Apr 25, 2023 | Uncategorized
On February 24, 2023, the auditing firm KPMG issued an unqualified (clean) opinion on the financial statements of SVB Financial Group (Silicon Valley Bank). Shortly after that, on March 10, SVB collapsed. Should KPMG have been able to identify the risks that...
Mar 30, 2022 | Uncategorized
Here is a classic fraud that could easily have been prevented or quickly detected with the right internal control system in place (see links below). $40 million buys an incredible number of computers and tablets. Finance Offices tend to focus on individual...
Oct 5, 2020 | Uncategorized
The AICPA has issued a proposed Statement on Auditing Standards entitled: UNDERSTANDING THE ENTITY AND ITS ENVIRONMENT AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT The challenge for the reader is that the standard is 207 pages long and it amends 7 other standards....
Jan 26, 2017 | Uncategorized
The New York State Comptroller is complaining about State agencies obstructing audits. In his 2015–2016 Annual Report on Audits of State Agencies and Public Authorities. The Comptroller complains, “For the reporting year 2015-16, four agencies significantly...
Apr 17, 2015 | Uncategorized
The International Forum of Independent Audit Regulators (IFIAR) was established in September 2006 by independent audit regulators from 17 countries, including the Public Company Accounting Oversight Board (PCAOB) from the United States.IFIAR has issued its third...
Apr 8, 2015 | Uncategorized
Recently, the Public Company Accounting Oversight Board, that oversees the audits of public companies, sanctioned five auditors for:Violating auditor independence requirements. Providing bookkeeping and auditing services to the same client. Allowing an...
