Critical Audit Matters: The First Big Test Amid Banking Turmoil & Other Key Financial News

The current banking turmoil marks the first big test of so-called critical audit matters, a measure introduced by the PCAOB to help investors decode risks and uncertainties in financial statements. A1

FTX’s failures were rooted in ‘hubris, incompetence, and greed,’ the crypto exchange’s new management team said in a report outlining details about the lack of financial controls and record-keeping under Bankman-Fried. B1

Only one in three actively managed large-cap mutual funds beat their benchmarks in the first three months of the year, the worst performance since the three-month period ended December 2020. B1

Newmont raised its takeover offer for Australia’s Newcrest Mining to around US$19.5 billion, as it aims to seal what would be the largest-ever M&A deal in the gold sector. A2