank loan oversight lapses and borrower fraud disclosures jolt market
Markets take a hit amid broader fears about credit quality and questions over risk assessment.
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PCAOB issues guidance on evaluating reliability of electronic audit evidence
A new staff publication outlines how auditors should assess the trustworthiness of external information that companies provide in electronic form.
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PCAOB imposes $100k civil money penalty on New York-based audit firm
A failure to adhere to standards for communications between predecessor and successor auditors is at the heart of the violation.
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‘This industry is a joke’ says Senate subcommittee report calling out KPMG
The report states that the audit firm left depositors and investors unaware of the banks’ deficient recordkeeping, troubled risk management, and other concerning practices.
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Rapid spread of AI, proliferation of APIs and sovereignty key data concerns
Thales Data Threat Report also reveals that firms dismiss data compliance audits as “checkbox” exercises.
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PCAOB’s Broker-Dealer Audit Focus Series: Reviewing exemption reports
The auditor’s objective is to state whether one or more conditions exist that would cause one or more of the broker-dealer’s assertions not to be fairly stated.