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Latest News - Regulation

SEC turns up heat on China's Big Four

  • Author: IAB editorial
  • Published: 20 Jun 2012

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

  • Author: IAB editorial
  • Published: 15 Jun 2012

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

  • Author: IAB editorial
  • Published: 13 Jun 2012

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

  • Author: IAB editorial
  • Published: 12 Jun 2012

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

  • Author: IAB editorial
  • Published: 24 May 2012

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

  • Author: IAB editorial
  • Published: 24 May 2012

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

  • Author: IAB editorial
  • Published: 11 May 2012

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

  • Author: IAB editorial
  • Published: 10 May 2012

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

  • Author: IAB editorial
  • Published: 4 May 2012

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

  • Author: IAB editorial
  • Published: 16 Apr 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

  • Author: Yana Palagacheva
  • Published: 29 Mar 2012

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

  • Author: Ana Gyorkos
  • Published: 27 Mar 2012

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

  • Author: Yana Palagacheva
  • Published: 6 Mar 2012

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

  • Author: IAB editorial
  • Published: 16 Feb 2012

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

  • Author: IAB editorial
  • Published: 14 Feb 2012

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

  • Author: Sara Perria
  • Published: 9 Feb 2012

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

  • Author: Sara Perria
  • Published: 8 Feb 2012

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

  • Author: IAB editorial
  • Published: 2 Feb 2012

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

  • Author: IAB editorial
  • Published: 20 Dec 2011

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

  • Author: IAB editorial
  • Published: 20 Dec 2011

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

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