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Corporate Finance Accounting

  • Toshiba Corp CEO Satoshi Tsunakawa bows as the start of a news conference at the company's headquarters in Tokyo, Japan, April 11, 2017.

    Toshiba axing PwC as its accountant is an ugly look for a firm that badly needs to win back investors' trust, says Breakingviews' Quentin Webb.

  • TOKYO, April 26- Toshiba Corp, the troubled Japanese conglomerate, wants to replace auditor PricewaterhouseCoopers Aarata to resolve an impasse over full-year earnings and remain listed, two sources briefed on the matter said. Ernst& Young ShinNihon LLC, its auditor at the time, was fined for failing to spot irregularities. Toshiba and its auditor have been at...

  • TOKYO, April 26- Toshiba Corp has decided to replace its auditor after less than a year as the troubled electronics conglomerate struggles to win its approval on full-year financial statement, the Nikkei business daily reported. Earlier this month, the company filed twice-delayed business results without an endorsement from auditor...

  • WASHINGTON, April 25- Two U.S. Senate Democrats are asking a U.S. audit watchdog to review whether KPMG failed to disclose or prevent fraud when it audited Wells Fargo's books during the time period that the bank's sales force was opening two million unauthorized accounts. In an April 25 letter to Public Company Accounting Oversight Board Chairman James Doty,...

  • WASHINGTON, April 25- Two U.S. Senate Democrats are asking a U.S. audit watchdog to review whether KPMG failed to disclose or prevent fraud when it audited Wells Fargo's books during the time period that the bank's sales force was opening two million unauthorized accounts. In an April 25 letter to Public Company Accounting Oversight Board Chairman James Doty,...

  • TOKYO, April 21- Japanese stocks rose to 1-1/ 2 week highs on Friday as global investors bet that U.S. tax reforms are getting back on track, but Fujifilm Holdings tumbled after it delayed its earnings release due to an accounting probe. Investor caution had also heightened amid mounting tensions between North Korea and the United States. Treasury Secretary...

  • SAO PAULO, April 19- Usinas Siderúrgicas de Minas Gerais SA, Brazil's largest listed flat steelmaker, said on Wednesday that unaudited net income totaled 108 million reais in the first quarter. In a securities filing, Usiminas said the result remains subject to changes because of potential accounting adjustments and auditing revisions.

  • LONDON, April 18- Accounting practices at the London Metal Exchange were "extremely lax", a court heard on Tuesday, as a former accountant was sentenced to 32 months in prison for using LME credit cards to pay for luxury holidays and home improvements. Annmarie Norris worked her way up at the LME, the world's biggest market for industrial metals, to head the...

  • But a series of recent reports by the Defense Department Inspector General and the Government Accountability Office say that Pentagon accounting systems will struggle to track how the money is spent. The reports found that the Pentagon remains unable to accurately track its $591 billion annual budget and experiences billions of dollars in accounting...

  • The Wall Street Journal reported that a KPMG employee received "improper advance warnings" of inspections and shared it with executives.

  • Toshiba will file its twice-delayed earnings results as early as noon Tuesday, with a disclaimer of opinion from auditors, Reuters reported.

  • Tracking the latest in Toshiba's troubles

    Toshiba could still face the threat of de-listing if it submits its earnings report even without the auditor's approval, says Naoko Ueno of Glass Lewis.

  • MILAN, March 30- Three employees of BT Group's Italian unit warned their Madrid- based supervisor in November 2015 about possible accounting problems at BT Italy, one of the three said, a year before the phone company revealed financial irregularities at the division. BT, one of Britain's oldest companies, said last October it had discovered "inappropriate...

  • Jordan Horowitz, producer of the movie "La La Land," was forced to acknowledge the major error last night. Moonlight wins the Best Picture Oscar after a mishap that named La La Land the winner at the 89th Annual Academy Awards.

    PwC gets a reprieve despite its mix-up that saw "La La Land" given Best Picture award instead of "Moonlight."

  • LONDON, March 28- Britain's biggest retailer Tesco has agreed to pay a 129 million pound fine to settle an investigation by prosecutors over a 2014 accounting fraud, it said on Tuesday. The DPA- in which a company can admit to and settle any alleged offending with a fine if a judge agrees- relates to false accounting by Tesco's UK business between February 2014 and...

  • Jon Corzine, former chairman of MF Global Holdings Ltd., exits district court in New York, on Thursday, March 9, 2017.

    The last big legal battle around the demise of the failed brokerage has finally been put to rest.

  • NEW YORK, March 13- PricewaterhouseCoopers LLP on Monday said it may seek a mistrial in a $3 billion malpractice case over the collapse of Jon Corzine's MF Global Holdings Ltd, saying it was blindsided when the plaintiff changed its theory of why the brokerage failed. The auditor has been accused by MF Global's bankruptcy administrator of accounting...

  • NEW YORK, March 13- PricewaterhouseCoopers LLP on Monday said it may seek a mistrial in a $3 billion malpractice case over the collapse of Jon Corzine's MF Global Holdings Ltd, saying it was blindsided when the plaintiff changed its theory of why the brokerage failed. The auditor has been accused by MF Global's bankruptcy administrator of accounting...

  • *MF Global administrator eyes $3 billion damages from PwC. NEW YORK, March 10- Former New Jersey Governor Jon Corzine on Friday resisted accepting blame for the October 2011 collapse of his brokerage MF Global Holdings Ltd, repeatedly stressing his reliance on judgments by the auditor PricewaterhouseCoopers LLP. Corzine was testifying for a second day for MF...

  • *MF Global administrator eyes $3 billion damages from PwC. NEW YORK, March 10- Former New Jersey Governor Jon Corzine on Friday resisted accepting blame for the October 2011 collapse of his brokerage MF Global Holdings Ltd, repeatedly stressing his reliance on judgments by the auditor PricewaterhouseCoopers LLP. Corzine was testifying for a second day for MF...