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Tag >> PricewaterhouseCoopers
Apr 06

Five PwC affiliates fined $7.5 million

Posted by Stephen Taub in Securities and Exchange CommissionSEC enforcement, Satyam, Public Company Accounting Oversight BoardPricewaterhouseCoopersPCAOBIndiacomplianceauditorsauditingaudit

Stephen Taub

Five India-based affiliates of PricewaterhouseCoopers (PwC) agreed to pay $7.5 million to regulators to settle charges of conducting deficient audits of Satyam Computer Services and other firms.

The PW India affiliates agreed to pay a $6 million penalty to settle the SEC's charges, the largest ever by a foreign-based accounting firm in an SEC enforcement action.

Jan 26

CEOs: It's just like 2007

Posted by Stephen Taub in revenues, PwC, PricewaterhouseCooperseconomyCEOsCareers/Management

Stephen Taub

Chief execs are as upbeat as the global stock markets.

A new PricewaterhouseCoopers survey of 1,201 chief executives in 69 countries found they are nearly as confident in their outlook for revenue growth over the next 12 months as they were during the recent global boom before the financial crisis.

Nov 23

Auditor changes up 33 percent in 2010

Posted by Stephen Taub in PricewaterhouseCoopers, KPMG, Grant ThorntonGlass LewisErnst & YoungDeloitte & TouchecomplianceBDO USAauditors

Stephen Taub

Companies are switching auditors at a more rapid clip these days.

According to Glass Lewis, 61 companies changed auditors in the first three quarters of 2010, 33 percent more than in the same period last year.

Jun 30

Auditors may have missed Overstock accounting issue

Posted by Going Concern in PricewaterhouseCoopersOverstock.comGrant ThorntonGAAPcomplianceauditorsauditingAccounting

Going Concern

Submitted by Caleb Newquist,  republished from Going Concern, Accounting News for Accountants and CFOs.

Yesterday we briefly picked up the Overstock beat as Sam Antar pointed out that everyone's favorite Salt Lake City resident got a little confused about when they knew their gain contingency existed that resulted in some contradictory disclosures.

Jun 12

PwC's UK affiliate in hot water over JP Morgan mess

Posted by Going Concern in PwC, PricewaterhouseCoopers, JPMorgan Chase, JP Morgan ChaseCPAscompliancebanking industryauditorsauditingauditAccounting

Going Concern

Submitted by Adrienne Gonzalez, republished from Going Concern, Accounting News for Accountants and CFOs.

Now £15.7 billion may not seem like much to you if you are, say, Bill Gates or Ben Bernanke but for PricewaterhouseCoopers UK, it may be the magic number that gets the firm into a whole steaming pile of trouble.

May 06

Deloitte has top restatement rate

Posted by Stephen Taub in restatementsPricewaterhouseCoopers, KPMG, Glass LewisErnst & YoungDeloitte & TouchecomplianceBig FourBig 4

Stephen Taub

If a company announces a restatement, chances are Deloitte & Touche is the auditor if it were a Big Four firm. At least that is the conclusion of a recent analysis of financial reporting issues conduct by Glass Lewis, the governance research firm.

It found that since 2007, more companies audited by D&T restated financial reports to correct errors than those examined by any other of the largest audit firm. D&T also had the highest restatement rate among Big Four firms in each of the last three years and through the first quarter of 2010.

Apr 21

Are venture capitalists in the Big Apple stealing Silicon Valley's thunder?

Posted by annearf in venture capitalsilicon valleyPricewaterhouseCoopersnyc seedNew York Citydeal talk


Silicon Valley is still central headquarters for venture capital activity in the US.  But it looks like the New York City area is trying to play catch up.

A new report shows an increase in the region both in the amount of startup funding and the number of deals for two consecutive quarters, while activity in Silicon Valley dropped. 

Apr 16

Another case of "What are auditors for, anyway?"

Posted by Going Concern in Securities and Exchange Commission, PwC, PricewaterhouseCoopersCPAscomplianceauditorsauditingAccountingaccountants

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

Last week, the SEC continued its "Bustin' Up Fraud" tour by charging Memphis-based Morgan Keegan & Company, Morgan Asset Management, and two employees, James C. Kelsoe, Jr. and Joseph Thompson Weller with "fraudulently overstating the value of securities backed by subprime mortgages."

Apr 09

How the heck is PwC still AIG’s auditor?

Posted by Going Concern in PricewaterhouseCoopersfinancial reportingcomplianceauditAIGAccounting

Going Concern

Submitted by Francine McKenna, republished from Going Concern, Accounting News for Accountants and CFOs.

The US Federal government has been propping up AIG with hundreds of billions of dollars and AIG has been, in turn, protecting its auditor, PricewaterhouseCoopers (PwC).

PwC continues to be AIG's auditor.

Unfortunately for all of them, former AIG Financial Products head, Joe Cassano, is off the reservation and worried more about his own scalp. After two years of negotiations with the Department of Justice, it looks like he won't be criminally prosecuted for hiding risks from investors or lying at a December 2007 investor conference.

Oct 29

Business lobby says the public option would help insurers

Posted by Ron F in PricewaterhouseCoopersObama Administrationhealth insurancehealth carebenefits

Ron F

The Business Roundtable has weighed in on health-care reform by arguing, in effect, that the Congressional Budget Office doesn't know what it's talking about.

The argument, which echoes one made by other critics, is that health-care legislation that includes the so-called public option, where the government would let some patients without private insurance choose a taxpayer-subsidized plan, would lead to higher insurance premiums on private plans.

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