
We Forgot to Mention KPMG Got Caught Cheating Again
The PCAOB announced Wednesday it has imposed $7.7 million in penalties against KPMG Colombia (Firm: $4 Million Penalty; Individual: $25,000 Penalty), KPMG UK ($2.6 Million), and KPMG India (Firm: $1 Million Penalty; Individuals: $75,000 Penalty) for a variety of infractions. Failure to cooperate with a PCAOB inspection, cheating on training exams, signing off on blank […]

Audit Partner Really Bad at Auditing Won’t Be Auditing Any Time Soon (Or Ever)
The PCAOB has made it painfully clear that they are done pussyfooting around and sick of auditors not doing their jobs. Chair Erica Williams said in September the Board plans to use every tool at their disposal to bring the hammer down on naughty auditors and it seems that’s exactly what they’re doing. Wanna alter […]

PwC Traps Employees For Financial Penalties
PwC just fined me 3% of my annual pay for not reporting a few stocks that my spouse bought prior to the time when I joined the firm. Note this is not a conflict of interest issue or insider trading issue because the stocks my spouse owned had no connection with PwC’s client. When I […]

Deloitte, CPA Get Taken to the Woodshed in Hong Kong
The Hong Kong Institute of CPAs doled out some fines on Nov. 13 to Deloitte Touche Tohmatsu and a Deloitte CPA for making some auditing faux pas. The firm and accountant Lee Po Chi each have to pony up $50,000 HKD ($6,384 USD) “for their failure or neglect to observe, maintain or otherwise apply professional […]
The SEC Is Tired of Procrastinating Late Filers Taking Their Sweet Ass Time
The SEC announced action yesterday against 28 officers, directors, or major shareholders for violating federal securities laws requiring them to promptly report information about their holdings and transactions in company stock. Additionally, six publicly-traded companies were charged for contributing to filing failures related to this chronic procrastibation. From the SEC release: The charges stem from […]
Friendly Reminder for CPAs Who Live By ‘Carpe Diem Cras’: Today Is a Major Filing Deadline
I'm sure that it doesn't apply to any of our readers, but just in case, be sure to get to those extended corporate, pass-through, and trust tax returns filed by the end of today. Joe Kristan reminds everyone that the penalty for late filing of pass-through returns is $195 per K-1, so that should help motivate the […]