Deloitte & Touche LLP was fined $2 million by the PCAOB on October 22 for permitting a former partner to perform activities as an "associated person" that were prohibited while he was subject to a PCAOB suspension order.
Demand for added attention to high-risk processes, growing costs, and the increasing role of IT controls and testing reports are some of the key changes and challenges companies faced over the last year.
A new research report examines auditor involvement in fraudulent financial reporting cases cited in SEC enforcement actions issued from 1998-2010. During the thirteen-year period, there were eighty-seven sanctions against external auditors in SEC fraud investigations involving publicly traded companies.
The IESBA has issued an exposure draft intended to encourage accountants to blow the whistle on unethical companies or individuals; some of the changes may conflict with other ethical responsibilities.