Page 3 - Accounting Issues News Today

Shutterstock The UK Government is considering whether to introduce something along the lines of SOX. Regardless of where we end up following the current consultation process, it will almost certainly not be the end of the debate on internal control. More than twenty years have passed since the corporate collapse of Enron. The response of the then US Government led to the introduction of the Sarbanes-Oxley Act, 2002 (SOX). One of the key features of this was to require Chief Executives and Chief...

By Reuters Staff (Adds source information on potential timing, analyst comment) HONG KONG, April 26 (Reuters) - China Huarong Asset Management said it will miss an April 30 deadline to file its 2020 earnings results as auditors need more time - a second postponement that is likely to prolong uncertainty for its jittery investors. Huarong, one of China’s four biggest distressed asset management firms, had first planned to release results on March 31 but delayed that announcement, citing the ne...

By Reuters Staff 2 Min Read HONG KONG, April 26 (Reuters) - China Huarong Asset Management said it will miss an April 30 deadline to file its 2020 earnings results as auditors need more time - a second postponement that is likely to increase concern among the company’s already jittery bond investors. Huarong had first planned to release results on March 31 but delayed that announcement citing the need to finalise a “relevant transaction”. That led to a suspension in trade of its shares an...

4 Min Read FRANKFURT (Reuters) -German chancellor Angela Merkel rejected criticism of her lobbying for Wirecard in China months before it collapsed, telling lawmakers she had no reason to suspect the firm of criminality as she sought to help it do business there. German Chancellor Angela Merkel is seated prior to testifying in front of a parliamentary committee investigating the financial scandal over payment systems provider Wirecard in Berlin, Germany April 23, 2021. John MacDougall/Pool via ...

By Reuters Staff 1 Min Read FRANKFURT, April 19 (Reuters) - Germany’s securities regulator BaFin has filed a criminal complaint against outgoing Deutsche Bank supervisory board member Alexander Schuetz for alleged insider trading of Wirecard shares, the Financial Times reported on Monday. The FT, citing confirmation from Munich’s prosecutor office, reported that prosecutors received the complaint from BaFin on Monday by fax and the office was awaiting further details. BaFin, Deutsche Bank a...

By Reuters Staff 2 Min Read FILE PHOTO: The KPMG logo is seen at their offices at Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause//File Photo LONDON (Reuters) - Global accountants KPMG said on Monday that Jon Holt has been elected by partners to head its 2.3 billion pound ($3.17 billion) UK arm, which faces a potential fine and major industry reform. Holt, head of audit since 2019, takes up the CEO job immediately until September 2025, replacing Bill ...

By Reuters Staff 2 Min Read PARIS (Reuters) - Shares in French IT consulting firm Atos fell sharply on Thursday after the company disclosed that auditors had found accounting errors at two of the firm’s U.S. units. FILE PHOTO: People walk in front of Atos companys logo during a presentation of the new Bull sequana supercomputer in Paris, France, April 12, 2016. REUTERS/Philippe Wojazer Atos shares were down 18% in early trading on the Paris bourse, then recovered some ground and were trading ...

8 Min Read FRANKFURT (Reuters) - The German government examined the possibility of bailing out Wirecard just three days before it collapsed, according to documents seen by Reuters showing that officials were blindsided by the country’s biggest post-war fraud scandal. FILE PHOTO: Wirecards former boss Markus Braun looks on during a break in his hearing before a German parliamentary committee in Berlin, Germany, November 19, 2020. REUTERS/Fabrizio Bensch/Pool/File Photo The payment company file...

By Reuters Staff 1 Min Read FILE PHOTO: Offices of Deloitte are seen in London, Britain, September 25, 2017. REUTERS/Hannah McKay LONDON (Reuters) - Britain’s accounting watchdog said on Friday it had opened an investigation into audits conducted by Deloitte of car dealership operator Lookers. The investigation will look at financial statements for the years ended Dec. 31 2017 and 2018, the Financial Reporting Council said in a statement. Deloitte said it was taking the investigation seriousl...

Large companies from carmaker Tesla Inc to business intelligence firm MicroStrategy Inc have swapped billions of dollars in cash for bitcoin in recent months.