Georgia (as in Russia) Selects Auditors for 3 Top Companies
The Russian Interfax news agency reports from Tbilisi that the government has selected auditors for three of the country's major companies -- and they are all United States-based CPA firms.
Ernst & Young was selected for the Georgian Railroad, Deloitte & Touche for Poti Port, and PricewaterhouseCoopers for the Madneuli mining company, the finance ministry told Interfax. Nine firms, the rest unnamed, competed for the work.
The winning bids: Ernst & Young got $395,000; PricewaterhouseCoopers, $240,000; and Deloitte & Touche, $120,000.
But the bigger meaning is the seemingly instoppable globalization of U.S.-based auditing and accounting standards and practices.
More... Interfax