Audit

Big Four accounting firm Ernst & Young is considering a world-wide split of its audit and advisory businesses amid regulatory scrutiny of potential conflicts of interest in the profession, according to people familiar with the matter.A split would be the biggest structural change at a Big Four firm since Arthur Andersen fell apart some 20 years ago. The potential move would create two giant professional firms. EY last year had global revenue of $40 billion, of which $13.6 billion came from audit work. How…

KPMG LLP agreed to pay a fine after the Financial Reporting Council found shortfalls in its audit of Rolls-Royce Holdings PLC, the British jet engine manufacturer that settled bribery allegations in 2017. The U.K. audit regulator on Tuesday said it imposed sanctions of £3.4 million—equivalent to $4.2 million—against the professional-services firm and £112,500 against audit partner Anthony Sykes. The investigation, which the FRC announced in 2017, focused on…

Comptroller and Auditor General of India (CAG) has published a detailed report on the functioning of Unique Identification Authority of India (UIDAI) in which it has pointed out a list of flaws that exist in the Aadhaar infrastructure. The report also underlines pitfalls in the process of generating unique identification numbers for Indian residents through the system that was introduced back in 2009 and received a separate legal backing to the Aadhaar system in 2016. Alongside pointing out the issues, the report names…