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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.

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.

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”.

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