Their worldwide clout, moral authority, and professional standing have been considerably dented. Amend the Charter to give Board of Directors oversight of asset transactions; 3. That audit was presented to the company's board alone in Junethough the report was subsequently leaked.
Many American scholars even suggest adopting the hitherto much-derided alternative -- the international accounting standards recently implemented through much of Central and Eastern Europe. The penumbral dealers then vanished without a trace.
The investors further proposed that an outside firm, Deloitte and Touche, be given the task, rather than Gazprom's internal auditor, PricewaterhouseCoopers PwC.
After its first gas deal with Turkmenistan inItera rose quickly to become Russia's second-largest gas firm with more than subsidiaries, thanks in great measure to Gazprom's beneficence.
If you lose that account, no matter how justified you are, that's the end of a career.
Last month, the Russian business paper "Vedomosti" reported that Itera would merge with Novafininvest, a producer with rights to resources in the gas-rich Arctic district of Yamal-Nenets. According to Hermitage, Pricewaterhouse falsified and distorted the audits by misrepresenting the sale of Gazprom's subsidiary, Purgaz, to Itera, an obscure entity.
Said Browder, "This is shocking stuff, even to jaded, post-Enron eyes. America's Generally Accepted Accounting Principles -- once considered the undisputable benchmark of rectitude and disclosure -- are now thought in need of urgent revision.