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News Briefs

ASIA-PACIFIC
Vietnamese firm becomes full PKF member

PKF International has admitted a new member firm in Vietnam. Established in 2002 as Phuong Dong ICA, the firm changed its name to PKF Vietnam in September. PKF Vietnam has an office in Hanoi and Ho Chi Minh City and is represented in Da Nang. The firm has annual revenue of VND14 billion ($ 788,211), as well as six partners and 95 staff. Managing partner and general director Mai Lan Phuong has 26 years of experience providing audit and accounting services.


SATYAM
Deloitte hints at greater Satyam role

Deloitte has hinted it is in line to pick up the audit work for Mahindra Satyam.

In an interview with US media, Deloitte’s global chief executive Jim Quigley suggested the firm would be appointed the new auditors of Mahindra Satyam, the successor to troubled software company Satyam, going as far as saying it was a “done deal”.

In January, Satyam’s founder and chair Ramalinga Raju admitted to fraud totalling more than $1.44 billion, the biggest ever corporate fraud in India’s history. At the time, a PricewaterhouseCoopers affiliate was Satyam’s statutory auditor. Deloitte and KPMG were subsequently chosen to assist with the restatement of the software company’s fraudulent accounts.


OVERSIGHT
UK watchdog reports on audit firms

The Professional Oversight Board (POB), part of the UK Financial Reporting Council, has issued its reports on its audit inspections of PricewaterhouseCoopers UK, KPMG UK, Grant Thornton UK and Horwath Clark Whitehill.

In all cases the watchdog found the firms had satisfactory policies and procedures in place. However, two of the 14 PwC audits reviewed by the POB’s Audit Inspection Unit (AIU) needed significant improvements in relation to the audit evidence obtained or the recording of evidence on the audit files in certain areas.

The AIU found one of KPMG’s reviewed audits needed improvements to the effective planning of the audit work and the adequacy of controls and substantive testing in the audit of key divisions selected on a rotation basis. Of the five Horwath Clark Whitehill audits, one was also found to lack sufficient audit evidence while Grant Thornton UK’s seven reviewed audits were found to be of “good or acceptable standard”.

Top Content

    South Africa: sensing new opportunities

    It has been an interesting couple of years for the profession in South Africa. A number of high-profile scandals have brought the profession and the role of auditors into sharp public focus, brewing a distrust towards accountants and a large expectations gap. Joe Pickard reports.

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    Ghana: a quest for consistency

    Ghana’s current economic profile would suggest a fertile landscape for purveyors of accounting services. But inconsistent approaches to compliance and application of standards – coupled with problems in the banking sector and consequent liquidity constraints – have created a challenging environment. Paul Golden writes.

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    Drone technology: audit takes to the skies

    The movement towards a digitised era has already impacted the auditing profession in a number of ways, from blockchain to artificial intelligence. Now firms are taking to sky and using drone technology in their audits. Mishelle Thurai speaks to Big Four firms to find out more.

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    SBC: a new alliance joins the market

    Jonathan Minter speaks to Paul Tutin, chair of founding firm Streets Chartered Accountants, about why the business and its European partners took the decision to launch their own association.

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