July 21, 2018

international news

The Tax Man Drumeth

With the sound of the drums echoing off the walls of the surrounding buildings, it feels as if it could be an impromptu street performance – but it's not. This is tax collecting Bangalore-style. Fed up with companies refusing to pay their tax bills, the city has gone one better than merely sending out reminder letters. Instead it […]

Deal Between PCAOB, Chinese Is a Lose-Lose Situation

Yes, the PCAOB got a lousy deal by putting Jim Doty's name on the Memo of Understanding with China's Securities Regulatory Commission and Ministry of Finance, but Professor Paul Gillis writes in the Wall Street Journal that the Chinese don't have any room to talk, either: Without inspections, investors can't trust Chinese audits. Investors in Chinese […]

Last Year Was a Very Unfortunate One to Be Wealthy and French, Even By French Standards

More than 8,000 French households' tax bills topped 100 percent of their income last year, the business newspaper Les Echos reported on Saturday, citing Finance Ministry data. The newspaper said that the exceptionally high level of taxation was due to a one-off levy last year on 2011 incomes for households with assets of more than 1.3 […]

Anyone Concerned That PwC’s Legal Troubles Lacked International Flair Can Rest Easy

Scandal-hit subprime lender Cattles is suing PwC, alleging negligence over its audit of two years of financial statements. PwC intends to contest what it called the “inflated and misguided claim” in the High Court in London. […] A supervisor representing Cattles’ creditors asserted that PwC should not have signed off the 2006 and 2007 financial statements of […]

MP Really Disappointed with Big 4’s Life Choices

Margaret Hodge, chairman of the House of Commons public accounts committee, told specialists from PwC, Deloitte, Ernst & Young and KPMG that their skills ought to be directed to nobler ends than minimising tax bills for big business.“What really depresses me is you could contribute so much to society and the public good and you […]

Ex-KPMG Chief to Auditors: You Are All Flirting With Irrelevance

According to a Financial Times article posted today, KPMG UK's former head John Griffith-Jones — who is now a regulator for the UK's Financial Conduct Authority — dropped a bomb at a posh lunch for accountants in London recently. Griffith-Jones verbalized what many of us already know and have been saying for years. FT says […]

Big 4 Firms Performing Quite Well in the Self-Preservation Department

If you are able to find Google's homepage and have a couple of functioning digits, it isn't difficult to find news of Big 4 audit firms settling lawsuits over the past few years. Satyam. Countrywide. Bear Stearns. Sino-Forest. There are others. There will be more. In the UK, regulators have been grilling the Big 4 over […]

ICAEW to IASB: The U.S. Is Just Not That into You

This morning we learned that the ICAEW gave up, refusing to go along with the lie that the IASB has been telling itself all this time — "They'll call. They'll realize that they've been wasting their time with U.S. GAAP all this time and they'll call."   Those chartered accountants in England and Wales simply […]

Layoffs Watch ’12: KPMG Has Good News and Bad News

With regard to the aforementioned cuts, the good news is that some of you got to keep your jobs. The bad news is many still did not: KPMG lost 275 staff following a restructuring exercise to streamline the business. Earlier this year the firm announced it would reduce its headcount by 3% equal to about 330 […]

(UPDATE) Canadian Officials Not Impressed with Ernst & Young’s Audits of Sino-Forest

Up until this point, Ernst & Young has seemed perfectly content to see how this Sino-Forest situation (some have called it a "Ponzi scheme") would play out, standing quietly by their audit opinions without so much as a peep*. Canadian regulators, possibly impatient with the radio silence, have decided that they'll open things up, as the Ontario Securities […]