Latest News - Regulation
SEC turns up heat on China's Big Four
The US Securities and Exchange Commission (SEC) has requested Chinese Big Four firms hand over documents related to the audits of Chinese companies.... read more
AIU calls for greater independence disclosure at PwC UK
The Audit Inspection Unit (AIU) has called for the UK arm of PwC to increase its communication on independence issues with audit committees.. read more
FRC calls on firms to maintain quality controls
The UK accounting regulator would like audit firms to establish centralised safeguards to ensure audit quality is maintained as firms look for.... read more
Olympus settles with whistleblower
Olympus is to payout a settlement of £10m ($15.5m) to former chief executive Michael Woodford, who blew the whistle on the camera makers faulty.... read more
Chinese official defends localisation rules
A senior Chinese official has rejected criticism over new rules restricting the number of foreigner partners within Chinese audit firms, pointing.... read more
The PCAOB rejects BDO Switzerland registration
The PCAOB has rejected BDO Switzerlands request to register with it following a violation by the firm of the Sarbanes-Oxley Act (SOX). The.... read more
Deloitte defends Chinese member in Longtop probe
Deloitte has defended the actions of its Chinese member firm, claiming Deloitte Shanghai has done everything it can to assist authorities but is.... read more
AIU reports call for improvements to independence
The Audit Inspection Unit (AIU) has flagged professional scepticism as a deficiency and criticised firms that reward audit staff who sell non-audit.... read more
PCAOB finds flaws in Grant Thornton US audits
The inspection reviewed forty-one Grant Thornton US audits from September 2010 until March 2011 in 21 of its 51 US offices and listed failures to.... read more
Lehman Bros creditors to receive first payout in 2012
Lehman Brothers International Europe (LBIE) administrator PwC plans to hand creditors their first payout before the end of 2012.. read more
US Congress threatens to block audit firm rotation
US Congress has threatened to block the Public Company Accounting Oversight Board (PCAOB) from proposing regulation to introduce mandatory audit.... read more
Big Four warned against 'excessive' lobbying
Big Four lobbyists have come under fire at the first public hearing of EU Parliament legal affairs committee on the ECs audit reform.. read more
PCAOB published BDO US inspection report
The Public Company Accounting Oversight Body (PCAOB) has identified eight audit failures in an inspection of BDO USA audit work for 2010, according.... read more
Three former regulators join Deloitte US
Deloitte US has appointed three former regulators to its banking division as clients continue to grapple with an increasingly arduous regulatory.... read more
ICAI finds fourth Satyam auditor guilty
The Institute of Chartered Accountants in India (ICAI) has found Subramani Gopalakrishnan, a Price Waterhouse (PW) India audit partner working on.... read more
PCAOB imposes its highest ever fine on E&Y
The disciplinary order is the watchdogs largest monetary sanction it has set since its inception and punishes E&Y for violating PCAOB rules,.... read more
UK Lords sceptical over EC's response on audit proposals
The HoL committee was questioning Faull over the EC audit reform proposals in a follow up to its own report on the state of affairs in the UK audit.... read more
Deloitte UK facing AADB inquiry over MG Rover
The UK Accountancy and Actuarial Discipline Board (AADB) has filed a formal complaint against Deloitte UK and its retired partner Maghsoud Einollah.... read more
PwC faces investigation over Barclay's audit
The bank was fined £1.1m by the Financial Service Authority early this year for mishandling £752m in client money by mixing clients funds with its.... read more
India toughens punishment against audit firms
Indian audit firms could be shut down and be hit with fines of up to three times the amount of a fraud if found complicit in a scandal, according.... read more
