International accounting

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.

Yount, Hyde and Barbour is acquiring Glass Jacobson; and RSM Brazil is merging in Pemom.

A KPMG report showed Cevdet Caner — who was not supposed to have any direct role in the company — setting meetings, weighing in on pay and berating executives.

When the IFRS Foundation trustees put out their Consultation Paper on Sustainability Reporting, the accounting scientific community responded in unusually high numbers.

The FRC fined the Big Four firm and partner Anthony Sykes over its 2010 audit of the carmaker, the latest in a long list of audit scandals surrounding the firm.

Roman Abramovich’s U.K. business empire stretched far beyond Chelsea Football Club. Among those who helped build it was an upstart firm with an illustrious name.

The board described some broad steps Wednesday to achieve the baseline by the end of the year.

The Big Four firm will pay more than $17.1 million over misconduct on major work it carried out for collapsed Carillion Plc and data services company Regenersis.

The International Public Sector Accounting Standards Board issued a consultation paper on natural resources on Monday to consider various issues relating to recognition, measurement and presentation of natural resources by public sector entities.

The board asked for input on a proposal for a sustainability reporting framework, echoing recent moves in the private sector.

The U.S. banned American accounting and consulting firms from working with Russia and imposed its first sanctions on Gazprombank as part of a package of new penalties targeted at Moscow.

U.S. regulators expanded the list of businesses that face possible expulsion from American exchanges because of Beijing’s refusal to allow access to the businesses’ audits.

The institute is continuing a tradition that dates back to the 1990s as a way to highlight the work of the profession.

The auditor refused to provide an opinion on the accounts after the embattled German landlord withheld information on some deals.

Administrators for NMC Health sued EY over claims of negligent auditing spanning six years.