Adrian JohnsonTLDR:
Key Points:
- The U.S. Marine Corps passed a full financial audit for the first time, achieving an unmodified audit opinion.
- EY Canada received a D rating from the PCAOB due to deficiencies in half of the audits inspected.
In significant news, the U.S. Marine Corps accomplished a major milestone by passing a full financial audit for the first time, receiving an unmodified audit opinion. This achievement comes after almost two decades of failed audits and rigorous preparation. Ernst and Young (EY) Canada, on the other hand, received a D rating from the PCAOB for deficiencies found in half of the audits inspected in 2022.
Additionally, a new report revealed a 75% increase in audit fees for London-listed companies in the UK, driven by a lack of competition in the audit market. The Pennsylvania Auditor General announced a change in hiring practices to allow individuals with associate degrees to join the department. PwC Australia’s emergency CEO will remain in the role until 2026 to carry out reforms, and the Justice Department filed a civil suit against a tax preparer in Florida for fraudulent practices.
In other news, deep fake CFOs are now a major concern, with reports of hackers using AI-generated videos to instruct employees to transfer large sums of money. Finally, Grant Thornton appointed a new national managing principal of Growth Advisory within the Advisory Services practice to drive business growth and innovation.
