Professional Liability Insurance News

Florida Man Posed as Veterinarian, Did Surgery on Dog Who Died, Sheriff Says

A southwest Florida man was arrested Friday for claiming to be a veterinarian and performing surgery on a pregnant dog who died of complications from the procedure, authorities said. The man was a licensed pet groomer but not a licensed …

Australia Cracks Down on Promoters of Dodgy Tax Schemes After PwC Leak Scandal

Australia will drastically toughen penalties against promoters of dodgy tax schemes and beef up regulatory powers under reforms announced on Sunday in response to a scandal over the use of leaked fiscal plans by PwC Australia. The leak of the …

PwC Australia Asset Sale Unlikely to Repair Firm’s Tarnished Reputation: Experts

PwC Australia’s sale of its government consulting business may give it temporary respite from a crisis in its tax practice but is unlikely to repair its toxic brand in the country anytime soon, according to experts. PwC said on Sunday …

Americanas’ $4B Accounting Scandal Puts More Scrutiny on PwC’s Auditing Record

A $4 billion accounting shortfall would typically raise alarm bells for an auditor. Somehow, a PricewaterhouseCoopers LLP affiliate didn’t catch it at Americanas SA. Investor and consumer groups are calling for closer scrutiny of the accounting firm after the unveiling …

Former Wirecard Executives in the Dock as Germany’s Biggest Fraud Trial Begins

Former Wirecard executives go on trial on Thursday, two years after the collapse of the payments company that produced Germany’s biggest post-war fraud scandal and sent shockwaves through the country’s political and financial establishment. Austrian former chief executive Markus Braun …

People Moves: Miller Taps WTW’s Power, Besso’s Harvey for Professional Risks; Arch Insurance Int’l Appoints Underwriters Barattini and Smith

This edition of International People Moves details appointments at the insurance broker Miller and insurer Arch Insurance International. A summary of these new hires follows here. Miller Taps WTW’s Power, Besso’s Harvey for Professional Risks Miller, the London-based independent specialist …

Investors Cannot Sue German Regulator for Wirecard Collapse, Court Rules

Investors who lost money from investing in Wirecard AG shares can’t make Germany’s financial regulator Bafin compensate them, a Frankfurt court ruled. The tribunal on Wednesday threw out four suits by shareholders who claimed they lost between 3,000 euros ($3,404) …

KPMG Sued for $600M Over Role in Insolvency of Dubai Private Equity Firm Abraaj

KPMG LLP was sued for at least $600 million over its role in the insolvency of Dubai private-equity firm Abraaj Group, the latest in a string of complaints of sloppy auditing made against the Big Four firm. The claimants, two …

EY Fined $4.8M by UK Accounting Watchdog Over Audit of Transport Firm Stagecoach

Britain’s accounting watchdog said on Wednesday it has fined Ernst & Young LLP 3.5 million pounds ($4.80 million) over the audit of transport firm Stagecoach Group’s financial statements in 2017. The Financial Reporting Council (FRC) said Mark Harvey, the auditing …

UK Accounting Regulator Probes Greensill and Wyelands Bank Auditors

LONDON – Britain’s accounting regulator said on Monday it has opened investigations into the audits of Greensill Capital and Wyelands Bank as regulatory scrutiny of the companies intensifies. Wyelands Bank is owned by steel tycoon Sanjeev Gupta’s metals-to-finance empire GFG …