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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.

Feb 10, 2013

Analysis: Accounting risk clouds big U.S. business bets in China

NEW YORK/HONG KONG (Reuters) – Tales of shady business practices abound in China – fake revenues, phony invoices, sham factories – but until recently, the problem seemed confined mostly to Chinese companies.

No longer.

Concern is growing about risks to U.S.-based multinationals in a country where American audit regulators are locked out by the Chinese government and bribery and fraud are routine.

Feb 10, 2013

Analysis – Accounting risk clouds big U.S. business bets in China

NEW YORK/HONG KONG (Reuters) – Tales of shady business practices abound in China – fake revenues, phony invoices, sham factories – but until recently, the problem seemed confined mostly to Chinese companies.

No longer.

Concern is growing about risks to U.S.-based multinationals in a country where American audit regulators are locked out by the Chinese government and bribery and fraud are routine.

Feb 10, 2013

Accounting risk clouds big U.S. business bets in China

NEW YORK/HONG KONG, Feb 10 (Reuters) – Tales of shady
business practices abound in China – fake revenues, phony
invoices, sham factories – but until recently, the problem
seemed confined mostly to Chinese companies.

No longer.

Concern is growing about risks to U.S.-based multinationals
in a country where American audit regulators are locked out by
the Chinese government and bribery and fraud are routine.

Feb 6, 2013

Ex-Grant Thornton partner charged with stealing $4 mln

NEW YORK, Feb 6 (Reuters) – A former partner at Grant
Thornton was arrested on Wednesday on charges that he stole
nearly $4 million in client payments meant for the global
accounting firm.

Craig Haber, 59, diverted the money to his own bank accounts
from 2004 to 2012, according to a criminal complaint filed in
U.S. District Court in New York.

Jan 18, 2013

Labor group asks Hewlett-Packard to replace auditor E&Y

NEW YORK (Reuters) – A U.S. investor activist group affiliated with large labor unions is asking Hewlett-Packard Co to replace its auditor, Ernst & Young, over the technology giant’s troubled acquisition of UK software company Autonomy.

Change to Win Investment Group (CtW), based in Washington, D.C., also is seeking a revamp of HP’s audit committee, which is responsible for overseeing Ernst & Young’s long-standing relationship as the auditor that reviews HP’s books.