Wirecard - fraud article

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3652197

A short five question fraud risk quiz

https://www.journalofaccountancy.com/news/2020/dec/quiz-audit-fraud-risk-during-coronavirus-pandemic.html

Critical audit matters

https://www.journalofaccountancy.com/news/2020/dec/best-critical-audit-matter-disclosures-use-entity-specific-info.html

Auditing during a pandemic

https://blog.aicpa.org/2020/12/how-to-audit-during-a-pandemic-you-asked-we-answered.html

Current challenge to the PCAOB standard setting agenda

https://pcaobus.org/news-events/speeches/speech-detail/statement-regarding-the-pcaob-s-revised-research-and-standard-setting-agendas-reducing-credibility-accountability-and-confidence-in-the-financial-reporting-process https://www.pogo.org/analysis/2020/12/remember-enron-it-could-happen-again-on-bidens-watch/

Pandemic and audit fraud risk

https://www.journalofaccountancy.com/news/2020/dec/auditing-fraud-risk-during-coronavirus-pandemic.html

History of the auditing world, Part 1

https://www.cpajournal.com/2020/11/25/history-of-the-auditing-world-part-1/

FASB, IASB, PCAOB news

https://www.cpajournal.com/2020/11/26/cpaj-news-briefs-fasb-pcaob-iasb/ within is a link to discussion of IASB publishing educational materials on climate related matters

https://www.ifrs.org/news-and-events/2020/11/educational-material-on-the-effects-of-climate-related-matters/ Sustainability = IASB https://www.ifrs.org/projects/work-plan/sustainability-reporting/comment-letters-projects/consultation-paper-and-comment-letters/

PCAOB align independence requirements

https://www.journalofaccountancy.com/news/2020/nov/pcaob-independence-requirements-align-with-sec-changes.html The Public Company Accounting Oversight Board has issued amendments that are designed to align independence requirements with Securities and Exchange Commission rules that were updated in 2019 and 2020.

KPMG cheating scandal followup

https://www.goingconcern.com/ex-kpmg-partner-given-slap-on-the-wrist-from-judge-during-cheating-scandal-sentencing/

PWC Tech while you trek

https://www.pwc.com/us/en/library/workforce-of-the-future/new-world-new-skills/tech-while-you-trek-podcasts.html

Wirecard and fraud prevention

https://www.wsj.com/articles/after-wirecard-ernst-young-says-auditors-should-focus-more-on-fraud-prevention-11600167893?mod=djemCFO

SSAE 19 Agreed upon procedures

https://www.journalofaccountancy.com/issues/2020/sep/ssae-no-19-flexibility-for-agreed-upon-procedures.html

proactive audit behavior

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3636498

Article on PCAOB revolving door to firms

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3648214

Wirecard issues

https://www.wsj.com/articles/wirecards-former-ceo-markus-braun-is-arrested-11592901759 * Summary: * “Wirecard AG, one of Europe’s biggest and fastest-growing fintech companies, said auditors can’t locate more than €1.9 billion ($2.1 billion) of its cash.” The company has delayed publication of its 2019 annual report after auditors EY could not obtain confirmations from banks holding deposits in trust accounts. Problems obtaining confirmations from these banks had previously been discussed by KPMG LLP in connection with their engagement to perform a special audit in October [2019] “in response to a string of allegations about fake revenues, falsified accounting and other matters, including some made in an unsigned report posted on the internet.” * Classroom Application: * The article may be used in an auditing class discussing confirmations or responsibility to detect fraud. Many articles have been published since this announcement about the inability to obtain confirmations, most recently that the former CEO Markus Braun has been arrested, and released on bail, located at https://www.wsj.com/articles/wirecards-former-ceo-markus-braun-is-arrested-11592901759 * Questions: * · What is a fintech company? Try to glean the definition from the article, but also cite any source you use for the definition. · What is the importance of confirmations as audit evidence in an attestation engagement over financial statements? · Describe the process for obtaining audit confirmations. · What happened to confirmations of the cash balances held by Wirecard AG? · As described in the article, what is the implication for Wirecard AG if its auditors cannot provide an opinion on the company’s financial statements? "Payments Giant Wirecard’s Shares Plunge on $2 Billion Audit Deception," by Paul J. Davies,* The Wall Street Journal*, June 18, 2020 https://www.wsj.com/articles/payments-giant-wirecards-shares-plunge-on-2-billion-audit-deception-11592474551

Managing Going Concern Risk

https://www.cpajournal.com/2020/06/15/managing-the-going-concern-risk-in-an-uncertain-environment/

Lapping cash receipts - and caught

https://www.justice.gov/usao-cdil/pr/grand-jury-indicts-former-administrator-supervisor-illinois-secretary-state-department A form of lapping at Illinois Secretary of State
https://www.thecentersquare.com/illinois/former-illinois-secretary-of-state-official-accused-of-fraud-and-theft-totaling-350-000/article_d073f50a-a69c-11ea-97f4-5f440c75a9ab.html https://newschannel20.com/news/local/former-sec-of-state-office-supervisor-indicted-for-fraud-scheme https://www.wcia.com/news/woman-indicted-on-defrauding-il-secretary-of-states-office-il-dept-of-revenue/

Auditing matters related to the pandemic

https://www.journalofaccountancy.com/issues/2020/may/auditing-during-coronavirus-pandemic.html

Assurance of Client Prosocial Activities and Auditor-Client Negotiation

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3571812 Does Auditor Assurance of Client Prosocial Activities Affect Auditor-Client Negotiations?

Rita Crundwell seeks "compassionate release" from prison

https://www.forbes.com/sites/kellypope/2020/05/09/will-jailed-dixon-embezzler-be-released-from-federal-prison-maybe/#598d57c56cb5

Check out the letter she wrote included in the above article.

https://www.kwqc.com/content/news/Former-Dixon-comptroller-serving-federal-prison-sentence-requests-early-release-570355371.html

CPA Licensure Model evolving

https://evolutionofcpa.org/

Ethics implementation dates extended

https://www.journalofaccountancy.com/news/2020/may/aicpa-ethics-effective-dates-extended-coronavirus-pandemic.html

PCAOB seeks feedback on Critical Audit Batters

https://www.journalofaccountancy.com/news/2020/apr/pcaob-seeks-feedback-critical-audit-matters.html

Remote auditing during the pandemic

https://www.journalofaccountancy.com/news/2020/mar/remote-auditing-during-coronavirus-pandemic.html

Changed controls during pandemic

https://www.journalofaccountancy.com/news/2020/apr/auditing-with-changed-controls-during-coronavirus-pandemic.html

Fight fraud during coronavirus pandemic

https://www.journalofaccountancy.com/podcast/how-cpas-can-fight-fraud-during-coronavirus-pandemic.html

Proposal to move PCAOB

https://www.beckerpinnacle.com/accounting-and-finance/white-house-considers-merging-pcaob-sec/

Catherine Pugh sentenced - former Baltimore mayor

https://www.bbc.com/news/world-us-canada-51667665

Fraud IQ quiz

https://www.journalofaccountancy.com/issues/2020/feb/employee-fraud-hygiene.html

Regulator and audit firm scandal

https://www.pogo.org/investigation/2020/01/how-accountants-took-washingtons-revolving-door-to-a-criminal-extreme/