CFO News

DECEMBER 29, 2024

The ICAI is not authorized to issue standards on quality management or amend audit norms for accountancy firms. The dispute arose after ICAI issued new standards and audit changes, which NFRA considered illegal. The matter aligns with aligning domestic audit norms with global standards.

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Auditing Accounting Firms Accounting 80

CFO Dive

JUNE 22, 2022

The new requirements come as many companies have expanded their operations globally, leading to an increase in audits executed by multiple accounting firms.

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Auditing Accounting Firms Accounting 144

PYMNTS

OCTOBER 29, 2020

A number of large accounting groups have turned down requests to audit Greensill Capital as the SoftBank -backed firm mulls a stock market listing, the Financial Times (FT) reported. The United Kingdom-based organization has become one of the most highly valued private finance firms in the nation as of its 2011 establishment.

Auditing 52

Auditing Accounting Firms Accounting Finance 52

PYMNTS

JULY 6, 2020

The Big Four accounting firms will have to put their United Kingdom auditing and consulting practices in separate business units by 2024, but may keep them within the same parent companies, under regulations announced today by the Financial Reporting Council. The FRC notified the firms of its intent to compel changes in March.

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Auditing Accounting Firms Accounting Financial Reporting 66

Global Finance

JULY 30, 2024

Mid-tier accounting firms have found new paths to finance their growing needs. Last November, US accounting firm Forvis purchased the US unit of French Mazars to create a robust audit and advisory network. Tower Brook Capital invested in advisory and accounting expert EisnerAmper.

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Accounting Firms Accounting Finance Auditing 52

CFO News

MAY 22, 2025

India's Big Four accounting firms, traditionally known for audit and tax services, are now dominating technology consulting. This shift marks a significant pivot, with firms like Deloitte and EY dedicating a large portion of their workforce to this rapidly growing sector.

Auditing 40

Auditing Accounting Firms Accounting Technology 40

PYMNTS

JUNE 26, 2020

Ernst & Young ( EY ), the global accounting firm hired to verify Wirecard’s financials, failed to request crucial information from a Singapore bank where the German payment processor claimed it had up to 1 billion euros ($1.1 The big question for me is what on earth did EY do when they signed off the accounts?”

Accounting 116

Accounting Auditing Accounting Firms Banking 116

The Charity CFO

APRIL 28, 2023

Is there an advantage to working with accounting firms specializing in nonprofits? However, running a nonprofit comes with unique challenges that require specialized expertise, particularly in financial management and accounting. Accounting firms specializing in nonprofits can help you comply with these regulations.

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Nonprofit Accounting Firms Accounting Auditing 52

PYMNTS

DECEMBER 4, 2020

Munich prosecutors have launched an investigation into the Ernst & Young ( EY ) audit of Wirecard AG, compounding the firm’s troubles associated with $2.3 EY’s Wirecard fiasco triggered a 90 percent freefall in its share price in June, while critics have come down on the accounting firm for not noticing billions were missing.

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Auditing Accounting Firms Banking Accounting 75

Beacon CFO Plus

NOVEMBER 30, 2023

How to Divide Responsibilities and Prioritize Communication The relationship between a fractional or outsourced Chief Financial Officer (CFO) and your company’s public accounting firm should be collaborative, clear, and well-defined. This ensures your company’s financial and accounting needs are met effectively.

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Accounting Firms CFO Accounting Prioritization 52

PYMNTS

DECEMBER 19, 2018

’s Big Four accountancy firms — KPMG , PwC , EY and Deloitte — have escaped a forced breakup from the Competition and Markets Authority (CMA), The Guardia n reported on Tuesday (Dec. ” “Most people will never read an auditor’s opinion on a company’s accounts,” he said. ”

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Accounting Firms Accounting Auditing Leadership 46

Future CFO

JANUARY 22, 2024

Two audit firm solutions of Wolters Kluwer have been pre-approved by the Infocomm Media Development Authority (IMDA), a statutory board of the Singapore government, said Wolters Kluwer Tax & Accounting (TAA) Asia Pacific (APAC) recently.

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Auditing Practice Management Accounting Firms Accounting 52

Future CFO

FEBRUARY 23, 2023

Auditing and accounting talent shortage continue to make employers toss and turn, according to a global survey of more than 4,100 accountants and 2,300 auditors. When it comes to talent retention, more than 85% of accountants and 90% of auditors said it is either somewhat or extremely difficult.

