Tag Archives: Audit

DOD Audits Identify Evaluation Errors, Shows Need For Proactive Contractor Diligence

On May 9, the Department of Defense Inspector General (“DoD IG”) released Audit Report No. DODIG-2017-081, Summary of Audits on Assessing Contractor Performance: Additional Guidance and System Enhancements Needed (the “Audit Report”). The audit identified weaknesses within the DoD’s contracting officials’ preparation of contractor Performance Assessment Reports (“PARs”) and potential improvements to the Contractor Performance … Continue Reading

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

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 relating to several U.S.-listed Chinese companies. As we wrote earlier here, the Chinese affiliates of the audit firms had … Continue Reading

Déjà Vu All Over Again? SEC Announces More Specialized Initiatives

This post was written by Amy J. Greer and Terence Healy. After several weeks of anticipation, the SEC’s Division of Enforcement announced July 2 three new special initiatives: a Microcap Fraud Task Force, a Financial Reporting and Audit Task Force, and a Center for Risk and Quantitative Analytics. These new groups are in addition to … Continue Reading

Third Time Is the Charm for Auditor Seeking Dismissal of Securities Fraud Case

This post was also written by Terence Healy and Jill Ottenberg. On April 8, 2013, District Judge Shira Scheindlin (S.D.N.Y.) dismissed Deloitte Touche Tohmatsu CPA Ltd. (“Deloitte”) from a securities fraud class action brought by investors in Longtop Financial Technologies, Ltd. (“Longtop”), a Chinese company which was delisted from the NYSE in 2011. The plaintiffs alleged auditing … Continue Reading

More than a Pass-Through?: DCAA to Evaluate whether Contractors and Subcontractors “Add Value”

This post was written by Stephanie E. Giese. Contractors for the U.S. Department of Defense, as well as the civilian agencies should expect to start seeing the Defense Contract Audit Agency (“DCAA”) recommend disallowance of certain contract costs on grounds that a contractor or subcontractor fails to “add value” when it subcontracts out more than … Continue Reading
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