PricewaterhouseCoopers said the Financial Accounting Standards Board and the International Accounting Standards Board should slow down the pace of their standard-setting work, even though the two boards have recently extended the timeline for exposing new standards to the public.

China’s satisfied with the decision of the USA not to call it “currency manipulator”. While commenting on the report of American finance ministry concerning currency policies of the country’s main trade partners, official Chinese media emphasized that Washington should better care more for its own, more important problems rather than look for a “scapegoat” abroad.

Euro to dollar exchange rate is steadily decreasing since Der Spiegel’s publication of the article where Germany proposes the “controlled bankruptcy” plan for EU countries with the highest level of debt. This plan may potentially lead to large losses among investors who invested their funds in federal bonds.

Bold new powers to disqualify audit partners are part of a larger push to provide an “incentive” for auditors to co-operate with regulators, a senior Financial Services Authority figure has said. The FSA is seeking new powers to censure, penalize or disqualify individual auditors after it found the profession failed to challenge management bias in the lead up to the banking crisis.

Banking lobbyists have launched an e- mail and Web campaign to mobilize investors against a proposed expansion of fair value accounting rules that may force banks such as Citigroup Inc. and Wells Fargo & Co. to write down billions of dollars of assets.

According to the results of the latest study of internal audit by PricewaterhouseCoopers (“2010 State of the internal audit profession study”), requirements for business functions and profession of internal auditor have increased remarkably for the last 1-1.5 years: internal audit departments have to bring more to business.

Former HSBC employees made an attempt to earn money on stolen client databases, but then just handed them over to investigators. Although origins of that information were unclear, this did not impose any problems to further investigation of tax evasion cases.

How best to reform the City of London remains unclear more than two years after the financial crisis began. Lawyers at the Financial Services Authority are exploring the possibility of claiming that the UK financial services sector is already adequately regulated by its own Code.

Australia and New Zealand are now one step closer to having a common set of financial reporting standards, as a result of the release of exposure drafts that will amend financial reporting standards in Australia and New Zealand.

Paul Krugman, the Nobel laureate in economics and professor in Princeton University, warns against further consequences of the crisis: it may turn into a great economic depression which is a very rare issue.