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Business

The IRS is working to increase its audit rates for higher earners

Jeffrey Coolidge | Photodisc | Getty Images The IRS is working to boost its audit rates for the wealthiest Americans, according to a statement recently released with the agency’s annual Data Book, covering activities for the 2021 fiscal year. While plummeting audits have drawn scrutiny from Congress, percentages have doubled for filers making over $100,000 to more […]

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Finance

UK ministers bow to pressure to water down audit and boardroom reforms

Ministers have watered down plans for an overhaul of audit and boardroom rules in the UK, dropping a proposal to require directors to sign off on companies’ internal controls and scaling back an expansion of the number of companies falling under the most stringent requirements. The changes will mean that the reforms will sweep just […]

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Finance

US and Chinese accounting regulators discuss potential audit deal

US accounting regulators are discussing a potential deal with their counterparts in Beijing that could pave the way for American officials to inspect audits of Chinese companies, according to people briefed on the matter. A deal that would allow officials from the US Public Company Accounting Oversight Board access to the audits could help resolve […]

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Finance

UK businesses and unions warn against plan to ditch audit legislation

More than 50 British businesses, unions and trade groups have warned Boris Johnson against dropping legislation that would overhaul corporate governance in the UK in the wake of recent company scandals. Bosses at companies such as Anglian Water, Innocent Drinks and Suez UK have joined with the Trades Union Congress and Institute of Directors to […]

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Science

Prospect for increased Environment Agency enforcement action following the National Audit Office’s r : Clyde & Co

The National Audit Office (NAO) has published a report on its investigation into the government’s actions to combat waste crime. Introduction It is clear from the report that despite Defra and the Environment Agency’s (EA) attempts to eliminate waste crime, it continues to be a serious problem comprising of a range of illegal activities at […]

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Science

Manchester United Appoint Hugo Scheckter to Audit Senior Squad Environment

Manchester United have started to prepare for life under new permanent manager Erik ten Hag ahead of next season by appointing player care specialist Hugo Scheckter. The former Southampton and West Ham United player care consultant will accelerate a full-fledged audit to rate the club’s hospitality and internal care for first-team players. Hugo Scheckter is […]

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UK

Norway’s wealth fund backs calls for special audit at scandal-hit Credit Suisse

The world’s largest sovereign wealth fund has backed calls for a special audit at Credit Suisse and warned it would not absolve executives and board members from blame over multiple scandals as pressure grows on the Swiss lender to revamp its senior management. Norway’s $1.3tn oil fund, which is a top-15 shareholder in Credit Suisse […]

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Finance

Head of UK audit regulator in frame to chair HS2

The head of the UK accounting regulator is a contender to become chair of the High Speed 2 rail project, raising the prospect of further upheaval at the audit watchdog, which has been left in limbo by ministers’ decision to drop proposed reforms from the legislative agenda. Sir Jon Thompson has been chief executive of […]

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Finance

Dropping of UK audit bill from Queen’s Speech comes under fire

Accounting and investor groups on Thursday hit out at the government’s move to ditch a bill from its next legislative programme that would have implemented long-delayed reform of audit and corporate governance. A draft bill to underpin the reform, including the creation of a new regulator of audit firms, has been dropped from the Queen’s […]

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UK

Norway Wealth Fund Votes for Special Audit of Credit Suisse

April 24, 2022, 8:23 PM Norway’s wealth fund this weekend voted in favor of a special audit of Credit Suisse Group AG management as pressure mounts on the troubled lender. The world’s largest sovereign wealth fund, one of the largest shareholders in the bank, voted against absolving the board and senior management of responsibilities linked […]