Audit Financial News

An audit commissioned by Volkswagen has found no indication of forced labor at its plant in China’s Xinjiang region, where Western governments have accused the Chinese government of human rights violations against the Uyghur ethnic minority

BERLIN (Reuters) -Volkswagen must provide more transparency in its value chain and ensure its China operations are regularly reviewed, two of the carmaker's investors said on Wednesday, after an audit of its jointly owned Xinjiang site found no sign of forced labour.

New Delhi: India is looking to create a tunnel safety system as part of a broader effort to fortify the extensive tunnel network across highways, railways and metro systems in the country, people familiar with the development told ET. This will include forming an audit team with experts from various IITs and setting up a world-class tunnelling centre under IIT Delhi to research and propose enhanced safety measures for tunnels that are benchmarked to international levels, the people said. They added that the move is aimed at preventing recurrence of mishaps like the recent Silkyara tunnel collapse in Uttarakhand in future.

Himachal Pradesh will be carried out by a third party and vertical drilling machines will be stationed near tunnels to be used in case an Uttarakhand-like situation arises, according to an NHAI official. National Highway Authority of India (NHAI) Regional Officer Abdul Basit on Friday said the safety audit will analyse all factors from rock stability to material used in the constructions and remedial steps would be taken as per suggestions in view of the Uttarkashi Silkyara tunnel incident in which 41 workers have been trapped for the past 13 days. A total of 68 tunnels measuring 85 km, which would reduce the road distance by about 130 km, would come up in the state, he told PTI on Friday.

Bank of Baroda is yet to complete the forensic audit into the recent graft allegations against some of its key employees of its mobile app Bobworld, a senior bank official said on Thursday. «We are still working on the forensic audit as the central bank is still doing some more due diligence on the app Bobworld,» Joydeep Dutta Roy, an Executive Director of the bank, told reporters on the sidelines of the two-day national banking summit organised by IBA and Ficci. On October 10, the Reserve Bank of India (RBI) banned the lender from on-boarding new customers on its mobile app after finding certain material supervisory concerns.

The Canada Revenue Agency has denied or adjusted $458 million in funds disbursed to employers through a pandemic-era wage subsidy program as a result of a partially completed auditing process.

Lendlease’s search for a new auditor is on hold until at least February and the ASX-listed developer, builder and investor is keeping KPMG – its auditor since 1958 – on standby for another year’s work, chairman Michael Ullmer said.

Pacific National has blamed floods and industrial action for a $59 million net loss in the last financial year. It comes amid an 11 per cent earnings slump and the disclosure of a tax audit related to acquisition accounting.

The nation’s largest corporate auditor, PwC Australia, will give up $10 million in annual fees by cutting the types of consulting services it provides audit clients.

Foxconn, a major supplier of Apple's iPhones, dropped as much as 3% on Monday after a report that the company is the subject of tax audits and land use probes in China. China's state-backed the Global Times said some of Foxconn's key subsidiaries in China were the subject of tax audits and that China's natural resources department had also conducted on-site investigations on the land use of Foxconn enterprises in Henan and Hubei provinces and elsewhere. Foxconn said in a statement on Sunday that legal compliance was a «fundamental principle» of its operations everywhere, and that it would «actively cooperate with the relevant units on the related work and operations». It declined further comment on Monday. Foxconn makes most iPhones at the Zhengzhou plant in Henan province where it employs about 200,000 people, though it has other smaller production sites in India and southern China. The Global Times did not give details of the tax or land use probes, which have not been officially announced by any Chinese government department. The report comes less than three months before Taiwan votes in presidential and parliamentary elections.

Nvidia, Foxconn to Develop New Class of Data Centers Focused on AI As per the report, China's natural resources department has initiated on-site investigations into the land usage of Foxconn enterprises located in Henan province, Hubei province, and other areas. The developments were disclosed in an exclusive report by Chinese media major, the Global Times.

China's natural resources department also conducted on-site investigations on the land use of enterprises of Foxconn in Henan, Hubei provinces and other places, according to the exclusive report in the nationalist tabloid, the Global Times. It did not elaborate on the investigations or the timing of them.

BEIJING (Reuters) — Foxconn Technology Group, Apple Inc (NASDAQ:AAPL)'s largest supplier of iPhones, has been subjected to tax audits at some of its key subsidiaries, suspected of violating laws and regulations, Chinese state media reported on Sunday.

(Reuters) -Citadel Securities and the American Securities Association, a trade group, announced on Tuesday that they are suing Wall Street's top regulator over new rules on the funding of a comprehensive market data surveillance system.

Claims by big four accounting firms that they need specialised skills in their consulting businesses to deliver quality audits have been questioned after former PwC Australia chief executive Luke Sayers said he tried to sell the firm’s consulting arm during his time as leader.

Avalanche-based Stars Arena has relaunched its application following a hack and 10% bounty offer that led to the bad actor returning 90% of stolen assets.

KPMG UK has been hit with a record £21 million ($44.4 million) fine by the British accounting watchdog for failings in its auditing of collapsed outsourcer Carillion.

By Stephen Nellis

Much-talked-about Bitcoin cloud-mining project Bitcoin Minetrix ($BTCMTX) has raised more than $822,000 from investors in a week as it sets out to revolutionize the industry by tokenizing Bitcoin cloud mining.

NEW DELHI : Bankruptcy and audit regulators are tightening their supervision of the distressed asset and audit markets as two bills proposing amendments to the Insolvency and Bankruptcy Code and the Companies Act make their way through ministries. The Insolvency and Bankruptcy Board of India (IBBI) and audit regulator National Financial Reporting Authority (NFRA) are moving ahead, issuing clarifications, while the two bills come under rigorous inter-ministerial discussions, according to a person informed about the development.

Avalanche-based Web3 social media app Stars Arena announced that it has secured the funding to cover the $3 million hole left by an exploit on Oct. 6. The team also added that it will re-open the smart contract once a full security audit has occurred.