Private markets are becoming more appealing as public companies face greater burdens and an unpredictable regulatory environment. So say Nasdaq officials who want to change this situation by strengthening capital markets and recommending key public policy proposals to make that happen. The policy recommendations are featured in a paper, “Advancing the U.S. Public Markets: Unlocking… Read More >>
Marcum Settles Alleged SPAC Audit Failures for $13M
If you’re a firm that specializes in auditing other firms, shouldn’t your first duty be to ensure that your audits are accurate? Or should your first duty be to ensure your own growth? The U.S. Securities and Exchange Commission (SEC) has the obvious answer. The SEC has charged Marcum LLP, the audit firm in question,… Read More >>
CFTC Approves 24th SEF & Other News
RTX Fintech & Research Launches a SEF Another swap execution facility (SEF) has gotten regulatory approval, raising the number of active SEFs to 24. The Commodity Futures Trading Commission last week issued an order of registration to RTX Fintech & Research LLC (RTX SEF) allowing RTX SEF to launch, according to the CFTC. The New York… Read More >>
Deloitte-China & SEC Settle Auditing Woes Case for $20M
Who audits the auditors? The clients being audited? That doesn’t seem quite right, does it? In any case, the United States Securities and Exchange Commission (SEC) has charged Deloitte Touche Tohmatsu Certified Public Accountants LLP, better known as Deloitte-China, the Chinese affiliate of Deloitte’s network of accounting firms, with “failing to comply with fundamental U.S…. Read More >>
EY Penalized $100M via SEC’s Exam Cheating Case
The Securities and Exchange Commission has charged auditor Ernst & Young LLP with “cheating by its audit professionals on exams required to obtain and maintain Certified Public Accountant (CPA) licenses, and for withholding evidence of this misconduct from the SEC’s Enforcement Division during the Division’s investigation of the matter.” Ernst & Young (EY) “admits the… Read More >>
PCAOB Helps Auditors Sort Out Russian Sanctions
The global flow of economic sanctions against Russia for its invasion of Ukraine is ongoing and getting more complex. To help broker-dealers and their auditors stay on top of sanctions and their impacts, the Public Company Accounting Oversight Board (PCAOB) recently released a “Spotlight” guide on the subject: “Auditing Considerations Related to the Invasion of… Read More >>
CloudMargin & Margin Tonic to Launch AANA Service
Collaboration to Target Ongoing UMR Calculations CloudMargin, a collateral and margin management vendor, and Margin Tonic, a service provider for collateral and post-trade operations, are working together to launch “a global Average Aggregated Notional Amount (AANA) calculation service” that trading firms can use to navigate the phases of the Uncleared Margin Rules (UMR) regulatory reforms…. Read More >>
Gensler Launches PCAOB Shake-up by Ousting Chairman
SEC Chair Gary Gensler startled the U.S. securities industry last week when he ousted William D. Duhnke III from his chairmanship of the Public Company Accounting Oversight Board (PCAOB), and then began a board overhaul. The overhaul may have been in response to concerns raised by former members of the PCAOB’s Investor Advisory Group (IAG)…. Read More >>
SEC Charges KPMG, Deloitte & BDO Units with Improper Audits
SEC Focuses On Foreign Affiliates of Auditors The SEC has charged foreign affiliates of KPMG, Deloitte & Touche, and BDO for “their involvement in audit work that circumvented the full oversight of the Public Company Accounting Oversight Board (PCAOB).” The auditors have settled the charges by paying penalties or disgorging their profits from the audits,… Read More >>
SEC Charges Six CPAs with ‘Stealing the Exam’
The SEC and the U.S. Attorney’s Office for the Southern District of New York report consequential charges against six certified public accountants — including former staff members at the Public Company Accounting Oversight Board (PCAOB) and former partners at KPMG LLP. Those charges are based on their alleged “participation in a scheme to misappropriate and… Read More >>
