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Tag: Audit

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Growth of SPACs Prompts Concerns Over Audit Quality

Building with saw-toothed roof architecture

Special purpose acquisition companies – more commonly known as SPACs – have seemingly disappeared from the investing scene in recent years. And when they do make the news, it’s usually news of the wrong kind. After a tidal wave of SPACs was...

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PCAOB: Audits Getting Sloppier

Kids sloppily eating ice cream

The overall quality of audit work has been poor for years and is only getting worse, according to a recent report from the Public Company Accounting Oversight Board. The report detailed the preliminary findings of the PCAOB’s annual inspect...

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Auditors Swept Up in SPAC Regulation

Venus flytrap with captured insect

Like other trendy investment vehicles that skyrocketed in popularity and then faced a sharp decline, special purpose acquisition companies (SPACs) are seeing yet another indication that they are subject to the laws of financial gravity. New...

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First Inspections Find Massive Holes in Chinese Audits

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Regulators have released the results of their first inspections of audits of U.S.-listed Chinese companies, and they’re not pretty. Analyses revealed “unacceptable deficiencies” in audits performed by KPMG’s Chinese arm and PricewaterhouseC...

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Banker with Briefcase running away from SEC Enforcement

SEC Taking an Interest in Accounting Enforcement

Banker with Briefcase running away from SEC Enforcement

The implosions of Silicon Valley Bank and Signature Bank this month may have come as a surprise to KPMG LLP, one of the so-called Big Four accounting firms. Both banks collapsed within two weeks of KPMG signing off on their audits. In the w...

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