The votes are not binding and the numbers are small. But shareholders are pushing back against what they see as shoddy accounting and the possibility that lucrative extra work is eroding the independence of the audit.
The changes will give audit oversight authority to a new regulator.
After relying primarily on price increases, executives are looking for other ways to maintain profit margins.
Big Four accounting firm Ernst & Young is considering a split of its audit and advisory businesses, amid regulatory scrutiny of potential conflicts of interest in the profession, according to people familiar with the matter.
The co-working space operator is still recovering from the pandemic.
The U.S. accounting standard-setter will consider crafting rules for how companies should account for climate-related transactions, a key step to providing clarity for firms and investors on deals involving items such as renewable-energy credits and carbon offsets.
The company’s plan to reduce debt comes as part of a larger turnaround tied to the sale of its commercial aviation business in 2020.
The Financial Reporting Council said it imposed sanctions of £3.4 million—equivalent to $4.2 million—against the professional-services firm and £112,500 against audit partner Anthony Sykes.2
While the company doesn’t rely on fully automated forecasts for its divisions yet, it is experimenting with advanced forecasting and predictive analytics, according CFO Wolfgang Nickl.
Companies that repurchase their shares are getting more bang for their buck as market declines depress stock prices, helping to boost buyback activity, which is expected to hit a record $1 trillion this year.
Businesses continue to battle with shipping delays for much needed goods as ports in China and elsewhere remain clogged up, trucking firms struggle to find drivers and demand stays high.
The president affirmed a “laser focus on addressing inflation” as he met with Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen.
U.S. stocks slid while crude prices extended recent gains after the European Union said it would impose an oil embargo on Russia.