Dena's Feed
May 7, 2012
via Tax Break

PwC’s Nally hopeful about China progress

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PricewaterhouseCoopers CEO Dennis Nally sits between Eli Lily and Company Chairman and CEO John Lechleiter (L) and Singapore's Prime Minister Lee Hsien Loong (R) during the APEC CEO summit in Honolulu, Hawaii November 11, 2011. REUTERS/Chris Wattie

Big audit firms are hoping talks will resolve an impasse between Chinese and U.S. regulators over work papers of the firms’ Chinese subsidiaries.

May 4, 2012

Exclusive: Ernst, audit clients cut lobbying ties-records

WASHINGTON/NEW YORK (Reuters) – Ernst & Young’s lobbying unit is no longer listed as a lobbyist for three major U.S. companies, all of whom were 2011 audit clients of the accounting giant. The deregistration follows questions raised by two U.S. senators in March about whether the dual relationships crossed auditor independence boundaries.

Documents filed last month with Congress showed that Washington Council Ernst & Young, the E&Y unit, was no longer registered as doing lobbying work for Amgen Inc (AMGN.O: Quote, Profile, Research, Stock Buzz), CVS Caremark Corp (CVS.N: Quote, Profile, Research, Stock Buzz) and Verizon Communications Inc (VZ.N: Quote, Profile, Research, Stock Buzz).

Apr 20, 2012

Corrected: Analysis: Citi’s pay rejection a wake-up call to boards

NEW YORK (Reuters) – Institutional investors are increasingly pressing boards to rein in outsized executive pay, and after Citigroup (C.N: Quote, Profile, Research, Stock Buzz) shareholders rejected a compensation plan on Tuesday, more directors may start listening.

Shareholders on Tuesday handed Citigroup an embarrassing no confidence vote on a $15 million pay package for its Chief Executive Vikram Pandit. About 55 percent of shareholders rejected a plan to bring Pandit’s pay back close to levels before the global financial crisis.

Apr 19, 2012

Analysis – Citi’s pay rejection a wake-up call to U.S. boards

NEW YORK (Reuters) – Institutional investors are increasingly pressing boards to rein in outsized executive pay, and after Citigroup (C.N: Quote, Profile, Research) shareholders rejected a compensation plan on Tuesday, more directors may start listening.

Shareholders on Tuesday handed Citigroup an embarrassing no confidence vote on a $15 million (9 million pounds) pay package for its Chief Executive Vikram Pandit. About 55 percent of shareholders rejected a plan to bring Pandit’s pay back close to levels before the global financial crisis.

Apr 18, 2012

Citi’s pay rejection a wake-up call to U.S. boards

NEW YORK (Reuters) – Institutional investors are increasingly pressing boards to rein in outsized executive pay, and after Citigroup (C.N: Quote, Profile, Research) shareholders rejected a compensation plan on Tuesday, more directors may start listening.

Shareholders on Tuesday handed Citigroup an embarrassing no confidence vote on a $15 million (9 million pounds) pay package for its Chief Executive Vikram Pandit. About 55 percent of shareholders rejected a plan to bring Pandit’s pay back close to levels before the global financial crisis.

Apr 18, 2012

Analysis: Citi’s pay rejection a wake-up call to boards

NEW YORK (Reuters) – Institutional investors are increasingly pressing boards to rein in outsized executive pay, and after Citigroup (C.N: Quote, Profile, Research, Stock Buzz) shareholders rejected a compensation plan on Tuesday, more directors may start listening.

Shareholders on Tuesday handed Citigroup an embarrassing no confidence vote on a $15 million pay package for its Chief Executive Vikram Pandit. About 55 percent of shareholders rejected a plan to bring Pandit’s pay back close to levels before the global financial crisis.

Apr 12, 2012

Groupon accounting problems put spotlight on board

NEW YORK (Reuters) – Groupon Inc, the online coupon company that floated just months ago in the strongest IPO in years, has had recurring accounting problems that critics say show a need for more financial sophistication on its board.

Groupon revised its fourth-quarter results last month, its first results posted as a public company, trimming revenue by $14.3 million. The company also said it found a material weakness in controls over its financial statements.

Apr 12, 2012

Analysis: Groupon accounting problems put spotlight on board

NEW YORK (Reuters) – Groupon Inc, the online coupon company that floated just months ago in the strongest IPO in years, has had recurring accounting problems that critics say show a need for more financial sophistication on its board.

Groupon revised its fourth-quarter results last month, its first results posted as a public company, trimming revenue by $14.3 million. The company also said it found a material weakness in controls over its financial statements.

Mar 29, 2012
via Tax Break

PCAOB’s debate over auditor rotation moves to Congress

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An ambitious reform agenda at the main U.S. auditor watchdog — already under fire from the accounting industry — has now drawn the ire of members of Congress.

At a hearing on Wednesday, members of a House Financial Services subcommittee took aim at the Public Company Accounting Oversight Board, saying some of the items on its agenda, including term limits for audit firms and making its disciplinary proceedings public, would amount to regulatory overreach.

Mar 28, 2012

U.S. investors urge ‘going concern’ warning reform

March 28 (Reuters) – Regulators need to crack down on
auditors who fail to warn investors and the public before
corporations fail, investors told the main watchdog for U.S.
auditors on Wednesday.

Most big companies bailed out by the government in the
2007-2009 financial crisis had clean bills of health from their
auditors and no auditors have been disciplined over this,
investors told the Public Company Accounting Oversight Board at
a meeting in Washington.