Accounting news


IAASB appoints new chair

The International Auditing and Assurance Standards Board (IAASB) appointed Thomas Seidenstein to be its new chair. Seidenstein will serve a three year term, effective 1 July, and replace Arnold Schilder, who has led the IAASB for a decade. Seidenstein is currently Senior Vice President for Strategy, Innovation and Capital Management at mortgage loan company Fannie Mae, and a former chief operating officer at the International Financial Reporting Standards Foundation.

PwC debuts crypto audit software

PwC in London launched a new software tool to provide audit and assurance services to its growing number of clients holding cryptocurrencies. It will join “Halo,” its existing suite of auditing tools, and support eight crypto-currencies. The firm said the tool will offer a breakdown of its clients’ cryptocurrency treasury, and will also provide information on blockchain transactions and balances.  “It is important as companies continue to digitize we, as auditors, keep up with technology changes in the market, continue to develop audit tools that meet the needs of emerging technologies and serve the changing and developing demands of our stakeholders,” says James Chalmers, Global Assurance Leader at PwC.

ICAEW launches climate change initiative

The Institute of Chartered Accountants in England and Wales (ICAEW) has launched Chapter Zero, an initiative aimed at developing board executives’ knowledge and understanding of climate change impacts for companies, in order to ensure informed decision-making on climate risk in boardrooms. The announcement, made on 24 June, launched as part of the World Economic Forum’s Climate Governance Initiative. Chapter Zero will hold briefings, conferences, workshops and roundtables on climate change as part of its work with directors. “Chapter Zero will help ensure that the climate emergency is front of mind when boards make their decisions and that it is not just left as an agenda item,” said Chief Executive of ICAEW Michael Izza.

Deutsche Bank investigated over money laundering claims

Deutsche Bank in Frankfurt is being probed by the United States Federal Bureau of Investigation on whether it had fully complied with laws prohibiting money laundering. The inquiry is related to suspicious financial transactions linked to companies controlled by U.S. President Donald Trump and his son-in-law advisor Jared Kushner. The transactions took place from 2016 and 2017 and were discovered by bank employees, though none informed their superiors about the issue. The bank also did not report them to government authorities. Deutsche Bank has long been under scrutiny for its lax lending standards, as well as its willingness to do business with Trump when most other banks refused to work with him because of his financial troubles. Both Donald Trump and Jared Kushner’s real estate company Kushner Companies have denied the allegations so far.

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