Auditing 52

Auditing Accounting Accounting Firms Practice Management 52

PYMNTS

JULY 5, 2020

The German payment processing company’s operating performance in Europe and the Americas was far worse than previously known, according to a report from KPMG, the Netherlands-based global accounting firm, obtained by the newspaper. Wirecard’s filing insolvency two weeks ago has exposed a pair of deposits totaling $2.1

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Auditing Profit and Loss Valuation Accounting Firms 68

PYMNTS

JULY 11, 2019

s so-called Big Four accountancy firms — KPMG, PwC, EY and Deloitte — have reportedly failed to reach audit quality standards set by the Financial Reporting Council , Reuters reported this week. Only 75 percent of the audits of the U.K.’s s largest 350 public firms met that 90 percent performance threshold.

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Auditing Accounting Financial Reporting Accounting Firms 49

CFO News

AUGUST 16, 2024

Accountancy firm PwC has been fined by the UK's Financial Conduct Authority for failing to report suspicions of fraud during an audit of the LCF fund, in the watchdog's first ever fine against an auditor.

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Auditing Accounting Accounting Firms Marketing 45

PYMNTS

NOVEMBER 13, 2018

Parliament will commence an inquiry into the nation’s corporate auditing market, which is currently dominated by the Big Four accounting firms Deloitte, PwC, EY and KPMG, adding new pressure on an industry already being probed by other policymakers. Reports in Reuters on Sunday (November 11) said the U.K.

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Auditing Marketing Construction Accounting Firms 49

PYMNTS

JUNE 24, 2020

A KPMG audit was conducted for Wirecard last fall. The Netherlands accounting firm said it was unable to conclude whether revenues booked from three partner processing companies ever existed for 2016, 2017 or 2018, CNBC reported.

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Investments Auditing Accounting Firms Accounting 104

PYMNTS

MARCH 1, 2020

s audit regulator, announced plans this week to break up the dominance of the largest four accounting firms, Deloitte, EY, KPMG and PwC , according to the Financial Times. The regulator issued letters to those firms, known as the Big Four, Thursday. She said the goal was for audits to be “clear and transparent.”.

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Accounting Auditing Financial Reporting Accounting Firms 92

CFO News

FEBRUARY 15, 2023

The exchanges had sought a clarification from the company after Business Standard reported that the embattled Adani group had appointed accountancy firm Grant Thornton for an independent audit of some of its companies in a bid to come clean of the damning allegations levelled by the US short-seller Hindenburg Research and to assure investors and regulators. (..)

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Auditing Accounting Firms Marketing Accounting 52

PYMNTS

SEPTEMBER 29, 2020

An EY whistleblower has alleged the global accounting firm was warned as far back as 2016 that senior managers at Wirecard may have committed fraud and one had tried to bribe an auditor, the Financial Times (FT) reported. An audit by KPMG , a global auditing firm, criticized Wirecard’s lack of transparency.

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Auditing Accounting Firms Accounting Sales 75

CFO News

MARCH 25, 2025

Accounting firm PwC has been fined 4.5 The fine relates to PwC's audit of Wyelands Bank's financial records for the year 2019. million (approximately $5.8 million USD) by Britain's Financial Reporting Council (FRC). The FRC announced the sanction in a statement released on Tuesday.

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Auditing Accounting Firms Financial Reporting Accounting 40

PYMNTS

JUNE 29, 2020

As the fallout from Wirecard ’s troubles unfold, Germany’s deputy finance minister has called for radical solutions to fix how accounting firms are regulated, the Financial Times reported. Last week, the company filed for insolvency, owing creditors almost $4 billion. Only then can we contain the fallout from this affair.”.

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Accounting Accounting Firms Auditing Finance 88

PYMNTS

APRIL 15, 2019

In fact, last month new standards were added that included the ability to ban accounting firms from doing business in the country if they don’t do their jobs properly.

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Auditing Accounting Firms Banking Accounting 70

PYMNTS

SEPTEMBER 15, 2020

EY’s global chairman and CEO has expressed regret over the accounting firm’s failure to uncover fraud sooner at Wirecard AG , the bankrupt German payment company. Marc Liebscher, a lawyer with the Berlin firm representing Wirecard investors, called EY’s auditing “a disaster” and said the firm should stand trial.

