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The Securities and Exchange Commission (SEC) and the PCAOB have reduced their enforcement actions against auditors, with only one action taken in Q3 2025, according to a report by the Brattle Group. This period marked a significant shift in auditor oversight, particularly following leadership changes at both agencies. "After several months of uncertainty, the third quarter of 2025 marked a defining inflection point for auditor oversight in the United States," the report said. The PCAOB initiated 32 actions during this quarter, but most penalties were imposed before the resignation of former chair Erica Williams. The report also highlighted ongoing challenges, including constitutional issues affecting the SEC and PCAOB's authority. Additionally, the report noted that from Q1 to Q3 2025, total monetary sanctions against auditors amounted to $17.7m, a significant decrease from $51.1m in the same period of 2024.

 

Accounting Today

FCPA Playbook: Strengthen Global Controls Before Year-End

FCPA enforcement may ebb and flow, but compliance risk never disappears. The Foreign Corrupt Practices Act (FCPA) Playbook gives CFOs a concise guide to maintaining defensible, future-ready compliance programs – even amid evolving federal, state, and international regulations.

Learn how to strengthen anti-bribery training, tighten internal controls, and establish secure whistleblower systems that encourage internal reporting. The playbook also covers how to align your policies with global standards such as the UK Bribery Act, Sapin II, and Brazil’s Clean Company Act.

Download the Playbook

 

BlackRock’s private credit investing division and other lenders are seeking to recover more than $500m after falling victim to what has been described as a “breathtaking” fraud. Bankim Brahmbhatt, the owner of telecom services companies Broadband Telecom and Bridgevoice, is accused of fabricating accounts receivable that were supposed to be used as loan collateral. BNP Paribas helped BlackRock’s HPS Investment Partners finance the Brahmbhatt loans, according to people familiar with the matter. Brahmbhatt disputes the allegations of fraud.

 

Wall Street Journal

The Daily Telegraph

Two prominent Republicans, Reps. Chris Smith and John Moolenaar, are urging the Supreme Court to allow a lawsuit against Cisco, alleging the company's technology facilitated the persecution of members of the Falun Gong religious sect in China. In their letter to D. John Sauer, the Trump administration's top Supreme Court litigator, the pair wrote: “The allegation that an American tech company custom-designed a tool to facilitate the violent persecution of a religious minority by the Chinese Communist Party (CCP) is a serious one . . . We believe the Plaintiffs deserve the chance to prove their claims.”

 

U.S. News

Legal briefs created with the help of artificial intelligence and submitted with errors including citations to cases that don’t exist are a growing problem, attorneys say. French data scientist and lawyer Damien Charlotin has identified at least 490 court filings over the past six months that contain so-called “hallucinations” - AI responses that contain false or misleading information. “Even the more sophisticated player can have an issue with this,” Charlotin observed. “AI can be a boon. It’s wonderful, but also there are these pitfalls.” Most rulings are from U.S. cases in which plaintiffs represented themselves without an attorney, he said.

 

AP News

Hackers linked to a foreign nation infiltrated Ribbon Communications' IT network undetected for nearly a year, starting in December 2024, the company has disclosed in an SEC filing. Ribbon, a Texas-based telecom technology provider, confirmed the breach in an October 23 statement, noting three smaller customers were affected. The company has not named the nation-state involved or specified impacted clients. “We do not have evidence at this time that would indicate the threat actor gained access to any material information,” said a company spokesperson, adding that security enhancements are underway.

 

Reuters

U.S. stocks are maintaining resilience as they approach a critical week of corporate earnings reports. Investors are scrutinizing the sustainability of the artificial intelligence-driven market surge and the Federal Reserve's potential interest rate cuts. Concerns about capital allocation and shareholder value are heightened amid these market dynamics. The strategic focus is on how companies will navigate these headwinds and deliver on earnings expectations. According to Reuters, the market's response to these earnings will be pivotal in determining the trajectory of the current rally.

 

Reuters

OpenAI is reportedly considering a public listing that could value the company at up to $1trn, according to sources cited by Reuters. The AI start-up is in preliminary talks to raise at least $60bn, with a potential IPO as early as late 2026. Despite mounting losses, OpenAI's annualized revenue run rate is expected to reach $20bn by year-end. CEO Sam Altman plans to invest heavily in AI infrastructure, aiming for 1 gigawatt of compute capacity per week. The IPO would reduce OpenAI's reliance on Microsoft and support its ambitious growth plans amid the Trump administration's economic landscape.

