Accounting News Roundup: PrivatBank Sues PwC and ‘a Chinese jail or Hong Kong jail’ | 04.02.18

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Ukrainian bank files $3bn claim against PwC for audit breaches [FT]
Ukraine kicked PwC out last year over its failed audits of PrivatBank, and now the bank is suing the firm for “fail[ing] absolutely to identify the ongoing operation of the huge fraud.”

KPMG in deep trouble in HK [China Accounting Blog]
Paul Gillis goes into more detail about KPMG’s recent troubles in China over its audit reports for China Medical Technologies. Gillis writes that “all of the Big Four in Hong Kong have had this problem” and that in KPMG’s case “partners may have to decide between a Chinese jail or a Hong Kong jail.”

Lease Accounting: What’s the Holdup? [CFO]
Only 21 percent of companies surveyed by Deloitte said they were ready to comply with the new lease standard.

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From the archives: It’s Probably Just a Coincidence That the Subject of an AICPA Newsletter Was ‘Learn How to Appreciate Staff’ on April Fools’ Day

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