International accounting

International consulting firm Protiviti has released the 15th annual edition of “Internal Auditing Around the World”, providing insights of internal audit leaders on digital initiatives across industries globally.

This is the latest case of a Big Four firm being sanctioned for its accounting shortcomings.

Tongaat Hulett Ltd. said South African police are investigating an unnamed former executive for his role in an accounting scandal that’s forced the sugar maker to restate financials and ask for its shares to be suspended.

The International Accounting Standards Board has some amendments to the standard after hearing complaints from insurers.

Steinhoff International Holdings NV is seeking more than 850 million rand ($59 million) from former Chief Executive Officer Markus Jooste for his role in the accounting crisis that triggered the retailer’s near-collapse.

The Institute of Management Accountants inked a deal with the Conselho Regional de Contabilidade do Estado de São Paulo.

The Institute of Management Accountants is marking its centennial this week during its annual conference and expo in San Diego, California.

PricewaterhouseCoopers was fined 4.55 million pounds by the U.K.’s accounting watchdog over failings in its handling of technology firm Redcentric.

A U.S. bill that proposes to delist Chinese firms that don’t open their audit books to American regulators could benefit Hong Kong Exchanges & Clearing Ltd. as companies instead turn to the city’s bourse.

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.

South Korean auditors are refusing to sign off on more and more corporate financial statements due to tighter regulations, giving investors earlier warning signs of trouble ahead.