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BNET Business Dictionary
- Audit
- a systematic examination of the activities and status of an entity, based primarily on investigation and analysis of its systems, controls, and records
- Audit definition on BNET »
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- Cyanotech Continues Delay of Fiscal 2007 Financial Results
- KAILUA KONA, Hawaii -- Cyanotech Corporation (Nasdaq:CYAN) announced it will not meet today's extended deadline for filing its Form 10-K Report with the Securities and Exchange Commission for the fiscal year ended March 31, 2007. The Company, on June 29, 2007, filed Form 12b-25 extending the time to file its...
- Research articles 2007-07-16
- A group of auditing firms including Deloitte & Touche, Ernst & Young, PricewaterhouseCoopers, KPMG, BDO International and Grant Thornton collaborated on a report that insists liability standards should be eased for accounting firms and that compan
- A group of auditing firms including Deloitte & Touche, Ernst & Young, PricewaterhouseCoopers, KPMG, BDO International and Grant Thornton collaborated on a report that insists liability standards should be eased for accounting firms and that companies and investors should face higher charges for forensic audits, which are more likely to...
- Research articles 2007-02-01
- Max Re Capital Ltd. Announces First Quarter Net Income and Update of Audit and Risk Management Committee Investigation.
- HAMILTON, Bermuda, May 1 /PRNewswire/ -- Max Re Capital Ltd. (Nasdaq: MXRE) (BSX: MXRE BH) announced today that the Audit and Risk Management Committee has not yet completed its previously announced internal investigation. Consequently, KPMG, the Company's auditors, have not completed their Statement of...
- Research articles 2006-05-01
- The U.S. Securities and Exchange Commission fined current and former KPMG auditors involved in Xerox Corp.'s $3 billion overstatement of revenue
- The U.S. Securities and Exchange Commission SEC fined current and former KPMG auditors involved in Xerox Corp.'s $3 billion overstatement of revenue. Ronald Safran and Michael Conway, who directly oversaw the audits of Xerox between 1997 and 2000, will each pay $150,000 to settle lawsuits waged by the SEC in...
- Research articles 2006-04-01
- Reflections on practicing tax in today's world
- Introduction Over the last five years, the Internal Revenue Service steadily has increased its emphasis on taxpayer compliance. The IRS initially targeted corporate tax shelters. The last two IRS Commissioners broadened that target by emphasizing across-the-board tax noncompliance by individuals, businesses of all sizes, and even tax-exempt entities. As...
- Research articles 2005-11-01
- Tax audits uncover mistakes.
- Byline: Allesandra Fabro Sep 18, 2005 (The Australian Financial Review - ABIX via COMTEX) -- Up to 45 of respondents to a KPMG survey of 200 companies claimed that goods and services ...
- Research articles 2005-09-18
- KPMG agrees to pay SEC $22.5 million to settle
- WASHINGTON AP -- KPMG LLP, the U.S. unit of Big Four accounting firm KPMG International, has agreed to pay $22.5 million to settle federal regulators' charges that it allowed Xerox Corp. to manipulate its accounting. The Securities and Exchange Commission in January 2003 sued KPMG and certain of...
- Research articles 2005-04-20
- Profession needs rotation of auditors.
- Rotation of auditors should be good for the accounting profession and good for the public interest. KPMG formerly Peat Marwick Mitchell has been the "independent accountant" for General Electric for over 100 years. Deloitte & Touche has been the "independent accountant" for General Motors for over 85 years - those...
- Research articles 2004-10-25
- KPMG hit with record 10 million dollar SEC fine over Gemstar audits
- WASHINGTON AFP — The US Securities and Exchange Commission said that accounting firm KPMG had agreed to pay a record 10 million dollar sum to settle its "improper" audits of Gemstar-TV Guide International. The 10-million-dollar sanction represents the biggest payment ever made by an accounting firm in an SEC...
