NEW YORK, March 2- The U.S. Securities and Exchange Commission is investigating Citigroup for accounting fraud after it disclosed bogus loans in its Mexican Banamex unit, a source familiar with the investigation said. The securities regulator is also examining whether Citigroup violated the Foreign Corrupt Practices Act, the source said.» Read More
WASHINGTON, Feb 5- The top U.S. audit watchdog said on Wednesday that the United States and China are close to striking a deal that would allow Washington to inspect the audit work of accounting firms in China.
WASHINGTON, Feb 5- The top U.S. audit watchdog said on Wednesday he believes the United States and China are close to striking a deal that would allow Washington to inspect the audit work of accounting firms in China.
Critics say the internal court system gives the SEC a home-court advantage. The impact of the court was on full display when Elliot sided with the SEC on January 22 in a blunt 112- page opinion that slapped the Chinese units of the "Big Four" accounting firms with a six-month U.S. industry suspension.
Jan 29- A Chicago- based accountant was indicted for allegedly trading ahead of an earnings announcement from his then employer, Allscripts Healthcare Solutions Inc, U.S. federal prosecutors said on Wednesday. Attorney's office in Chicago said. He now also faces charges from the Securities and Exchange Commission.
LONDON, Jan 29- Deloitte has pipped rival PwC to become the world's top accountant by revenue in the face of rising pressure on fees and new rules boosting competition, a global survey showed.
*ECB conducts Asset Quality Review for 130 banks. LONDON, Jan 27- The euro zone's grand plan to clean up its banks could falter because the European Central Bank lacks the power to force bankers, constrained by accounting rules, to accept regulators' view of the risks on their books. Estimates of the banks' total capital shortfall have been as high as $1 trillion.
The SEC on Friday also released a report on the KPMG probe that warned accounting firms to abide by strict auditor independence rules. One practice the SEC deemed improper was the hiring of by KMPG of former employees of audit clients, then loaning the employees back to the clients as a staffer.
WASHINGTON, Jan 24- Accounting firm KPMG will pay $8.2 million to settle civil charges that it violated independence rules by providing certain non-auditing services to companies whose books it audited, U.S. regulators said on Friday.
DAVOS, Switzerland Jan 24- In the midst of a U.S.- China quarrel over corporate auditing, the global chairman of audit giant KPMG said on Friday that a "constructive dialogue" was under way to defuse the dispute, which led days ago to U.S. sanctions against the Chinese arms of the world's largest accounting firms.
BEIJING, Jan 24- China's securities regulator chided its U.S. counterpart on Friday over the latest ruling in a long-running and thorny dispute over access to documents that has snagged the world's top four accounting firms. "The SEC would bear all the responsibility for the consequences of its action," Deng said.
Jan 23- The U.S. Chamber of Commerce plans to lobby U.S. officials to reach a diplomatic deal with China, after a judge ruled that the Chinese units of the global "Big Four" accounting firms should be suspended from auditing U.S.-listed companies for six months.
*Unclear whether action will impact on multinationals' China operations. WASHINGTON, Jan 23- Chinese units of the global "Big Four" accounting firms should be suspended from practicing in the United States for six months, a U.S. judge ruled, in an escalation in a long-running dispute over regulators' access to audit documents.
Jan 23- The "Big Four" accounting firms have said they intend to appeal against a ruling by the U.S. Securities and Exchange Commission that recommends suspending their Chinese units for six months.
WASHINGTON, Jan 22- A U.S. judge has ruled that the Chinese units of the "Big Four" accounting firms should be suspended from practicing in the United States for six months, an escalation in a long-running dispute between U.S. and Chinese regulators over access to audit documents.
WASHINGTON, Jan 22- A U.S. judge has ruled that the Chinese units of the "Big Four" accounting firms should be suspended from practicing in the United States for six months, an escalation in a long-running dispute between U.S. and Chinese regulators over access to audits.
WASHINGTON, Jan 22- An administrative law judge on Wednesday temporarily barred the Chinese units of the "Big Four" accounting firms from practicing before U.S. securities regulators, saying they "willfully" refused to hand over the audit work they did for U.S.-listed Chinese companies.
LONDON, Jan 17- Britain's competition watchdog will review changes it has ordered to prise open an accounting sector dominated by four big players after the European Union agreed a tougher set of reforms.
LONDON, Jan 2- Royal Dutch Shell's new boss Ben van Beurden will be able to point to a clear downward trend in spending this year, thanks in part to the way the oil company is accounting for an acquisition completed this week.
ALEXANDRIA, Virginia, Dec 23- The U.S. Air Force had great expectations for the Expeditionary Combat Support System when it launched the project in 2005. This accountants' silver bullet, the Air Force predicted a year later, "will fundamentally revolutionize the way the Air Force provides logistics support."
*Grant Thornton chalks up record revenues of $4.5 billion. LONDON, Dec 20- European Union rules agreed this week to increase competition in accounting are already being felt two years before they take effect, accountants Grant Thornton International said.