Dena's Feed
Oct 16, 2012

Analysis: As more U.S. audit work moves to India, concerns arise

NEW YORK/MUMBAI (Reuters) – Auditing of U.S. corporations’ financial books, a vital underpinning of investor confidence, increasingly relies on work carried out in India, where there is no clear system of oversight.

U.S. audit regulators do not conduct regular physical inspections of offshore centers in India where U.S. audit work is performed, Indian accounting officials and employees of large audit firms told Reuters.

Oct 16, 2012

As more U.S. audit work moves to India, concerns arise

NEW YORK/MUMBAI, Oct 16 (Reuters) – Auditing of U.S.
corporations’ financial books, a vital underpinning of investor
confidence, increasingly relies on work carried out in India,
where there is no clear system of oversight.

U.S. audit regulators do not conduct regular physical
inspections of offshore centers in India where U.S. audit work
is performed, Indian accounting officials and employees of large
audit firms told Reuters.

Oct 4, 2012

PwC global chair hoping for China audit resolution

NEW YORK (Reuters) – The head of PricewaterhouseCoopers, the world’s largest accounting and consulting firm, said on Thursday he hoped for progress soon on a U.S.-China auditing oversight deal that could avert a disruption to capital markets.

Officials of all the “Big Four” accounting firms have been talking with regulators in China and the United States trying to encourage an agreement, PwC’s global chair Dennis Nally told Reuters in an interview.

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.