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KPMG

Audit Firm And Engagement Partner Settle SEC Allegations Stemming From 2011 Audit Of A New Client

by Shearman & Sterling LLP on

On August 15, 2017, KPMG LLP (“KPMG”) and one of its engagement partners settled claims brought by the U.S. Securities and Exchange Commission (“SEC”) that they violated Section 4C of the Securities Exchange Act of 1934...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

As expected, Wells Fargo has promoted former Fed governor and current vice chair Elizabeth Duke to succeed Board chair Stephen Sanger. Incredibly, the move makes Duke the first woman to hold the top spot at one of the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Late last week, financial services company Raymond James agreed to resolve allegations of conspiring with the owner of several VT ski resorts (and others) in a Ponzi scheme targeting foreign investors through the EB-5...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Accounting giant KPMG has terminated six employees—including the head of its US audit practice—after learning that they were given “improper warnings” ahead of planned audit inspections by the Public Company Accounting...more

KPMG Issues 2017 Global Audit Committee Pulse Survey

by WilmerHale on

Recently, KPMG released its 2017 Global Audit Committee Pulse Survey, which reports on audit committee activities based on survey responses from 800 audit committee members across 42 countries. Asking, "Is Everything Under...more

Fifth Circuit Affirms Denial Of Motion To Compel Arbitration Against Non-Signatory To Arbitration Agreement

by Carlton Fields on

The appeal arose from a consolidated case, originally three separate class actions, resulting from the alleged underfunding of Singing River Health System’s pension plan and KPMG’s alleged failure to detect that underfunding...more

Blog: KPMG Surveys Audit Committee Concerns

by Cooley LLP on

What are audit committee members’ greatest concerns? Audit committee members participating in KPMG’s 2017 Global Audit Committee Pulse Survey identified risk management as the biggest challenge for audit committees in 2017,...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Supreme Court handed down its much anticipated decision in Salman this week, essentially reaffirming its seminal decision on illegal tipping in Dirks. In affirming the Petitioner’s conviction the Court rejected his...more

KPMG Survey Finds that Shoppers Care About Retail Data Breaches

On the heels of Eddie Bauer’s notification of a cyber intrusion affecting all of its retail stores in the U.S. and Canada, KPMG has released a study showing that almost one-fifth of respondents to a survey said they would...more

The Spring Meeting Confronts the Yates Memo: Execs in the Front Lines of Corporate Criminal Responsibility; Presentation of the...

by Pepper Hamilton LLP on

The Business Law Section’s Director and Officer Liability Committee conducted a program at the Section’s Spring Meeting in Montréal. The program focused on the recent Yates memorandum of the U.S. Department of Justice (DOJ),...more

Judgments

by Dentons on

CoCos – Supreme Court decision in litigation between Lloyds and its noteholders - BNY Mellon Corporate Trustee Services Limited v. LBG Capital No 1 Plc and another [2016] UKSC 29 - June 2016 saw the publication...more

UK Financial Regulatory Developments - February 2016 #18

by Dentons on

FCA planning review of retained CCA provisions - FCA is seeking input on the planning phase of the review of retained provisions of the Consumer Credit Act (CCA). FCA is required to review remaining CCA provisions and to...more

The Evolving World of Privacy and Data Security Covered at Nossaman-UCI Cyber Symposium

by Nossaman LLP on

On October 12, Nossaman and UC Irvine hosted their first annual cyber symposium at the Los Angeles City Club. The event brought experts together to discuss a variety of critical issues in the worlds of privacy and data...more

Misconduct in the C-Suite: The United Airlines Scandal

by Michael Volkov on

It was like a bolt out of the blue – United Airlines’ CEO and two senior executives hastily announced their resignation as a result of their involvement in a bribery scandal with the New York Port Authority....more

Crafting a more realistic business associate agreement

According to a recent survey by KPMG, eighty percent (80%) of health care executives report that their information technology systems have been compromised by cyber attacks. Most healthcare institutions, the survey found,...more

DOJ Focuses on Individuals in Corporate Wrongdoing

by Burr & Forman on

United States Deputy Attorney General Sally Q. Yates issued a September 9 memo directing increased focus on individual culpability in matters of corporate wrongdoing. The memo highlights six policy directives – some existing,...more

Focus on Tax Controversy and Litigation - Supreme Court Decides Maryland v. Wynne and Rules that Maryland Tax Scheme Is...

by Shearman & Sterling LLP on

In This Issue: - Maryland’s Tax Scheme Ruled Unconstitutional - “FTC Generator” Case Update - FSA Rules that Equitable Disgorgement May be Deductible Expense - District Court Upholds Attorney Client...more

Why Should Americans Care About the FIFA Indictments? Part III – Corruption and US Companies

by Thomas Fox on

Today, I continue my four-part series on the above question posed to me recently by a colleague. In Part I, I wrote that only the US government had the wherewithal, tools and will to do so. Yesterday, I focused on corruption...more

KPMG Issues 2015 Global Audit Committee Survey

by WilmerHale on

In February, KPMG released its 2015 Global Audit Committee Survey, which reports on audit committee activities based on survey responses from 1,500 audit committee members across 35 countries....more

KPMG audit finds CFPB budget review controls and corrective action process need improvement

by Ballard Spahr LLP on

The CFPB has released a report for FY 2014 prepared by KPMG of its independent audit of selected CFPB operations and budget. An annual independent audit is required by the Dodd-Frank Act. The report reflects work performed by...more

SEC Sanctions Chinese Accounting Firms for Refusal to Surrender Documents

by McDermott Will & Emery on

On February 6, 2015, the U.S. Securities and Exchange Commission (SEC) imposed sanctions against four China-based accounting firms for their refusal to surrender documents in conjunction with an investigation of potential...more

China Auditor Update: SEC and Chinese Audit Firms "Settle" for the Status Quo

by Reed Smith on

In an Order of Settlement released February 6, 2015, the SEC agreed to stay the administrative action against the Chinese affiliates of the “Big Four” accounting firms for refusing to turn over their audit work papers...more

SEC – PRC Based Audit Firms Reach A Settlement

by Dorsey & Whitney LLP on

The SEC and the PRC based affiliates of five major accounting firms entered into a settlement of proceedings initiated over the failure to produce audit work papers for issuers with substantial operations in China. The...more

SEC Announces Settlement With “Big Four” China Accounting Firms Over Production of Documents Located in China

Today, the Securities and Exchange Commission (“SEC” or “Commission”) announced the terms of a settlement with four of the Respondents in In the Matter of BDO China Dhaua CPA Co., Ltd. The four Respondents are the China...more

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

by Allen Matkins on

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

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