{
KPMG Ltd.

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}
001122334455554433221100
001122334455554433221100

auditor independence questioned as financial authority calls for system reform

The downfall of Credit Suisse has raised serious concerns about auditor independence, particularly regarding PricewaterhouseCoopers (PWC), which saw a significant increase in audit fees despite the bank's financial turmoil. The Financial Market Authority (FINMA) is now advocating for a system change to enhance auditor independence, as current practices create dependencies that may compromise critical oversight. This situation echoes past criticisms of auditing firms, notably following the Swissair bankruptcy, where PWC was also involved.
Tages-Anzeiger
Swiss Franc United States Dollar UBS AG Credit Suisse Anlagestiftung Nestlé S.A. KPMG Ltd. PricewaterhouseCoopers AG CHE USA Serkan Isik Show more
TradFi, News Article
22:06 02.11.2024

auditors face scrutiny as independence concerns rise in financial oversight

The downfall of Credit Suisse has raised serious concerns about auditor independence, particularly regarding PricewaterhouseCoopers (PWC), which saw a significant increase in audit fees despite the bank's financial turmoil. The Financial Market Authority (FINMA) is advocating for a system change to ensure auditors are less dependent on their clients, as evidenced by PWC's failure to adequately address critical accounting issues leading to substantial losses for CS. This situation echoes past criticisms of auditing practices, highlighting a persistent need for reform in the industry.
Tages-Anzeiger
Swiss Franc KPMG Ltd. UBS AG Credit Suisse Anlagestiftung Nestlé S.A. PricewaterhouseCoopers AG CHE USA Serkan Isik Show more
Finance & Economy, News Article
22:06 02.11.2024
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