Michael Kapoor

1 day ago | news.bloombergtax.com | Michael Kapoor

The Dutch accounting regulator said Friday that it is taking steps to prevent future exam cheating scandals similar to those that have now embroiled all of the Big Four’s Netherlands affiliates. The Dutch Authority for the Financial Markets has required the Netherlands branches of , , and to do internal investigations into the root causes of a scandal that involved hundreds of staff, including partners, cheating on internal exams over the five years from 2018 to 2022.

2 days ago | news.bloombergtax.com | Michael Kapoor

The UK is aiming to reach more agreements, faster, with other countries for mutual recognition of accounting credentials. The pledge came Thursday as part of the UK government’s first trade strategy since leaving the EU five years ago. It echoed the emphasis on professional services such as accounting seen in the country’s industrial strategy earlier this week. The new strategy emphasizes service exports, and the need to ensure that UK professional qualifications are recognized internationally.

2 days ago | news.bloombergtax.com | Michael Kapoor

The UK’s accounting watchdog issued its first guidance for the use of artificial intelligence in audits Thursday, defining the technology and telling firms how to document their use of it. The Financial Reporting Council said the guidance released Thursday didn’t introduce any new regulatory requirements. Instead it was designed to maintain high audit standards while helping auditors use developing technology.

2 days ago | news.bloombergtax.com | Michael Kapoor

Ernst & Young will launch a major global reorganization July 1, near halving the number of regions in an effort to improve cross-border offerings, the firm said. The Big Four firm announced Wednesday it would cut the number of regions from 18 to 10, among them US, Greater China, and Canada.

3 days ago | news.bloombergtax.com | Michael Kapoor

The US audit watchdog Wednesday fined the Dutch arms of three of the largest global accounting firms more than $8 million collectively for sustained cheating in internal exams. The Public Company Accounting Oversight Board said that it had fined the Netherlands arms of Deloitte, Ernst & Young, and PwC a total of $8.5 million because hundreds of staff—including partners—cheated on internal exams over a five-year period from 2018 to 2022.