 

Reuters

Alphabet executives have announced a significant increase in capital expenditures for 2026, driven by investments in AI infrastructure to meet growing demand. CEO Sundar Pichai highlighted a $155bn cloud backlog, with Google Cloud showing a 32% revenue growth year-over-year. The company reported its first $100bn revenue quarter, with 2025 CapEx expected to reach $91-$93bn, up from an earlier forecast of $75-$85bn. This marks the second CapEx increase this year. Google also secured a $10bn cloud contract with Meta and a major deal with Anthropic for its Tensor Processing Units. AI advancements have bolstered Google's search and AI products.

 

CNBC

Decentralized cryptocurrency exchange dYdX is set to launch in the U.S. market by the end of 2025, aiming to introduce spot trading for Solana and other cryptocurrencies while facing regulatory changes. President Eddie Zhang said: "It's very important for us as a platform to have something available in the United States." As part of its entry, dYdX plans to reduce trading fees significantly and hopes U.S. regulators will eventually allow for the trading of crypto perpetual contracts.

 

Reuters

General Motors is laying off approximately 1,700 workers across its manufacturing sites in Michigan and Ohio due to a decline in electric vehicle demand. The Detroit News reported that the layoffs include around 1,200 jobs at an all-electric plant in Detroit and 550 workers at the Ultium Cells battery plant in Ohio. GM said: “In response to slower near-term EV adoption and an evolving regulatory environment, General Motors is realigning EV capacity.” The company also announced temporary layoffs for 850 workers in Ohio and 700 in Tennessee, with plans to upgrade facilities during the pause. The layoffs come after the expiration of federal tax credits for EVs, which had previously incentivized buyers.

 

Chicago Tribune

The Gazette Cedar Rapids Iowa

U.S. News

U.S. Treasury Secretary Scott Bessent has criticized the Federal Reserve's communication strategy, saying it reflects outdated thinking. Despite supporting the Fed's decision to cut interest rates by 0.25%, Bessent expressed concern over the Fed's reluctance to commit to further cuts this year. He emphasized the need for the Fed to modernize its approach to align with current economic realities. Bessent's remarks underscore a potential disconnect between fiscal and monetary policy strategies under the current administration.

 

Reuters

Goldman Sachs CEO David Solomon highlights artificial intelligence as a significant driver of U.S. economic growth, emphasizing its potential to transform industries. However, he cautions that the integration of AI will not be seamless, predicting a landscape of winners and losers. Solomon's remarks come amid ongoing discussions within the Trump administration about AI's role in the economy. He stresses the importance of strategic adaptation for businesses to harness AI's benefits effectively.

 

Fortune

U.S. grocers and food companies face a potential $8bn drop in November sales if the government shutdown halts Supplemental Nutrition Assistance Program (SNAP) benefits, which serve 42m Americans. Retailers including Walmart, Dollar General, and Dollar Tree, along with suppliers such as Kraft Heinz and Tyson Foods, could see reduced revenue and layoffs. Walmart, the top SNAP retailer, alone collects over 26% of SNAP grocery spending. “It’s not only poor people . . . it means the places where they spend the money aren’t going to get that money,” said NYU professor Marion Nestle. Industry groups warn of food waste, price hikes, and cuts to worker hours if SNAP funds lapse.

 

Reuters

UPS is increasingly using gig drivers in personal vehicles for small parcel deliveries as part of a major cost-cutting strategy. The shift comes alongside buyouts and layoffs affecting 34,000 unionized drivers and warehouse workers. While full-time UPS drivers can earn over $145,000 annually in pay and benefits, the company is under pressure from shrinking profit margins - its U.S. unit’s operating margin has dropped from 14.2% to 6.4% in a decade. The International Brotherhood of Teamsters accuses UPS of replacing older, higher-paid workers with lower-wage labor and diluting union jobs. UPS insists it’s honoring union agreements and only uses gig drivers in select units like Mail Innovations. CEO Carol Tomé says the company is on track to cut $3.5bn in costs this year. As e-commerce demands surge unpredictably, UPS is leaning on gig labor to maintain efficiency and profitability.

 

Wall Street Journal