Banks and insurers are required to manage statistical reporting work centrally, from a dedicated department, and to establish data review, governance, and quality control mechanisms.
January 16, 2023The PCAOB reportedly gained all the information it requested during its inspection, but a decision has not yet been made regarding its dispute with Chinese regulators.
November 17, 2022ASIC conducted a thematic review on root cause analysis practices at the six largest audit firms, ahead of ASQM 1 coming into effect on 15 December 2022.
October 25, 2022ACRA is empowered to conduct inspections on accounting entities, compel them to remediate lapses identified, and impose sanctions when necessary.
October 7, 2022The FMA will perform audit quality reviews every two years for the big 4 audit firms and once every three years for the other registered audit firms.
June 22, 2022Under the changes, ACRA can conduct inspections on accountants for compliance with AML/CFT requirements, and impose penalties for non-compliance.
October 20, 2021The new record-filing system will boost the efficiency of product issuance, allowing registration results to be issued within five working days.
October 2, 2021Cheating in online training tests was found to be widespread within the audit practice. KPMG Australia sanctioned 1,131 individuals.
September 16, 2021The SEC settled charges against S&P DJI for the dissemination of stale index values which resulted from an undisclosed quality control feature.
May 22, 2021A new guideline being introduced will improve the accountability of 'tech credit' evaluating institutions and require them to use standard evaluation models.
December 24, 2020