Word: audition
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Dates: during 2000-2009
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...Board audit committee, not management, will appoint auditors...
Amounts to double regulation of E.U. audit firms...
Accounting oversight board would have access to internal audit documents...
...banking commission immediately launched an investigation. Instead of praising UBS for its honesty and forthrightness, it chided the bank for inadequate diligence and ordered an audit to ensure that internal procedures were up to scratch. According to the banking commission's report, published in July, two searches carried out by UBS between 1999 and 2001 failed to detect the Abacha connection because the bank didn?t have all the names and aliases of the dictator's entourage. A third search failed because the bank was updating its record keeping from paper to an electronic system...
...There's More WorldCom, already the biggest U.S. corporate scandal in history, said an internal audit has found a further $3.3 billion of improperly reported earnings, taking the total to more than $7 billion...