FASB struggles with changes that would make private company financial reporting easier – but only if the company remains private.
Auditor independence violations can spawn significant costs, distract management and limit a company’s access to the capital markets
And the amount of tax data companies report changes in response.
Are high levels of inventory at wholesalers indicative of improper accounting of sales?
PwC helped multinational companies obtain at least 548 tax rulings in Luxembourg from 2002 to 2010, according to papers obtained by the ICIJ.
Among the 10 worst global companies for organizational transparency and country-by-country financial disclosures: Berkshire Hathaway.
The case is part of the SEC’s Operation Broken Gate, designed to identify auditors who violate professional standards.
One of the first steps: creating an environment that makes stealing as difficult as possible.
“The work of the audit committee could be more transparent, and the evaluation of the auditor’s work could be more specific," says one former CFO.