U.S. regulators seeking greater access to audits of Chinese firms are pushing Beijing’s top securities watchdog to resume talks on cooperation, said James Doty, chairman of the Public Company Accounting Oversight Board.
The Federal Reserve and four other U.S. financial regulators said they agreed to coordinate supervision of federally insured banks with assets exceeding $10 billion under the Dodd-Frank Act in a move that will tighten supervision.
The Big Four accounting firm Deloitte & Touche LLP took a beating in the news media last week after its regulator unsealed a confidential portion of an inspection report about its audit work. Articles focused on the parade of horribles found with Deloitte’s quality controls.
Accounting firms would have to disclose the name of the partner in charge of a public-company audit as well as all outside firms that worked on the report under a proposal approved today by the industry’s regulator.
Another financial scandal. Another cover-up by regulators. Four years ago, inspectors for the auditing industry's chief watchdog discovered that KPMG LLP had let Motorola Inc . record revenue during the third quarter of 2006 from a transaction with Qualcomm Inc., even though the final contract wasn’t signed until the early hours of the fourth quarter. That’s no small technicality. Without the deal, Motorola would have missed its third-quarter earnings target.
The four largest U.S. stock market operators asked the Securities and Exchange Commission to delay implementation of rules governing how brokers send orders to venues, including a ban on unsupervised, or “naked” market access given to some high-frequency traders.