Audit

The Public Company Accounting Oversight Board staff released a report Monday on last year's banking crisis.

The auditing giant KPMG audited the three regional banks that failed last year. New York Community's recent disclosures that it had financial reporting weaknesses in 2023 raises new questions over the auditors' role.

Chief Audit Officer Denise DeMaio will join Truist from MUFG, while Chief Information Security Officer Howard Whyte has experience at Boeing, Goldman Sachs and the FDIC.

Credit unions have been encouraged to help members in a prudent and fair manner but that also means properly documenting the decision-making process.

A new report from the National Credit Union Administration's Office of the Inspector General outlines what to expect in the year ahead following some 2019 scandals.

The association filed a comment letter urging FASB to delay CECL implementation for all banks, while asking a key accounting group to support its effort.

The Credit Union Internal Auditors Association is set to merge into the Association of Credit Union Internal Auditors.

The National Credit Union Administration board was also briefed on a final interagency rule regarding private flood insurance during its regular monthly meeting.

At the recent CU Leadership Conference in Las Vegas, credit union representatives offered their ideas for the next round of reg relief.

KPMG has been the bank's auditor since 1931. Critics say it's time for a change.

Wells Fargo, which has been told by the Fed that it needs to improve its governance and controls, on Thursday received an important thumbs-up from its outside auditor and also named the four senior directors who will retire next month.

The move aims to ease the compliance and audit processes for credit unions by increaing access to remote services.

Paulette Mullings Bradnock is the first woman to hold the title of chief auditor at the venerable bank.

Sens. Elizabeth Warren and Ed Markey are seeking information about KPMG to determine if it lived up to its professional obligations when it decided not to disclose fake accounts at Wells Fargo.

The auditing giant has faced heavy criticism for failing to uncover wrongdoing at Wells. But the San Francisco megabank said Wednesday that it wants to maintain a relationship that goes back decades.

A number of small banks have disclosed material weaknesses in loan-loss accounting and other procedures. Reasons vary, but a common thread appears to be that accounting firms are facing pressure to beef up their scrutiny of internal controls in financial services.

KPMG said Webster did not properly document a change in the way it calculates its provision for loan losses. The bank does not expect to restate its results or incur any meaningful increase in costs because of the problem.

The Share Insurance Fund, Operating Fund and others all received clean audits for 2016.