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Study Reveals Emerging Online Security Threats

While viruses and spam continue to proliferate, they have been joined by two emerging threats: spyware and phishing, according to the September issue of Consumer Reports (CR), which takes an in-depth look at the state of online security. “For now, keeping spam out of your life requires setting up a fortress around your computer with help from your Internet service ...

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PCAOB Releases Findings on Big Four

The Public Company Accounting Oversight Board in the US recently revealed findings from a six-month investigation of the nation's Big Four accounting firms. The limited inspections mandated by the Sarbanes-Oxley Act were conducted between June and December 2003 to provide the board with a baseline understanding of the firms' internal systems of quality control over auditing. The PCAOB said the ...

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New Publication Addresses Audit Issues Arising From the First-Time Adoption of IFRS

To help auditors address reporting issues arising from the first-time adoption of International Financial Reporting Standards (IFRSs), the staff of the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) along with staff of professional accountancy bodies, national standard setters, and audit firms have prepared a series of key questions and answers in a document ...

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Paper Clarifies Internal Auditing's SOX Role

The Institute of Internal Auditors (IIA) in the US has issued a position paper clarifying the role of the internal auditor in Sections 302 and 404 of the Sarbanes-Oxley Act of 2002 (SOX). SOX specifies the roles of management, audit committees and external auditors, but it does not specifically address the roles internal auditors must play. Internal Auditing's Role in ...

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Computer Crashes: Scarier Than the IRS?

While nine out of 10 Americans agree that technology has made their lives easier, they are more likely to fear losing everything on their computer than they fear public speaking, death or an IRS audit! This was the finding of a national survey by the Geek Squad 24 Hour Computer Support Task Force. “When people say they worry more about ...

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Former EC Accountant Wins Whistle-Blower Award

Marta Andreasen, the former chief accountant for the European Commission, has won this year’s Cliff Robertson Sentinel Award given by the Association of Certified Fraud Examiners (ACFE). The award, established by the actor Cliff Robertson, recognizes an individual’s efforts to root out fraud. While at the EC, Andreasen discovered inadequate internal controls, with about 95% of the payments from the ...

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Auditors oppose proposed ban on consulting

The concept paper on the companies act is creating a storm in audit circles. It has some very bold proposals, one of which bars auditors from providing non-audit services to the same company. The auditing industry could soon undergo a big change. The draft paper on Companies Act proposes to ban auditors from performing non-audit services. Some services such as ...

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Chartered accountants’ conference begins in India

The all-India continuing professional education (CPE) conference of the Institute of Chartered Accountants of India (ICAI) was inaugurated by the Chief Minister, Mr Manohar Parrikar in Calangute today. The three-day conference being attended by 625 delegates and students would discuss and deliberate on CARO’ 2003, accounting standards and service tax. Addressing a press-conference prior to the inaugural function, the ICAI ...

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Parmalat sues former auditors Deloitte and Grant Thornton for $10 Billion

Parmalat sued its former auditors, Deloitte & Touche and Grant Thornton, on Wednesday, claiming damages of at least $10 billion (R65 billion) and broadening a legal battle to claw back funds from financial partners it says helped drive it into insolvency. Parmalat said it was seeking damages from Deloitte Touche Tohmatsu and Grant Thornton International, as well as their Italian ...

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BDO partner suspended for standards neglect

An auditor in an Australian chartered accountants firm has been suspended for twelve months after ignoring important audit standards, the corporate watchdog said. The Australian Securities and Investments Commission (ASIC) said BDO partner Ralph David Goodman was suspended following a review he conducted of The Satellite Group Ltd financial report for the half-year ending 31 December 1999. His suspension follows ...

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