As global companies implicated in a graft scandal in South Africa scramble to contain the damage to their reputations, politicians and law enforcement agencies are prevaricating and stalling official investigations.
KPMG LLP said the head of its South African office and seven other senior executives quit after an internal investigation found that work done for the politically connected Gupta family fell “considerably short” of the auditing firm’s standards.
Ernst & Young experienced strong global revenue growth in the fiscal year ending June 30, 2017, increasing 7.8 percent on a local currency basis since the previous fiscal year, reaching a total of $31.4 billion for its member firms around the world.
The International Public Sector Accounting Standards Board is circulating some proposed revisions to its financial instruments standard for government entities to harmonize it with the International Accounting Standards Board’s financial instruments standard for businesses.
The Institute of Management Accountants is partnering with ANEFAC, the National Association of Executives in Finance, Administration and Accounting, to support the international advancement of the management accounting profession in Brazil.