Dena's Feed
Oct 4, 2012

Consulting helps push PwC’s revenues to $31.5 billion

NEW YORK (Reuters) – PwC PWC.UL, the world’s largest accounting firm, reported a record $31.5 billion in revenues in 2012 and forecast a big shift in business to developing markets, including the Middle East, despite prolonged civil unrest in the region.

Helped by increased advisory and consulting work, revenues for the year ended June 30 rose by 8 percent from $29.2 billion in fiscal 2011, PwC said in a statement on Thursday.

Oct 2, 2012

U.S. government accounting board chairman to retire

NEW YORK, Oct 2 (Reuters) – The chairman of the U.S. board
that sets accounting standards for state and local governments
will retire next June, a year ahead of the end of his term and
as controversial new standards for pensions start kicking in.

Robert Attmore, a former auditor for New York state, has
headed the nonprofit Governmental Accounting Standards Board
(GASB) since July 2004. His retirement was announced on Tuesday
by the Financial Accounting Foundation, which oversees GASB.

Aug 14, 2012

Exclusive – Deloitte CEO defends firm’s Standard Chartered work

NEW YORK (Reuters) – Deloitte LLP Chief Executive Joe Echevarria on Monday fought back against allegations that his firm helped Standard Chartered hide transactions with Iran, saying charges by the top New York state banking regulator were “distortions of the facts.”

Echevarria, CEO since June 2011, defended Deloitte in his first interview since the firm was dragged into the spotlight over its independent reviews of British bank Standard Chartered.

Aug 14, 2012

Deloitte CEO defends firm’s Standard Chartered work

NEW YORK (Reuters) – Deloitte LLP Chief Executive Joe Echevarria on Monday fought back against allegations that his firm helped Standard Chartered hide transactions with Iran, saying charges by the top New York state banking regulator were “distortions of the facts.”

Echevarria, CEO since June 2011, defended Deloitte in his first interview since the firm was dragged into the spotlight over its independent reviews of British bank Standard Chartered.

Aug 1, 2012

Auditor watchdog: U.S. directors can ask for inspection reports

NEW YORK/WASHINGTON (Reuters) – In a bid to lift some of the secrecy around U.S. audit firms, a watchdog board on Wednesday told corporate directors that they may seek out non-public information about auditor inspections.

U.S. law bars regulators from making public key parts of reports on inspections of audit firms. But the law does not prevent audit committees of corporate boards from seeking the reports from auditors, the Public Company Accounting Oversight Board said on Wednesday.

Jul 29, 2012

Analysis: A decade on, is Sarbanes-Oxley working?

By Kevin Drawbaugh and Dena Aubin

(Reuters) – When Peregrine Financial collapsed earlier this month, a nagging question resurfaced. As in the implosion of Lehman Brothers, the fall of Bernard Madoff and other cases in recent years, many asked: Where were the accountants?

That this question still arises could be seen as an indictment of the 2002 Sarbanes-Oxley law, enacted 10 years ago on Monday. The law was a response to accountants’ failures to sound the alarm about financial misconduct at Enron Corp, WorldCom and a host of other companies.

Jul 18, 2012

SEC delays court action seeking Deloitte China audit papers

By Aruna Viswanatha and Dena Aubin

(Reuters) – The Securities and Exchange Commission on Wednesday sought to delay its legal battle with a Chinese unit of accounting firm Deloitte Touche Tohmatsu over audit documents, citing ongoing negotiations with Chinese regulators.

In a filing with a U.S. federal court, the SEC said it wanted a six-month stay so it could try to work out an arrangement with Chinese regulators to get audit documents.

Jul 13, 2012

SEC staff pans direct adoption of global accounting

NEW YORK, July 13 (Reuters) – A full-scale adoption of
international accounting standards by the United States has
little support and few investors or companies are prepared for
it, the U.S. Securities and Exchange Commission said on Friday.

In a long-awaited staff report, the SEC said a wholesale
switch to international standards would strain the resources of
U.S. companies and a staged transition has more support.

Jul 12, 2012

My word! U.S. accountants suggest brevity a virtue

NEW YORK, July 12 (Reuters) – Keep it short.

So said the professional group that sets U.S. accounting
standards in a statement on Thursday about the financial reports
companies issue each year.

The Financial Accounting Standards Board is seeking comment
through Nov. 16 on ways to make financial reports more relevant
and useful.

Jul 6, 2012
via Tax Break

ABA members argue legality of audit firm rotation proposal

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The watchdog for U.S. auditors has been debating some of the toughest reforms in many auditors’ memories this year. Now some legal experts are questioning whether it has the authority to impose its most controversial idea – making companies switch, or rotate, audit firms after a set number of years.

In a letter to the Public Company Accounting Oversight Board, members of the American Bar Association joined a long line of critics of rotation. The lawyers cited the 2002 Sarbanes-Oxley act, which created the PCAOB, and questioned where it gave the board any authority to mandate rotation.