Audit

Turkish Fortune Tellers Brace for the Unexpected: Tax Audits Loom

3 months ago

In a surprising twist, the ancient craft of fortune-telling in Turkey is intersecting with the modern world of finance as the government prepares to audit practitioners of this mystical trade. The shift has left many fortune tellers, who have long been synonymous with superstition and folklore, facing the prospect of extensive tax audits, disrupting their traditional ways of operating.

Revolutionary Gene Therapy by Regeneron Enhances Hearing in Deaf Children

3 months ago

In a groundbreaking advancement in pediatric healthcare, Regeneron Pharmaceuticals has unveiled promising results from a recent gene therapy study that has shown significant improvement in hearing for children facing profound deafness. This innovative treatment aims to tackle genetic causes of hearing loss, providing hope to families struggling with this condition.

Lloyds Banking Group Undertakes Extensive Audit of IT Staff Technical Skills

4 months ago

In a significant move reflecting the evolving landscape of technology within the financial services sector, Lloyds Banking Group has initiated a comprehensive audit aimed at evaluating the technical skills of its thousands of IT employees. The initiative stems from a growing recognition of the importance of digital competencies in a market that is increasingly reliant on technology-driven solutions.

Saudi Arabia's PIF Arm Expands Tourism Vision Beyond Riyadh

4 months ago

The Public Investment Fund (PIF) of Saudi Arabia is making strategic moves to diversify the kingdom's tourism sector by looking beyond its capital, Riyadh. In a significant development, the PIF's tourism arm, known as the Saudi Tourism Authority, is actively exploring opportunities in various regions to enhance the nation’s overall appeal as an international tourist destination.

French Auditor Warns EDF Against Rushed Nuclear Projects Amidst Energy Transition

5 months ago

In a recent report, France's public audit office has advised Électricité de France (EDF) to proceed with caution regarding the development of new nuclear energy projects. The auditor emphasized that the state-led electricity utility must not rush into initiating new sites without thoroughly assessing its existing challenges and obligations. This caution comes at a time when the country is balancing energy security, climate commitments, and significant financial hurdles.

Regulatory Missteps Uncovered in Credit Suisse Investigation: Swiss Authority Under Fire

6 months ago

The Swiss Financial Market Supervisory Authority (FINMA) has recently come under intense scrutiny following a damning report by the Swiss Federal Audit Office (SFAO), which uncovered serious flaws in the regulator's handling of the investigation into Credit Suisse. The findings reveal a series of blunders that not only hindered effective oversight but also compounded the difficulties faced by the troubled bank during a tumultuous period leading up to its historic merger with UBS in 2023.

IMF Set to Dispatch Corruption Audit Team to Kenya in Early 2025

6 months ago

In a significant move to address growing concerns over corruption, the International Monetary Fund (IMF) has announced that it will send a specialized audit team to Kenya early in 2025. This initiative comes on the heels of increasing scrutiny regarding fiscal management and malfeasance in government spending, which have raised red flags among international financial institutions and stakeholders alike.

Top UK Treasury Official Dismisses Legal Breach Allegations Amid Growing Scrutiny

7 months ago

A senior official from the UK's Treasury has categorically refuted allegations suggesting that the department acted unlawfully in its fiscal policies and operations. This assertion comes during an increasingly intense examination of government financial management as the UK navigates through economic challenges.

KPMG Reduces U.S. Audit Workforce by 4% Amid Persistent Low Turnover Rates

7 months ago

In a significant move aimed at addressing ongoing workforce challenges, KPMG has announced a reduction of its United States audit staff by 4%. This decision comes as the firm grapples with an exceptionally low turnover rate that has put a strain on its operational flexibility and client engagement capabilities. The global professional services firm, known for its comprehensive audit, tax, and advisory services, has acknowledged the necessity of recalibrating its workforce to remain competitive and responsive to market dynamics.

Malaysian PM Initiates Audit of Sovereign Fund's Troubling Investment

7 months ago

In a significant move aimed at increasing accountability and transparency, Malaysian Prime Minister Anwar Ibrahim has directed a comprehensive audit of the country’s sovereign wealth fund following revelations of substantial losses tied to a controversial investment venture. This decision comes in the wake of growing scrutiny over the management of these public assets, particularly in sectors that are reportedly underperforming.