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Auditing Accounting Firms eCommerce Securities 72

PYMNTS

DECEMBER 27, 2019

.’s so-called Big Four accounting giants — PwC, Deloitte, KPMG and EY — have reportedly set aside more than $212 million in preparation for potential fines ahead as auditing scrutiny grows. million in fines to the auditing industry, three times the value of fines it had issued in the year prior.

Accounting 52

Accounting Auditing Financial Reporting Accounting Firms 52

CFO News

JULY 16, 2023

The size of the contract will require the Big Four accounting firm to call in staff from other countries to work on the audit, two people told the FT. PricewaterhouseCoopers (PwC), which has been Credit Suisse's auditor since 2020, will audit the acquired bank's accounts for 2023, according to the newspaper.

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Auditing Accounting Firms Accounting Banking 52

PYMNTS

OCTOBER 6, 2016

They can then be audited and synchronized with accounting platform Sage Live, helping businesses to keep better track of their financial comings and goings. Bills are synchronized automatically, and suppliers can then be paid.

B2C 75

B2C Auditing B2B Invoicing 75

CFO News

SEPTEMBER 25, 2023

Kishore Biyani, founder of the Future Group, has challenged the forensic audit process and report submitted by accounting firm BDO India LLP and its lender, Bank of India, at the Bombay High Court. This development comes after Bank of India asked Future Retail and its promoters to respond to a forensic audit report.

Banking 52

Banking Auditing Accounting Firms Retail 52

Focus CFO

APRIL 7, 2023

Jim has over 30 years of progressive financial and operations leadership beginning with five years of diverse audit experience with Big 4 public accounting firm Arthur Andersen, LLP, including a major fraud investigation. He reated and managed the first internal audit department at a community hospital located in Wheeling, WV.

Auditing 52

Auditing Leadership Accounting Firms CFO 52

PYMNTS

MARCH 19, 2018

regulators are encouraging an inquiry into whether the market’s Big Four accountancy firms — KPMG, Deloitte, PwC and EY — should be broken up and forced to spin off their auditing arms, reports said. So, it seems to me that we ought to have another look at [the audit market].”. A previous inquiry by the then-U.K. “But

Accounting 49

Accounting Auditing Accounting Firms Financial Reporting 49

PYMNTS

AUGUST 5, 2019

Australia’s four biggest banks, along with large accounting firms, have joined forces to defend the use of independent audit firms as consultants. That news led to a Senate vote for the Parliamentary Joint Committee on Corporations and Financial Services to investigate conflicts of interest in auditing firms.

Auditing 43

Auditing Banking Accounting Firms Risk Management 43

PYMNTS

JULY 19, 2020

Wirecard AG’s accounting firm said an independent report failed to account for half of the German payment company’s revenue and all its operating profit, the Financial Times (FT) reported. .

Auditing 61

Auditing Accounting Firms Accounting Manufacturing 61

PYMNTS

JULY 29, 2020

As a result of the alleged misconduct, one of the biggest in post-war history, Scholz said financial oversight must be strengthened and auditing rules reformed, Reuters reported. He noted that a big, internationally renowned accounting firm had not detected the irregularities at Wirecard for many years, alluding to Ernst & Young.

Finance 57

Finance Auditing Securities Accounting Firms 57

PYMNTS

JUNE 18, 2019

Corporate auditing and accounting firm KPMG remains in the crosshairs of regulators in various parts of the globe. government’s Public Company Accounting Oversight Board. government’s Public Company Accounting Oversight Board. .” government’s Public Company Accounting Oversight Board.

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Auditing Accounting Accounting Firms Compliance 46

PYMNTS

JANUARY 10, 2019

Today, external auditors and accountants are facing rising pressure to mitigate risk amid market volatility, with analysts pointing to increased auditing fees last year as accounting standards tighten.

Finance 74

Finance Risk Management Auditing Accounting Standards 74

PYMNTS

JANUARY 2, 2020

The largest accounting firms – EY, Deloitte, KPMG and PwC – are investing billions of dollars in artificial intelligence (AI) and data technology products to change the industry in new ways, according to a report by Bloomberg Tax. They need to be on top of technology and train staff to use it.”.

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Accounting Standards Data Analysis Auditing Invoicing 71