BusinessCompany NewsWeek in review: 22-25 April

Week in review: 22-25 April

The shortened week was nevertheless packed with intrigue and controversy as PwC was hit with a massive lawsuit in the US, Huntingdon Life Sciences considered a daring new audit approach and UK auditors were left disappointed by a US watchdog's decision.

On Monday, the accounting world, like the rest of the country took a well earned Easter break.

Tuesday, the heat was back on as PricewaterhouseCoopers denied claims of misconduct as it faced a huge $2.5bn (£1.6bn) lawsuit by Amerco, the US owner of truck rental group U-Haul.

The day also saw some distressing news for the IT industry, following fresh reports suggesting IT companies are being forced to police their own supply chains for cases of VAT fraud because Customs & Excise cannot do it itself.

Wednesday, Sir John Bourne was named as chairman of the new Professional Oversight Board, the successor to the Review Board, the UK’s main accountancy regulator.

We also a reported on a High Court case in which Marks & Spencer could win £30m compensation from the Inland Revenue, which begins on Tuesday next week.

On Thursday controversial chemical and pharmaceutical testing company Huntingdon Life Sciences said it was considering employing what would be an unprecedented hit-and-run audit system, in order to save the company’s listed status, while Ernst & Young came under increased pressure over its audit of US media giant America Online after the Securities and Exchange Commission probe into the company’s advertising deals deepened.

Friday, it emerged from the across the pond, that UK auditors of US-listed companies will be able to avoid registering with the US’s fledgling accountancy regulator until April next year, the watchdog has confirmed.

And just to prove that the technology does not rule the workplace, more than two-thirds of finance directors complain that despite the implementation of IT solutions, they still remain heavily reliant on paper.

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