KPMG

News & Analysis as of

This Court’s Ruling Puts The Opinion In Auditor’s Internal Control Opinion

A brief ruling issued this week by U.S. District Court Judge James C. Mahan makes it clear that an auditor isn’t always liable even when a subsequent auditor uncovers fraud. In Oaktree Capital Mgmt., L.P. v. KPMG, 2014 U.S....more

Second Circuit Finds that Entry-Level Audit Associates at Accounting Firm are Exempt from Federal Overtime Requirements

In Pippins v. KPMG LLP, No. 13-889 (2d Cir. July 22, 2014), the Second Circuit Court of Appeals unanimously held that entry-level audit associates (“Plaintiffs”) at KPMG LLP qualify for the Fair Labor Standards Act’s (“FLSA”)...more

Second Circuit Finds Auditors Exempt and Endorses Limits on Class Discovery

While the number of class or collective action lawsuits has exploded, decisions from Circuit Courts of Appeal, particularly on procedural issues, are still infrequent enough to warrant comment. In Pippins v. KPMG, Case No....more

Compliance in the C-Suite

The ongoing debate whether certain executives are “too big to jail” misses the most important trend in corporate governance – namely, that criminal conduct is rising in the C-Suite. Viewed from a broad perspective, since...more

Reform of the Audit Market in the EU – Implications For Borrowers and Loan Documentation

A legislative package for the reform of the audit market in the EU has this month been approved by the EU Parliament and adopted by the Council of the European Union. Listed companies will need to change the firms that audit...more

OCR Announces the Results from it's Pilot Audit and it's Plans For Next Year

The Office of Civil Rights Audit Pilot Program has come to an end with 115 audits, primarily in person, having been completed. The Pilot Program had multiple revelations in privacy, some of which were probably, not so...more

Pre-action Investigations: A Cautionary Tale

When there is the suspicion of wrongdoing, it is common practice for companies to carry out an investigation by commissioning reports, whether internally or with the outside assistance of lawyers or other professionals. If...more

Be Prepared – HIPAA Audits are Coming in 2014

Later this year, the Department of Health and Human Services (“DHHS”) is expected to launch its permanent HIPAA Audit Program. The HIPAA Audit Program is authorized under Section 13411 of the HITECH Act, and is designed to...more

SEC, KPMG and Auditor Independence

The Commission, as part of its retooled enforcement program, is, in part, focusing on gatekeepers such as attorneys and accounts in an effort to achieve omnipresence. This has resulted in a number of proceedings against...more

"SEC Judge Issues Initial Decision Regarding Chinese Affiliates of the Big Four Accounting Firms"

On January 22, 2014, U.S. Securities and Exchange Commission Administrative Law Judge Cameron Elliot (the ALJ) issued an initial decision censuring the Chinese accounting firms affiliated with Ernst & Young LLP, KPMG LLP...more

Addressing the Maintenance Backlog in Victorian Schools – is a PPP the Answer?

The results of the audit report into Victorian schools announced on 20 February 2013 revealed a AUD420 million maintenance backlog with over 5,000 school buildings identified as falling below the standards set by Department...more

E-Discovery Developments From The Land Of Zubulake

Shortly after the turn of the century, a series of decisions emanated from the U.S. District Court for the Southern District of New York on the topic of “e-discovery.” Many would argue that Judge Shira Scheindlin’s opinions...more

12 Results
|
View per page
Page: of 1