International accounting

The dominant accounting firms must do a better job of challenging their clients in order to reach a satisfactory level of audit quality, the industry’s U.K. watchdog said.

The Association of Chartered Certified Accountants and the PrimeGlobal association of accounting firms have signed an agreement to work together on several projects.

The Financial Reporting Council fined Grant Thornton UK LLP and sanctioned two of the auditor’s former executives for failing to maintain ethical standards, in the latest critique by regulators of accounting firms’ shortcomings.

The U.K.’s dominant accounting firms must separate their audit units from other operations by June 2024 as the country’s industry watchdog reacts to shortcomings that led to the collapse of several companies.

Luckin Coffee Inc.’s board will require Chairman Charles Zhengyao Lu to resign, adding to the fallout from an accounting scandal that has battered the onetime market darling.

Wirecard auditors say ‘elaborate’ fraud led to missing billions

Wirecard AG filed for insolvency, the culmination of a stunning accounting scandal that led to the arrest of its CEO and left the German payment-processing firm unable to find over $2 billion missing from its balance sheet.

The COVID-19 pandemic is likely to lead to long-term consequences for organizations, according to a survey of accountants around the world by the Association of Chartered Certified Accountants.

Britain’s audit industry faces another dent to its reputation as the nation’s accounting watchdog ordered a probe into PricewaterhouseCoopers LLP, Ernst & Young and Oliver Clive & Co.’s work for defunct London Capital & Finance Plc.

Wirecard AG’s former chief executive officer was detained by Munich prosecutors after 1.9 billion euros ($2.1 billion) went missing from the digital-payment company, in a scandal that has rattled Germany’s financial industry.

Markus Braun’s almost two decades as Wirecard AG’s chief executive officer ended after accusations about the company’s accounting culminated in a shock disclosure that it was unable to locate 1.9 billion euros ($2.1 billion).

Wirecard suffered one of the worst stock slumps in the history of Germany’s benchmark index after revealing that about 1.9 billion euros ($2.1 billion) in cash has gone missing, spooking investors who have endured years of allegations of wrongdoing at the payments company.

A backlash is growing among regulators and participants against EBITDA — earnings before interest, taxes, depreciation, amortization and coronavirus.

The firm admitted shortcomings in three years of work for a client, which had to restate its distributable reserves twice.

Steinhoff International Holdings NV is paying for forensic auditors at PwC to help South African anti-corruption police investigate alleged financial wrongdoing that brought the retailer to the brink of collapse.

International Federation of Accountants CEO Kevin Dancey talks about how accounting organizations around the world are dealing with the coronavirus pandemic and working with each other to solve problems and share resources.

Defunct U.K. contractor Carillion Plc won’t be able to get key KPMG documents to prepare for a 250 million-pound ($314 million) negligence lawsuit against the accounting firm.

South Korean prosecutors have summoned Samsung Electronics Co. Vice Chairman Jay Y. Lee for questioning in an ongoing investigation into alleged accounting fraud and a controversial 2015 merger of two Samsung affiliates, dealing another legal blow to the country’s largest corporation.

The Senate overwhelmingly approved legislation Wednesday that could lead to Chinese companies such as Alibaba Group Holding Ltd. and Baidu Inc. being barred from listing on U.S. stock exchanges amid increasingly tense relations between the world’s two largest economies.

Europe’s top markets watchdog is warning companies against getting creative with financial statements that obscure the effect of the coronavirus pandemic on their bottom line.