International accounting

The Association of Chartered Certified Accountants and the PrimeGlobal association of accounting firms have signed an agreement to work together on several projects.

The Financial Reporting Council fined Grant Thornton UK LLP and sanctioned two of the auditor’s former executives for failing to maintain ethical standards, in the latest critique by regulators of accounting firms’ shortcomings.

The U.K.’s dominant accounting firms must separate their audit units from other operations by June 2024 as the country’s industry watchdog reacts to shortcomings that led to the collapse of several companies.

Luckin Coffee Inc.’s board will require Chairman Charles Zhengyao Lu to resign, adding to the fallout from an accounting scandal that has battered the onetime market darling.

Wirecard auditors say ‘elaborate’ fraud led to missing billions

Wirecard AG filed for insolvency, the culmination of a stunning accounting scandal that led to the arrest of its CEO and left the German payment-processing firm unable to find over $2 billion missing from its balance sheet.

The COVID-19 pandemic is likely to lead to long-term consequences for organizations, according to a survey of accountants around the world by the Association of Chartered Certified Accountants.

Britain’s audit industry faces another dent to its reputation as the nation’s accounting watchdog ordered a probe into PricewaterhouseCoopers LLP, Ernst & Young and Oliver Clive & Co.’s work for defunct London Capital & Finance Plc.

Wirecard AG’s former chief executive officer was detained by Munich prosecutors after 1.9 billion euros ($2.1 billion) went missing from the digital-payment company, in a scandal that has rattled Germany’s financial industry.

Markus Braun’s almost two decades as Wirecard AG’s chief executive officer ended after accusations about the company’s accounting culminated in a shock disclosure that it was unable to locate 1.9 billion euros ($2.1 billion).