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Experts urge U.S. watchdog to adopt major changes to audit reports

By Sarah N. Lynch WASHINGTON (Reuters) - Some accounting experts are urging U.S. regulators to embrace a proposal to improve how auditors communicate their opinions on corporate financial statements to investors, saying such changes are long overdue. Floated in August by the Public Company Accounting Oversight Board, the proposal would allow auditors to say more about their reviews of a company's finances, beyond just giving the books a "pass" or "fail" grade.

EU approves rules to shake up company book-keeping

By Huw Jones LONDON (Reuters) - The European Union has approved some of the world's toughest rules for accountants in a bid to avoid a repeat of banks being given a clean bill of health just before taxpayers had to rescue them after the financial crisis of 2007-2009. The 28-country bloc's European Parliament approved a law on Thursday designed to stop any listed company from using the same accountancy firm for more than 20 years, a reform the United States has shied away from as a step too far.

U.S. regulator warns on auditors' marketing practices

By Sarah N. Lynch WASHINGTON (Reuters) - A top U.S. audit regulator is sounding the alarm over what she fears may be a false stamp of approval that some accounting firms are using as they market themselves to potential clients. A growing number of accounting firms register with the Public Company Accounting Oversight Board, the U.S. body that polices auditors, but are never actually inspected, PCAOB member Jeanette Franzel said in a recent interview.

U.S. audit watchdog nearing China deal to inspect audit firms

By Sarah N. Lynch WASHINGTON (Reuters) - The top U.S. audit watchdog said on Wednesday that the United States and China are close to striking a deal that would allow Washington to inspect the audit work of accounting firms in China. Such a deal would alleviate a long-running dispute between the two global powers regarding oversight of auditors, an issue aggravated by a series of accounting scandals in recent years at U.S.-listed Chinese companies.

Deloitte leapfrogs PwC to become top accountant: global survey

By Huw Jones LONDON (Reuters) - Deloitte has pipped rival PwC to become the world's top accountant by revenue in the face of rising pressure on fees and new rules boosting competition, a global survey showed. The International Accounting Bulletin said Deloitte <DLTE.UL>, PwC <PWC.UL>, KPMG <KPMG.UL> and EY <ERNY.UL>, dubbed the Big Four, still dominate the sector with over two-thirds of the market, dwarfing the combined 33 percent share of mid-tier firms like BDO and Grant Thornton.

US to drop action against Deloitte over China accounting

The US Securities and Exchange Commission moved Monday to drop its action against accountancy Deloitte Touche Tohmatsu for records on a US-listed Chinese company after Chinese authorities turned them over. In a case that had placed it at odds with its Chinese counterpart, the China Securities Regulatory Commission, the SEC had sought in 2011 to force Deloitte to turn over audit records for Longtop Financial Technologies Ltd, which it was investigating for possible fraud.

KPMG to pay $8.2 mn to settle SEC auditing charges

US accounting firm KPMG violated rules aimed at maintaining auditors' independence from their clients and will pay $8.2 million to settle the charges, regulators said Friday. The Securities and Exchange Commission found that KPMG broke the rules by providing prohibited non-audit services such as bookkeeping, corporate finance and expert services to affiliates of companies whose books they were auditing.

KPMG to pay $8.2 mn to settle SEC auditing charges

US accounting firm KPMG violated rules aimed at maintaining auditors' independence from their clients and will pay $8.2 million to settle the charges, regulators said Friday. The Securities and Exchange Commission found that KPMG broke the rules by providing prohibited non-audit services such as bookkeeping, corporate finance and expert services to affiliates of companies whose books they were auditing.

Big Four firms, China in talks over corporate audit impasse: KPMG

By Amanda Cooper DAVOS, Switzerland (Reuters) - In the midst of a U.S.-China quarrel over corporate auditing, the global chairman of audit giant KPMG said on Friday that a "constructive dialogue" was under way to defuse the dispute, which led days ago to U.S. sanctions against the Chinese arms of the world's largest accounting firms.

KPMG paying $8.2M to settle SEC charges of compromising independence with non-audit services

WASHINGTON - The big accounting firm KPMG has agreed to pay $8.2 million to settle federal regulators' charges of compromising its independence by providing non-audit services to companies whose books it audited. The Securities and Exchange Commission announced the settlement Friday with New York-based KPMG, one of the so-called Big Four accounting firms with Deloitte, Ernst
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