International accounting

Ernst & Young plans to invest $1 billion in next-generation assurance technology for its audit teams around the world to leverage as part of an overall $2.5 billion four-year commitment.

Effective June 7, isolation of Russia includes sanctions prohibiting U.S. accounting firms — even U.S. firms operating from offices overseas — from providing a variety of services to Russian individuals and entities.

Deloitte is denying a report this week that it plans to spin off its audit practice as a separate entity from its consulting practice as rival Big Four firm Ernst & Young contemplates such a move.

The International Federation of Accountants signed a memorandum of understanding to support efforts to improve financial transparency, accountability and anti-corruption efforts in the public health sector around the world.

PricewaterhouseCoopers was fined almost £5 million pounds ($6.22 million) for a series of poor audits of two U.K. construction companies, as the regulator continued to crack down on audit failings by the Big Four.

Ernst & Young is reportedly considering spinning off the auditing side of the firm to deal with growing pressure on the Big Four to avoid conflicts of interest with their consulting practices.

A possible split confronts the problem faced by all breakups: How do you create attractive businesses out of both when one is likely to be seen as inferior?

Sweeping audit reforms are aimed at reining in the dominance of the big firms and cleaning up the industry following a string of high-profile scandals.

Several hurdles remain in an impasse over audits on U.S.-listed Chinese companies to avoid forcing them off American exchanges as early as next year, an SEC official said.

Hong Kong’s accountant body said it failed to reach an accord to prolong an 11-year mutual recognition agreement with the U.S. amid a dispute over local qualifications.