As part of the settlement, former Fifth Third Chief Financial Officer Daniel Poston agreed to pay a $100,000 penalty and be suspended from practicing as an accountant for any publicly traded company, the SEC said on Wednesday. The SEC case arose after the U.S. real estate downturn had caused a surge in nonperforming assets at Fifth Third.» Read More
LONDON, Nov 12- The European Union is seeking to increase its influence over global accounting standards by beefing up the agency that scrutinises new rules and in certain cases tweaking how they are applied in the bloc. The book-keeping standards, the bedrock of markets, are written by the International Accounting Standards Board.
Oct 30- Accounting and consulting firm PricewaterhouseCoopers said on Wednesday it struck a deal to buy corporate consulting firm Booz& Co, the latest in a string of mergers by global audit firms aimed at bulking up their fast-growing advisory businesses.
Oct 30- Accounting and consulting firm PricewaterhouseCoopers struck a deal to buy corporate consulting firm Booz& Co to bulk up its advisory and tax business. The companies said the deal is subject to approval from Booz& Co's partner vote, scheduled for December.
TAOYUAN, Taiwan, Oct 23- Taiwanese smartphone maker HTC Corp has halted at least one of its four main manufacturing lines, accounting for at least a fifth of total capacity, and is outsourcing production as a sales slump puts pressure on its cash flow, according to sources with direct knowledge of the situation.
Oct 15- Citigroup Inc posted weaker-than-expected third-quarter earnings on Tuesday, hit by a drop in bond trading revenue after the Federal Reserve refrained from changing its bond buying program and customer activity fell. Citigroup's bond trading revenue dropped 26 percent, or $956 million, excluding an accounting adjustment.
Oct 8- Xerox Corp said the U.S. Securities and Exchange Commission was investigating some accounting practices at Affiliated Computer Services, an IT outsourcing firm it bought in 2010 for $5.5 billion.
Oct 8- Xerox Corp said the U.S. Securities and Exchange Commission is investigating certain accounting practices at Affiliated Computer Services, which it bought in 2010 for $5.5 billion. Xerox said the president of its services division had received a "Wells notice" from SEC staff.
*Chan Ming Fon pleads guilty to conspiracy to commit wire fraud. NEW YORK, Sept 18- A former Singapore banker pleaded guilty in federal court in New York on Wednesday to helping Japan's Olympus Corp orchestrate a $1.7 billion accounting fraud. Before working for Olympus, Chan had been a banker at Commerzbank AG and Societe Generale.
LONDON, Sept 16- Britain's accounting watchdog said it had opened an investigation into whether PricewaterhouseCoopers was acting independently when it checked the books of UK house builder Berkeley Group Holdings Plc.
LONDON, Sept 9- Accountancy firm Deloitte has been fined a record 14 million pounds for failing to manage conflicts of interest in its advice to collapsed British carmaker MG Rover Group. The Financial Reporting Council, which brought the case against Deloitte, said an independent tribunal also backed the watchdog's call for a severe reprimand of the firm.
WASHINGTON, Aug 26- The U.S. futures regulator on Monday barred Jeannie Veraja-Snelling from working as an accountant for firms it oversees after she failed to detect the massive fraud at failed brokerage Peregrine Financial Group.
ABUJA, Aug 23- Nigeria's government revenues slumped 42 percent in July due to oil theft and production outages, the accountant general said on Friday, underscoring how oil theft is damaging public finances this year.
*Inspections mandated after Madoff Ponzi scheme. NEW YORK, Aug 19- Many financial auditors are failing to properly check for accounting fraud risks at U.S. broker-dealers or test controls over customer funds, new inspections mandated by Congress after Bernard Madoff's massive Ponzi scheme have found.
Ford CEO Alan Mulally says he is not overly concerned about a pullback in China's growth; regulators want more information from auditors about their views on a company, and fares could rise if some airlines merger, reports CNBC's Becky Quick.
RIO DE JANEIRO, Aug 9- Brazil's state-controlled oil company Petroleo Brasileiro SA on Friday reported second-quarter profit of 6.20 billion reais, reversing a year-earlier loss after an accounting rule change allowed it to avoid $3.5 billion in non-cash, exchange-rate charges.
MUMBAI/ NEW DELHI, Aug 8- India ratified its first major overhaul of company law in more than 50 years on Thursday, seeking to strengthen accounting standards and shareholder rights in a country where many businesses are family-controlled.
Aug 2- CVS Caremark Corp said on Friday that it plans to pay a $20 million civil penalty to resolve a U.S. Securities and Exchange Commission investigation into 2009 comments and staff securities transactions and its accounting for an acquisition.
LONDON, July 29- Accountancy firm Deloitte has lost its appeal against a regulatory ruling that it failed to manage conflicts of interest in its advice to MG Rover Group and the "Phoenix Four" directors who bought the British carmaker before it collapsed.
LONDON, July 22- Britain's Competition Commission set out on Monday plans for reforming an accounting market dominated by the "Big Four" audit firms- KPMG, Ernst& Young, Deloitte and PwC. *Top 350 UK listed companies must put their audit work out to tender at least every five years, deferred for a further two years in exceptional circumstances.
LONDON, July 22- Britain's competition watchdog has ditched its more radical ideas for shaking up an accounting market dominated by the "Big Four" audit firms, leaving it to the European Union to take tougher action.