Accounting
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May 17- Caterpillar Inc has reached a deal to cut $135 million from the price owed for a Chinese mining equipment maker, after accounting irregularities were discovered at the acquired company that forced Caterpillar to take a $580 million impairment charge.
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Why would anyone even think of trying to illegally trade shares of a company under as much regulatory scrutiny as Herbalife?
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NEW YORK, April 9- Scott London, a partner at accounting firm KPMG, was the lead auditor for Skechers USA Inc who resigned after allegedly leaking insider information to traders, said Skechers Chief Financial Officer on Tuesday.
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NEW YORK, March 21- Legislation aimed at curbing class action abuses has made it more difficult to sue auditors in the United States, but legal claims against auditors are rising in other countries. More countries have been passing rules allowing class actions, which can make audit firms vulnerable to huge claims when accounting scandals erupt.
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CHICAGO, March 20- The trustee overseeing the collapse of Peregrine Financial Group is seeking documents from the futures broker's former accountant in an attempt to track down millions of dollars missing from customers' accounts, court records show.
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*PCAOB cites woes from 2007, 2008 PwC audits,' CAKE' issue. March 7- The U.S. regulator of corporate auditors criticized PricewaterhouseCoopers on Thursday for not doing enough to ensure that its audits were properly carried out, in a rare public reprimand of a major accounting firm.
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March 7- The U.S. board that regulates corporate auditors is expected to release a report soon criticizing quality controls at accounting firm PricewaterhouseCoopers, according to an internal PwC memo dated March 7 and obtained by Reuters. The memo, signed by PwC's U.S.
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WASHINGTON, Feb 28- Keyuan Petrochemicals Inc, a China- based petrochemical company, agreed to pay $1 million to settle accounting violations with the U.S. Securities and Exchange Commission, the agency said on Thursday. The SEC also accused the company of maintaining an off-balance-sheet account to pay bonuses to senior officers and fund other expenses.
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LONDON, Feb 25- Investors will have to grapple with two sets of rules for how banks recognise losses on loans after the world's two main accounting regulators failed to agree a common approach.
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Michael Andrew, Global Chairman, KPMG International sees an amicable resolution to U.S. and China regulatory issues. He states that China is making efforts to better its accounting standards.
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Concern is growing about risks to U.S.-based multinationals in a country where American audit regulators are locked out by the Chinese government and bribery and fraud are routine.
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*Risks overlooked at multinationals in China, experts say. NEW YORK/ HONG KONG, Feb 10- Tales of shady business practices abound in China- fake revenues, phony invoices, sham factories- but until recently, the problem seemed confined mostly to Chinese companies.
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TOKYO, Feb 5- The Osaka Securities Exchange is investigating how Universal Entertainment Corp accounted for millions of dollars paid in 2010 to advance the Japanese firm's casino project on Manila Bay, people with direct knowledge of the inquiry said.
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LONDON, Jan 31- UK lawmakers grilled senior tax officials from leading accounting firms on Thursday over their role in helping big companies avoid tax, and said they could be banned from government contracts because of their tax work.
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Jan 31- United Parcel Service Inc reported a net loss in the fourth quarter after a $3 billion one-time charge from pension accounting, and forecast that 2013 earnings would rise 6 percent to 12 percent. UPS, the world's largest parcel delivery company, on Thursday posted a fourth-quarter net loss of $1.75 billion, or $1.83 per share, after the non-cash charge.
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SIENA, Italy, Jan 30- Italy's market regulator Consob joined the government and the Bank of Italy on Wednesday in defending its oversight of Monte Paschi as magistrates investigated allegations of bribery and accounting malpractice at the historic bank.
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LONDON, Jan 29- Britain's accounting watchdog declined to take any action against Ernst& Young over its auditing of Lehman Brothers before the U.S. investment bank failed in 2008 and triggered a near meltdown in global markets.
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LONDON, Jan 29- Britain's accounting watchdog said it won't take any action against Ernst& Young over the way it checked the books of Lehman Brothers, the U.S. bank whose failure triggered a near meltdown in global markets in 2008..
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*Fourth-quarter EPS falls 55 percent to $1.04. Jan 28- Caterpillar Inc, the world's largest maker of construction equipment, posted a 55 percent drop in quarterly profit on Monday due to a charge connected with accounting fraud at a Chinese subsidiary and weak demand among its dealers.
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Jan 28- Caterpillar Inc, the world's largest maker of construction equipment, posted a 55 percent drop in quarterly profit on Monday due to a charge connected with accounting fraud at a Chinese subsidiary and weak demand among its dealers.
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*Q4 adjusted earnings $1.40/ shr vs $1.46 view. BOSTON, Jan 28- Biogen Idec Inc said fourth-quarter net profit fell slightly due to a tax accounting error, but the company's shares rose more than 3 percent Monday on higher-than-expected drug sales and optimism over a new multiple sclerosis treatment.