The Financial Conduct Authority in the UK has plans for a review of valuations while there has been an environment of rising interest rates as well as an economic downturn that has applied pressure to private equity firms and their portfolio companies.
The Public Company Accounting Oversight Board (PCAOB) has announced disciplinary actions against Deloitte & Touche S.A.S. ("DT Colombia" or the "Firm") for violations of PCAOB rules and quality control standards related to a 2016 audit.
The Public Company Accounting Oversight Board (PCAOB) has taken action against BDO USA, P.C. ("BDO"), as well as its partners Kevin Olvera and Michael Musick, in a disciplinary order that sanctions the firm and individuals for violations of PCAOB rules and audit standards related to the 2017 audit of AAC Holdings, Inc. ("AAC").
The Public Company Accounting Oversight Board (PCAOB) has released a proposal aimed at enhancing accountability for individuals who contribute to violations committed by registered public accounting firms. The proposed amendment seeks to update PCAOB Rule 3502, Responsibility Not to Knowingly or Recklessly Contribute to Violations, originally enacted in 2005. This move is intended to better protect investors and align the rule with industry expectations.
As a result of the aftermath of the winter storms that ravaged the state of California in December of last year and into January of 2023, the IRS has decided to provide businesses within the state who were affected with tax relief, allowing them to defer their payments until next month.
The Securities and Exchange Commission (SEC) has taken action against Alfonse Gregory Giugliano, CPA, the former National Assurance Services Leader at Marcum LLP, a prominent public accounting firm. Giugliano has been charged with failing to adequately address and rectify a multitude of deficiencies in Marcum's quality control system, a role critical to maintaining the integrity of the audit process.
In recent years, Artificial Intelligence (AI) has emerged as a transformative force across various industries. One area that stands to benefit significantly from AI's capabilities is internal audit. AI has the ability to revolutionize the landscape of internal audit and controls, making processes more efficient, insightful, and adaptable, but nevertheless, concerns persist. However, as businesses navigate a rapidly evolving and competitive risk environment, harnessing AI's potential could prove essential for staying ahead of the curve.