accounting malpractice News

CAMICO, Berkley Design Offer Program for CPAs

San Mateo, Calif.-based CAMICO, the provider of  insurance for the accounting profession, and Berkley Design Professional Underwriters (BDP), a W. R. Berkley company, have forged a new program to serve CPA firms nationally. The CAMICO-BDP program will help protect CPA …

Accountants to Face Malpractice Claims in Alabama’s Colonial Bancorp Failure

Accounting firms PricewaterhouseCoopers and Crowe Horwath must face a lawsuit accusing them of professional malpractice and breach of contract for not catching a fraud that led to the 2009 collapse of Colonial Bank, a federal judge has ruled. Filed in …

Judge Allows $1B Malpractice Claim Against PwC Over MF Global Collapse

A federal judge on Wednesday rejected PricewaterhouseCoopers’ request to dismiss a $1 billion lawsuit accusing the auditor of providing bad accounting advice that contributed to the October 2011 collapse of MF Global Holdings Ltd, a brokerage run by former New …

Accounting Firms Cleared of Blame in Japan’s Olympus Scandal

An unofficial panel of experts cleared global accounting groups KPMG and Ernst & Young of any responsibility for a $1.7 billion accounting fraud at Japan’s Olympus Corp, though the role of the firms remained under official review. The scandal, one …

U.S. Court Fight May Not Solve Chinese Accounting Mess

U.S. regulators appear to be on strong footing in a legal battle over a Chinese auditor’s work papers, though their ability to act may have limits and a victory in court may not resolve a widening international accounting mess. At …