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£150m bonanza for Shell auditors

Accountants who failed to spot Shell's massive overbooking of reserves were paid more than £150m in the past five years by the embattled oil giant. Most of the fees paid to KPMG and PwC were for lucrative consultancy work rather than the basic audit, which spectacularly missed major shortcomings in Shell's own internal financial controls. However, Shell says it has ...

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Ernst & Young Says It Faces Criminal Inquiry on Shelters

Ernst & Young, the big accounting firm, said yesterday that federal prosecutors were investigating tax shelters it had promoted and that it was cooperating with the inquiry. Disclosure of the Justice Department inquiry, which the firm said it had learned about last week, comes after several statements by the commissioner of the Internal Revenue Service, Mark W. Everson, praising the ...

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Indonesia to get 'Green' accounting standard

The Office of the State Minister for the Environment signed a memorandum of understanding (MoU) on Tuesday with the Association of Indonesian Accountants (IAI) for a collaborative effort to establish a new accounting standard that would enable financial statements to also reflect the level of environmental responsibility of companies. Minister Nabiel Makarim said that with such a standard, annual reports ...

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PwC pays $50m over Raytheon

Auditor PricewaterhouseCoopers has agreed to pay $50m (£28m) to settle claims with New York State regarding its role in a 1999 lawsuit involving its defence-contractor client Raytheon. PwC's settlement follows Raytheon's $410m settlement this month on the same lawsuit, in which shareholders accused the defence firm of hiding financial problems. Raytheon's stock fell more than 75% between July 1999 and ...

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GAAP reporting language formalized for Canada

Canadian accounting firms, consultants and software vendors have worked out a set of local terms to help speed adoption of a business reporting language that could improve the electronic handling of financial information. Like a dictionary of accounting terms, the Canadian taxonomy for extensible business reporting language (XBRL) covers primary financial statements issued in accordance with Canadian generally accepted accounting ...

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Implementation of accounting standards stressed

Economic growth in the region of Arabian Gulf, Middle East and South Asia can only sustain when corporate structure is strengthened coupled with International Accounting Standards (IAS) is followed by business houses. This is leading to expansion of accounting and consulting services in the area. The Allliot group meeting was held in Dubai under the chairmanship of Dr. A. Hadi ...

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Asia-Pacific accountants to meet in Dhaka

The 16th conference of the Confederation of Asian and Pacific Accountants (CAPA) will be held in Dhaka, Bangladesh on Monday, 24th May, 2004. President Iajuddin Ahmed will inaugurate the conference as chief guest while Commerce Minister Altaf Hossain Chowdhury will present as special guest. Institute of Cost and Management Accountants of Bangladesh (ICMAB) is organising the convention. Speaker Jamir Uddin ...

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Bank Sues BDO Seidman for $170 million

In a lawsuit that draws comparisons with Arthur Andersen's role in the Enron scandal, Banco Espirito Santo International sued BDO Seidman Tuesday, saying the accounting firm's unprofessional conduct cost the financial institution over $170 million. The lawsuit, filed in federal court in Miami, USA, concerns the E.S. Bankest scandal that produced nine indictments last year. Four of the defendants have ...

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ICAI recruiting thousands of accountants for GE India

A giant finance and accounting services outsourcing project appears to be headed towards India, with the Institute of Chartered Accountants of India recruiting accountants in “hundreds and thousands” for GE India. “We have been recently approached by GE to recruit thousands of accountants of various levels of qualification – qualified chartered accountants, those who are doing their articleship and even ...

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ICMAP submits budget proposals

KARACHI: The Institute of Cost and Management Accountants of Pakistan (ICMAP) has submitted budget proposals to the Federal Ministry of Finance and Central Board of Revenue (CBR) for due consideration. These proposals made by different chambers, trade bodies and industries representatives during the pre-budget seminar, organised by the ICMAP recently. The ICMAP has always extended full assistance in framing ‘business- ...

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