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Jan 18, 2013

Nokia tax probe: PwC says India arm questioned

NEW YORK (Reuters) – The Indian affiliate of global accounting firm PricewaterhouseCoopersPWC.UL was questioned on Thursday by tax authorities looking into possible tax evasion by Finnish phone maker Nokia(NOK1V.HE: Quote, Profile, Research), a spokesman for PwC confirmed.

Tax officials last week raided Nokia’s production unit in Chennai, one of the company’s biggest facilities.

Jan 17, 2013

PwC says India arm questioned in Nokia tax probe

NEW YORK, Jan 17 (Reuters) – The Indian affiliate of global accounting firm
PricewaterhouseCoopers was questioned on Thursday by tax authorities
looking into possible tax evasion by Finnish phone maker Nokia, a
spokesman for PwC confirmed.

Indian tax officials last week raided Nokia’s production unit in the
southern city of Chennai, one of the company’s biggest facilities.

Jan 15, 2013

Loophole used by MF Global targeted by U.S. accounting body

NEW YORK, Jan 15 (Reuters) – The group that sets U.S.
accounting standards proposed tightening an accounting rule that
brokerage MF Global used to obscure its exposure to
risky European sovereign debt ahead of its bankruptcy filing in
2011.

The change, proposed on Tuesday by the Financial Accounting
Standards Board, would make it harder for a company to use a
particular kind of repurchase agreement – a form of short-term
borrowing – to move debt off its balance sheet.

Jan 14, 2013

Chinese companies retreat from U.S. listings as scrutiny mounts

NEW YORK, Jan 14 (Reuters) – Chinese companies are deserting
U.S. stock markets in record numbers as regulatory scrutiny
mounts and the advantages of a U.S. listing slip away.

U.S. government investigations of suspect financial reports
and battered share prices have for many Chinese companies
wrecked the chances of raising new money in the United States
and given them little reason so stay, China experts said.

Jan 10, 2013

Global accounting head highlights costs of US inaction

NEW YORK, Jan 10 (Reuters) – The costs of delaying a move by
the United States to international accounting standards are
probably higher than the costs of a switch, the head of a global
accounting rules body warned on Thursday.

By not committing to international standards, the United
States also may become just one of many players in shaping
accounting rules, instead of a driving force, Hans Hoogervorst,
chairman of the International Accounting Standards Board,
indicated.

Jan 7, 2013

Exclusive – U.S. SEC probes Ernst & Young over audit client lobbying

WASHINGTON/NEW YORK (Reuters) – The U.S. Securities and Exchange Commission is investigating whether auditing company Ernst & Young ERNY.UL violated auditor rules by letting its lobbying unit perform work for several major audit clients, people familiar with the matter told Reuters.

The SEC inquiry began shortly after Reuters reported in March 2012 that Washington Council Ernst & Young, the E&Y unit, was registered as a lobbyist for several corporate audit clients including Amgen Inc (AMGN.O: Quote, Profile, Research), CVS Caremark Corp (CVS.N: Quote, Profile, Research) and Verizon Communications Inc (VZ.N: Quote, Profile, Research), according to one of the sources.

Jan 7, 2013

Exclusive: SEC probes Ernst & Young over audit client lobbying

WASHINGTON/NEW YORK (Reuters) – The Securities and Exchange Commission is investigating whether auditing company Ernst & Young violated auditor rules by letting its lobbying unit perform work for several major audit clients, people familiar with the matter told Reuters.

The SEC inquiry began shortly after Reuters reported in March 2012 that Washington Council Ernst & Young, the E&Y unit, was registered as a lobbyist for several corporate audit clients including Amgen Inc, CVS Caremark Corp and Verizon Communications Inc [ID:nL2E8DL649], according to one of the sources.

Dec 28, 2012

U.S. accounting body presses to keep its global sway

NEW YORK (Reuters) – Top U.S. accounting standard-setters are making clear they want to be part of a new panel to help shape international accounting rules, but they may fall short of a key membership condition.

Requiring panel members to commit to a single set of global accounting standards would exclude the United States, which has not yet decided to switch to international rules, the U.S. Financial Accounting Foundation said in a letter on Thursday.

Dec 12, 2012

Autonomy spurs questions on looming accounting overhaul

NEW YORK, Dec 12 (Reuters) – The scandal at Autonomy, a UK
software group bought last year by Hewlett-Packard Co,
has some accountants wondering about the wisdom of new, global
standards in the pipeline that would change how companies
account for revenue.

“Revenue recognition” is the most common type of corporate
book-cooking. The Autonomy scandal, though still murky,
allegedly involves a great deal of overstated revenue, or how
much money was coming into the company from customers.

Dec 10, 2012

US watchdog says auditors not doing their jobs much of the time

NEW YORK (Reuters) – The biggest U.S. audit firms are failing to properly test some companies’ financial controls, one of the main bulwarks against fraud, an audit watchdog group said on Monday.

In a broad review of the “Big Four” and second-tier audit firms, the Public Company Accounting Oversight Board said problems are numerous and growing in audits of companies’ internal controls – the main method used to keep accurate books.