Dena's Feed
Apr 23, 2013

New chairman of U.S. accounting standards body named

By Dena Aubin

(Reuters) – An insider known as a calming force was chosen on Tuesday to be the new chief steward of U.S. corporate accounting standards at a challenging time for those who keep corporate America’s books.

Russell Golden, 42, was named chairman of the seven-member U.S. Financial Accounting Standards Board (FASB) by its parent organization, the Financial Accounting Foundation.

Apr 15, 2013

Is making U.S. banks foresee trouble more trouble than it’s worth?

NEW YORK, April 15 (Reuters) – Forcing banks to anticipate
trouble in their loan portfolios by reserving more money on
their balance sheets for potential loan losses seems like a
no-brainer, especially after the 2007-2008 credit crisis that
shook world economies.

So why is the U.S. Financial Accounting Standards Board
(FASB) meeting criticism over a proposal to do just that?

Mar 21, 2013

Analysis: Knives out for auditors as class actions go global

NEW YORK (Reuters) – Class actions against the world’s largest corporate auditing firms are spreading globally as governments bolster investor protection laws in countries where the Big Four firms have previously not faced substantial legal risks.

Even as class action lawsuits dwindle in the United States due to court rulings and legislation, the number of countries allowing these kinds of suits has grown to more than 20, including recent additions Italy, Poland and Mexico.

Mar 21, 2013

Knives out for auditors as class actions go global

NEW YORK, March 21 (Reuters) – Class actions against the
world’s largest corporate auditing firms are spreading globally
as governments bolster investor protection laws in countries
where the Big Four firms have previously not faced substantial
legal risks.

Even as class action lawsuits dwindle in the United States
due to court rulings and legislation, the number of countries
allowing these kinds of suits has grown to more than 20,
including recent additions Italy, Poland and Mexico.

Mar 8, 2013

U.S. auditor watchdog criticizes PwC on quality control

March 7 (Reuters) – The U.S. regulator of corporate auditors
criticized PricewaterhouseCoopers on Thursday for not
doing enough to ensure its audits were properly carried out, in
a rare public reprimand of a major accounting firm.

The Public Company Accounting Oversight Board (PCAOB)
faulted PwC for not promptly addressing quality control problems
detected by the board in inspections of some 2007 and 2008 PwC
audits, such as sub par supervision and review of audit work.

Mar 7, 2013

Auditor watchdog criticizes PwC on quality control

By Dena Aubin

(Reuters) – The regulator of corporate auditors criticized PricewaterhouseCoopers on Thursday for not doing enough to ensure that its audits were properly carried out, in a rare public reprimand of a major accounting firm.

The Public Company Accounting Oversight Board (PCAOB) faulted PwC for not promptly addressing quality control problems detected by the board in inspections of some 2007 and 2008 PwC audits, such as sub par supervision and review of audit work.

Mar 7, 2013

U.S. audit watchdog to criticize PwC – memo from firm

March 7 (Reuters) – The U.S. regulator of corporate auditors
will soon release a report criticizing quality controls at
PricewaterhouseCoopers, according to an internal PwC
memo obtained by Reuters.

The report from the Public Company Accounting Oversight
Board (PCAOB) will fault PwC for not promptly addressing quality
control problems found during inspections of some of its 2007
and 2008 audits, according to the memo.

Mar 7, 2013

Exclusive: U.S. audit watchdog to criticize PwC – PwC internal memo

By Dena Aubin

(Reuters) – The U.S. board that regulates corporate auditors is expected to release a report soon criticizing quality controls at accounting firm PricewaterhouseCoopers PWC.UL, according to an internal PwC memo obtained by Reuters.

The report from the Public Company Accounting Oversight Board (PCAOB) will fault PwC for not promptly addressing quality control problems found during inspections of some of its 2007 and 2008 audits, according to the memo, dated March 7 and signed by PwC’s U.S. chairman, Robert Moritz.

Mar 7, 2013

U.S. audit watchdog to criticize PwC -PwC internal memo

March 7 (Reuters) – The U.S. board that regulates corporate
auditors is expected to release a report soon criticizing
quality controls at accounting firm PricewaterhouseCoopers
, according to an internal PwC memo obtained by Reuters.

The report from the Public Company Accounting Oversight
Board (PCAOB) will fault PwC for not promptly addressing quality
control problems found during inspections of some of its 2007
and 2008 audits, according to the memo, dated March 7 and signed
by PwC’s U.S. chairman, Robert Moritz.

Feb 14, 2013

Accounting board floats revamp of U.S. bank debt standard

NEW YORK, Feb 14 (Reuters) – U.S. accounting standard
setters on Thursday proposed a revamp of a rule that allows
banks to record higher profits when the value of their debt
deteriorates, a standard criticized by some as confusing and
counter-intuitive.

The Financial Accounting Standards Board (FASB) proposal is
part of a broad effort to change how banks measure their assets
and bring U.S. financial reporting, now different in many ways
from that of other countries, closer to international standards.