International accounting

Punit Renjen has secured a second four-year term as global CEO of Deloitte Touche Tohmatsu’s international network of firms, starting Monday.

The firm said the fine should be just a fraction of that size, at 1.4 million pounds.

One of China’s largest listed drug makers said related parties used the firm’s funds to trade its shares, a day after the securities regulator alleged financial data had been fabricated.

The global retailer at the center of South Africa’s biggest corporate scandal cut the value of its assets because of accounting irregularities.

The United Kingdom’s Financial Reporting Council has fined KPMG’s U.K. firm £5 million (discounted through a settlement to £4 million, or about $5.2 million) for its fiscal year 2009 audits of the Co-operative Bank.

The United Kingdom’s Financial Reporting Council also 'severely reprimanded' the firm, as well as two partners.

One of China’s largest listed drugmakers said it overstated cash holdings by $4.4 billion, sending its shares and bonds tumbling.

The Institute of Internal Auditors reported a milestone Monday, with membership numbers now topping 200,000.

Deloitte LLP said it resigned as Ferrexpo Plc’s auditor over delays by the Ukrainian iron-ore producer in investigating its own charitable donations.

The United Kingdom’s Competition and Markets Authority has issued a long-awaited report calling for separation of audit from consulting services, mandatory “joint audits” and regulatory powers to increase the accountability of audit committees.