- Research articles 2004-10-20
- KPMG to pay record 10 million dollars over 'audit failures'
- WASHINGTON AFP — The US Securities and Exchange Commission said that accounting firm KPMG had agreed to pay a record 10 million dollars to settle its "improper" audits of Gemstar-TV Guide International. The 10-million-dollar sanction represents the biggest payment ever made by an accounting firm in an SEC investigation....
- Research articles 2004-10-20
- Democrat Wants Iraqi Oil Revenue Mismanagement Investigate
- WASHINGTON -- Releasing details of an audit that shows faulty practices in managing Iraqi oil revenues, a key Democrat on Friday is asking a congressional committee to subpoena the Federal Reserve Bank of New York and investigate potential mismanagement by the US Coalition Provisional Authority CPA, which controlled the revenues...
- Research articles 2004-07-12
- Still counting the cost.
- Oct 22, 2003 (The Economist - ABIX via COMTEX) A string of corporate failures in the US has put the spotlight on auditors. Big firms that failed, such as Enron, often were monitored by auditors who had worked on the account for a decade. The...
- Research articles 2003-10-22
- Allegations Still Challenge Reputations of Nation's Largest Accounting Firms.
- By Ameet Sachdev, Chicago Tribune Knight Ridder/Tribune Business News Oct. 7--Early last year, auditor KPMG LLP was ready to make public its doubts about Spiegel Inc.'s ability to continue as a business. But the Downers Grove-based retailer, according to a subsequent SEC...
- Research articles 2003-10-07
- KPMG of Melville appoints three new managers
- KPMG of Melville has appointed three new managers in its audit practice. Tiffany Gilchrist will provide audit services to consumer- markets clients, specializing in employee benefit plans, while Rossana Ferraro and Alexander Romero will provide audit services to information, communications and entertainment clients.
- Research articles 2007-09-21
- The future of corporate reporting: from the top. (Financial Reporting).
- Eugene D. O'Kelly, Chairman and CEO, KPMG LLP Eugene D. O'Kelly took the helm as Chairman and CEO of KPMG LLP last April. A tough time to step into the top spot at a major accounting firm? In an interview with Financial Executive's Managing...
- Research articles 2003-01-01
- Accountants may drop audits to avoid scandals.
- Dec 29, 2002 (The Age - ABIX via COMTEX) Tough new rules for maintaining the independence of auditors in the US may cause an exodus of the world's biggest companies from the industry. Peter Wyman, the president of the Institute of Chartered Accountants of...
- Research articles 2002-12-29
- Companies on guard against poachers.
- Nov 07, 2002 (The Australian Financial Review - ABIX via COMTEX) In Australia, accounting firms are offering their young professionals attractive deals to keep them. KPMG offers the chance to work abroad and in different industries with different specialisations. Geoff Wilson, a managing partner...
- Research articles 2002-12-16
- Callaway Golf Changing Auditors.
- CARLSBAD, CALIFORNIA, Dec 16, 2002 CCNMatthews via COMTEX Callaway Golf Company (NYSE:ELY) announced today that, pursuant to the recommendation of its Audit Committee, the Company's Board of Directors has asked Deloitte & Touche LLP to become the independent auditors for the Company, replacing KPMG...
- Research articles 2002-12-17
- Callaway Golf Changing Auditors
- Business & Sports Editors/Golf Writers & Columnists CARLSBAD, Calif.--BUSINESS WIRE--Dec. 16, 2002 Callaway Golf Company (NYSE:ELY) announced today that, pursuant to the recommendation of its Audit Committee, the Company's Board of Directors has asked Deloitte & Touche LLP to become the independent auditors for the Company, replacing KPMG...
- Research articles 2002-12-16
- Two Kansas City, Mo.-Area Accounting Firms Pick Up Former Andersen Clients.
- By Mark Davis, The Kansas City Star, Mo. Knight Ridder/Tribune Business News Jun. 19--KPMG LLP and Deloitte & Touche LLP picked up nearly all of the region's public companies that had been audited by Arthur Andersen LLP, even before Andersen's federal conviction on ...
- Research articles 2002-06-19
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