International accounting

The Big Four firm has agreed to an inquiry by the South African Institute of Chartered Accountants.

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.

Deloitte saw its global annual revenue reach $38.8 billion in the fiscal year ended May 31, 2017, a $2 billion increase over the prior year.

The International Ethics Standards Board for Accountants is suggesting a set of changes prohibiting inducements.

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.

The International Public Sector Accounting Standards Board is mulling new guidance on how the public sector should account for revenue and non-exchange expense transactions, such as the provision of education, health care and defense, in light of the revenue recognition standard.

International Federation of Accountants CEO Fayezul Choudhury is bringing the influence of accountants to the fore to help solve problems around the world.

PricewaterhouseCoopers LLP was fined 5.1 million pounds ($6.6 million) for misconduct over its audit of RSM Tenon Group Plc in the largest-ever sanction issued by the U.K. accounting regulator.

Three international standard-setting boards for auditing, accounting ethics and accounting education issued a new publication Monday in the hopes of making accountants and auditors more skeptical of management assertions.

The United Nations Academic Impact and MLOW provide an example to follow.

Extensible Business Reporting Language, the data-tagging code now required by the Securities and Exchange Commission for filing financial statements, has been making headway not only in the U.S., but in other parts of the world.

CPA Ireland is absorbing the membership of the Institute of Incorporated Public Accountants as two of Ireland’s largest accounting professional bodies agreed to a permanent collaboration.

The Public Company Accounting Oversight Board is disciplining Crowe Horwath’s member firm in Hong Kong for refusing to turn over audit work papers.

A group of 16 House Democrats has sent a letter to the Financial Accounting Standards Board asking it to require multinational companies to disclose more country-by-country reporting information in their public financial statements about where they pay taxes and book profits.

Starting last month, audit firms must now disclose the names and locations of other auditors participating over a certain percentage of the audit of public companies.

The Association of Chartered Certified Accountants reported a 5.5 percent increase in membership over the past year as it faces renewed competition from the AICPA.

Moses Kgosana, who withdrew from taking the post as chairman of Alexander Forbes Group Holdings Ltd. in the wake of allegations related to his tenure as chief executive officer and senior partner at KPMG South Africa, said he offered to step aside from the position.