• PwC to set up blocks preventing exam cheating after $7 mn fine

    The Public Company Accounting Oversight Board (PCAOB) imposed the penalty on the China and Hong Kong offices of the "Big Four" auditing company on Thursday. The two offices issued identical statements on Friday saying it was "highly regrettable that a number of employees engaged in the improper sharing and use...
  • Iraq’s finance and business center to be a hub for trading, selling

    BAGHDAD, IRAQ - The Finance and Business Center in Iraq is set to become a hub for trading and selling both governmental and private securities, according to the Prime Minister's financial advisor Mudhar Muhammad Salih. In an interview with the Iraqi News Agency (INA), Salih emphasized the center's role in...
  • European probe officials to question Lebanon central bank audit firms

    European investigators probing Lebanese central bank chief Riad Salameh's wealth will question officials from two international firms previously tasked with auditing the central bank's accounts, a judicial official said. Salameh is the target of a series of judicial investigations at home and abroad on suspicion of embezzlement and money laundering,...
  • KPMG ordered to pay $231 million for Abraaj fund audit failure

    Dubai, UAE -- KPMG Lower Gulf has been ordered by a Dubai court to pay more than $231 million to a group of investors who claim they lost money because of poor-quality audit work by the firm on a fund they were invested in. The judgment, issued late last month,...
  • DEWA implements SAP’s Audit Management System

    DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has implemented the SAP Audit Management System (TAWKEED), becoming the first integrated utility in the Middle East and Africa (MEA) region to implement this best-in class solution. TAWKEED is used for risk-based audit planning, planning individual audit engagement, communicating results to...
  • KPMG Lower Gulf revenues up, workforce rises by 21 percent

    KPMG International announced annual aggregated revenues for KPMG firms globally of $32.13 billion for the fiscal year ending 30 September 2021. Reporting a 10 percent increase in US dollar revenues from 2020, this follows an extensive period of investment and focus on priority services and solutions addressing the challenges faced by...
  • Lebanon central bank audit demanded by creditors to resume

    A New York-based firm contracted by the Lebanese government is to resume its audit of the central bank Thursday in line with creditors' demands, the Lebanese presidency and a top official said.
  • Lebanon to order central bank forensic audit soon

    Lebanon's outgoing finance minister Ghazi Wazni has told reporters that auditing firm Alvarez & Marsal would be signed on within days to conduct the audit into Banque du Liban, which is currently headed by its governor Riad Salameh.