Page 4 - Accounting Issues News Today

European Union rules on company financial information need to be updated to apply the lessons of the collapse of German payments firm Wirecard, the bloc's securities watchdog said on Wednesday.

By Reuters Staff 2 Min Read FILE PHOTO: The logo of Ernst & Young is seen in Zurich, Switzerland November 13, 2020. REUTERS/Arnd Wiegmann BERLIN (Reuters) - EY Germany said its head, Hubert Barth, was stepping down and announced plans for a programme to help restore trust in its work as an auditor following the collapse of payment services firm Wirecard. In December, German prosecutors opened an investigation into partners at EY over the Wirecard scandal after an accounting watchdog filed a rep...

Norway's $1.3 trillion sovereign wealth fund, the world's largest, is considering how to ensure high quality audits are conducted in the roughly 9,100 companies in which it invests, a top fund official told Reuters.

Frankfurt prosecutors are looking into German financial regulator BaFin's handling of collapsed payments company Wirecard, a spokesman for the prosecutor's office said on Wednesday.

The U.S. Securities and Exchange Commission on Tuesday suspended two former KPMG auditors from practicing before the regulator for allegedly failing to properly conduct an audit of a now-defunct, not-for-profit college that overstated its assets.

(Recasts with CFO comments, details) Feb 17 (Reuters) - Dutch oil and chemical storage company Vopak’s fourth-quarter core profit missed market expectations, due to a one-off accounting issue at its associate industrial terminal PT2SB in Malaysia. Excluding this 20 million euro ($24.11 million) hit the company’s core profit would have met market expectations, analysts said. Chief Financial Officer Gerard Paulides said the PT2SB asset had been unstable financially in the last six quarters or...

Yemen's government has appointed Ernst & Young to audit its central bank accounts, a statement from the prime minister's office said on Sunday, in response to accusations by United Nations officials that it laundered Saudi money.

4 Min Read FRANKFURT (Reuters) - Fresh from toppling the head of Germany’s top financial regulator last week, lawmakers are turning their fire on finance minister Olaf Scholz and his deputy Joerg Kukies. FILE PHOTO: German Finance Minister Olaf Scholz attends a session at the lower house of parliament Bundestag in Berlin, Germany, December 9, 2020. REUTERS/Hannibal Hanschke As their inquiry into the collapse of Wirecard gathers pace, it has put Germany’s biggest fraud centre stage in nation...

Britain's new business minister promised on Tuesday to "get the ball rolling" on long delayed changes to rules for auditing financial accounts, but stopped short of committing to legislating soon.

By Reuters Staff 2 Min Read FILE PHOTO: A company logo is pictured at the headquarters of Germanys Commerzbank AG during the annual results news conference in Frankfurt, Germany, February 13, 2020. REUTERS/Ralph Orlowski BERLIN (Reuters) - A top manager at Commerzbank told German lawmakers on Thursday the bank was a victim of fraud surrounding the collapsed payments company Wirecard, as he laid out how the lender was deceived by executives and auditors. Marcus Chromik, Commerzbank’s chief ri...