The Public Company Accounting Oversight Board (PCAOB) has announced a settled disciplinary order, imposing sanctions on Marcelo de los Santos Anaya and Martín Rodríguez Martínez for multiple violations of PCAOB rules and standards in connection with the audits of Grupo Simec, S.A.B. de C.V. ("Simec") for the years 2018 and 2019.
The Public Company Accounting Oversight Board (PCAOB) has announced sanctions against Jack Shama and his firm for multiple and repeated violations of PCAOB rules and standards in connection with nine audits. The disciplinary order highlights failures in due professional care, professional skepticism, and obtaining sufficient audit evidence, leading to the permanent revocation of the firm's registration and a permanent bar for Shama.
The International Internal Audit Standards Board (ISIA) recently announced the release of the highly anticipated Global Internal Audit Standards, marking a significant milestone in the evolution of internal audit practices worldwide. The comprehensive standards, the result of extensive collaboration and input, are poised to elevate the profession and guide the global internal audit community.
The European Banking Authority (EBA) has initiated a public consultation on two sets of guidelines designed to fortify internal policies, procedures, and controls, focusing on the implementation of Union and national restrictive measures. These measures, comprising both individual and sectoral sanctions, carry legal obligations for entities operating within the jurisdiction of Member States. The consultation period will extend until March 25, 2024.
The Securities and Exchange Commission (SEC) has given the green light to the Public Company Accounting Oversight Board's (PCAOB) budget for the year 2024, along with the corresponding annual accounting support fee. The approved budget, totaling $384.7 million, and the accounting support fee, totaling $358.8 million, underscore the crucial role the PCAOB plays in maintaining the integrity of financial reporting in public companies.
The Public Company Accounting Oversight Board (PCAOB) has issued historic settlements, imposing a total of $7.9 million in fines on three China-based firms and four individuals for violating U.S. securities laws and PCAOB rules and standards. These are the first enforcement settlements since the PCAOB gained access to inspect and investigate firms in mainland China and Hong Kong in 2022.
The United Kingdom's plans for comprehensive audit and corporate governance reforms have encountered a setback, drawing criticism from industry experts and officials. The absence of primary legislation for the proposed reforms raises concerns about the government's ability to respond effectively to future corporate crises, according to a statement released by the Institute of Chartered Accountants in England and Wales (ICAEW).