PwC UK Fined £7.5 Million For Faking Evidence and Other Such Terrible Auditing of a Government Contractor
The Financial Reporting Council has fined PwC £7.5 million ($8.9 million USD) for work related to Babcock, a multinational corporation headquartered in the UK providing, among other things, engineering services. Babcock conducts most of its business with the government, particularly the Ministry of Defence (don’t @ us, that’s how they spell it across the pond). […]
Believe It Or Not, KPMG Is Helping to Fix the Accountant Shortage Through Its Terrible Audit Work
A little data point for you to feast on as we go forth into the new year: the PCAOB levied record fines of $11 million in 2022, more than $8 million against KPMG alone. 2022 was also the year the PCAOB handed out the largest civil money penalty against an individual in PCAOB history ($150,000). […]
A Bunch of Auditors at RSM F*cked Up
Today in Auditors Not Doing Their Jobs, the SEC has charged RSM, three senior-level employees who work there, and a couple partners with improper professional conduct for failing to properly audit Revolution Lighting Technologies Inc.’s financial statements over a four-year period when Revolution was violating accounting principles by inflating revenue with bill and hold sales. […]
KPMG Can’t Get Out of Class-Action Suit Filed By Miller Energy Investors
A Tennessee federal judge on May 7 greenlighted class certification in a multiyear lawsuit against KPMG by investors of the now-defunct oil and gas company Miller Energy Resources Inc., despite KPMG’s best efforts to get the lawsuit thrown out. According to Law360, U.S. Magistrate Judge Debra C. Poplin had recommended that the Miller Energy investors […]
KPMG Appeals One-Year Auditing Suspension In Oman, Loses
KPMG couldn’t talk its way out of trouble, as an independent appellate court in Oman recently upheld a securities regulator’s ruling last November that prohibits the firm from taking on any new auditing clients for one year. In a statement on March 3, the Capital Market Authority of the Sultanate of Oman said: “Capital Market […]
KPMG Gets One-Year Auditing Ban in Oman
2018 has been a no-good, rotten year for KPMG. The firm has been embroiled in accounting scandals in the United States and South Africa, was told by the United Kingdom’s accounting regulator that its audit quality sucks, defended an indefensible audit of the now-collapsed Carillion in the U.K., was fined £4.5 million in the U.K. […]
Three Ex-BDO USA Accountants Will Be Sitting on the Sidelines For a While Due to Really Bad Auditing Decisions
Coming off the heels of a horrible Public Company Accounting Oversight Board inspection report, in which 16 of 24 audits inspected in 2016 were found to have deficiencies, BDO USA is again in the news for all the wrong reasons. Three former BDO accountants were suspended by the Securities and Exchange Commission on Oct. 12 […]
Judge Allows Class-Action Suit to Proceed Against KPMG Over Shoddy Miller Energy Audit
A federal judge in Tennessee on Aug. 2 declined to throw out a securities class-action lawsuit against KPMG, in which investors are accusing the Big 4 firm of screwing up the audit of now-defunct oil and gas company Miller Energy Resources Inc. In Lewis Cosby et al. v. KPMG L.L.P., the investors say they got […]
The Numbers Literally Didn’t Add Up In This Latest Case of Atrocious Auditing
On Friday we discussed a Florida CPA's bad auditing. Later that same day, the SEC issued a press release that told us about more bad auditing and I think you'll appreciate just how bad it is, so I'll share this one, too. This time around, we have a scam run by a Canadian lawyer and […]