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U.S. Multinationals Looking to Technology for Improvements in Future SOX 404 Efforts: PW Survey

Nearly half of senior executives of U.S Multinationals say their company made only satisfactory use of technology in support of its initial Sarbanes-Oxley Section 404 compliance efforts, but major reinforcements are on their way for Year Two, according to a recent survey by PricewaterhouseCoopers. In fact, three in four U.S. multinationals will be making significant technology changes, directed almost equally ...

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CA and PricewaterhouseCoopers Team up on Asset Management

CA is melding its management software solutions with PricewaterhouseCoopers’ (PWC) strategic approach to business to address IT enterprise assets. In an announcement Wednesday, the firms said they will utilize PWC’s methodology for IT Asset Management (ITAM) to examine asset management issues including security, business continuity, compliance, process automation, and contract management. CA will bring its ability to automate core asset ...

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Management buyout of US MYOB operations

MYOB today announced the sale of its US operations to Acclivity LLC, an entity owned by previous members of the MYOB US management team. Under the agreement, Acclivity will act as the exclusive US republisher for MYOB products and services as of December 5, 2005. Acclivity will “provide the same level of superior service and support that MYOB customers have ...

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CICA welcomes 1,862 candidates who passed Uniform Evaluation (UFE)

Kevin Johnston of PricewaterhouseCoopers LLP in Calgary, Alberta has been awarded the Governor General’s Gold Medal and the Chartered Accountants of Canada cash prize of $5,000 for the highest standing in Canada on the CA profession’s 2005 Uniform Evaluation (UFE). “This is fantastic, I still can’t believe it!” said Johnston. “The UFE is the hardest thing I’ve ever done. Nothing ...

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PCAOB Has Harsh Words for PwC, E&Y Audits

Washington (Nov. 18, 2005) – The Public Company Accounting Oversight Board has released critical inspection reports for the audits of PricewaterhouseCoopers and Ernst & Young, saying that the firms' work has so many deficiencies, their evaluations of companys' finances may be questionable. The reviewed audits date back to more than a year ago in most cases. The PCAOB inspection team ...

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Deloitte says study reveals missed cost savings from offshoring

Deloitte has said that a study conducted by the company revealed that financial services companies are capturing less than one-third of the potential cost savings derived from offshoring operations. The company said that its study, which is based on interviews with 62 global financial services institutions, revealed that the most effective offshorers among financial institutions have 6.7% of their global ...

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IAASB Issues Drafts to Enhance Clarity of International Standards

To enhance the clarity of international standards, the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) has issued exposure drafts of four proposed standards in a new drafting style. The release of these documents marks the beginning of the IAASB's ambitious 18-month program to re-draft standards and to develop new standards using the new ...

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IASB Publishes Paper on Management Commentary

The International Accounting Standards Board has published a discussion paper that assesses the role the IASB could play in improving the quality of the management commentary that accompanies financial statements. The paper was prepared for the IASB by staff of its partner standard-setters from New Zealand, Germany, the United Kingdom and the Canadian Institute of Chartered Accountants. “Management commentary is ...

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Intuit offers QuickBooks for Mac 2006

Intuit Inc. has introduced QuickBooks for Mac 2006, a new version of their small business accounting and financial management software application for Mac OS X. QuickBooks 2006 costs US$199.95. With QuickBooks, Mac users can create estimates, invoices and purchase orders, pay bills, track inventory, track employee time and job costs — the software also works with payroll software. “With this ...

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Finance director jailed for £100,000 embezzlement

A Scottish finance director who admitted embezzling £100,000 from the accountancy company PricewaterhouseCoopers was jailed for two years on Friday. David Logan, 37, appeared before Sheriff Mhairi Stephen at Edinburgh Sheriff Court yesterday having previously pleaded guilty to embezzling the money from PricewaterhouseCoopers between 1 January, 2000, and 21 January, 2002. Sentencing for the crime had been deferred for background ...

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