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November 18, 2009

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”.

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