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Accounting giant KPMG says 'horrified' by Parmalat

Accounting giant KPMG said on Monday it was looking in horror at the book-keeping crisis at Italian food group Parmalat and there was evidence Italian financial markets needed a more pro-active regulator. KPMG's global chairman, Mike Rake, said in unveiling his firm's annual results that a more interventionist regulator like Britain's Financial Services Authority might be needed. “There's clearly some ...

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KPMG shows it's still beautiful to be big in accountancy field

The latest robust operating profits from the UK arm of accountancy giant KPMG show that there is still strong money to be made out there by the big four players, even if it is interspersed with scandals ranging from Enron and Global Crossing to Parmalat. The 10 per cent rise in profits at the group, part of KPMG International, is ...

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Parmalat auditor grilled on fate of lost billions

Italian investigators on the trail of billions of euros missing from the accounts of Parmalat questioned an internal auditor of the insolvent food group on Friday about the whereabouts of the money. Pressure also increased on the Bank of Italy and a string of domestic and foreign banks over their links to the Parmalat crisis, which prosecutors suspect involved more ...

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SECP for uniform educational standards

Chairman Securities and Exchange Commission of Pakistan (SECP) Dr Tariq Hassan emphasised the need for adoption of uniform educational standards for accountants while addressing a seminar arranged by ICAP. Dr Hassan urged the Institute of Chartered Accountants of Pakistan (ICAP) to take the lead in facilitating access to continuing professional development opportunities as well as establishing benchmarks for developing and ...

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6 military accountants under investigation by FIA

Federal Investigation Agency (FIA) has included some six military officers in the investigation on charges of embezzling Rs 43.3 million within two weeks on cheques stolen from military accounts. The accused include Abdul Rehman Noori, Malik Muhammad Saleem, Mian Asghar, auditory military accounts Muhammad Niaz, Assistant Accountant officers Saleem Allah Khan and Azfar Ali. It is pertinent to mention here ...

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PwC bearish on retail business

Even as India finds itself in the midst of a retail boom, professional services firm PricewaterhouseCoopers (PwC) has asked multinational retail companies to treat India with caution on account of strong regulatory controls and an element of political risk. PwC has recommended caution for India, Indonesia, Malaysia, the Philippines and Taiwan in a recent report — Retail in Consumer Growth ...

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Ernst & Young says its services were proper

Ernst & Young has said it intends to defend itself “vigorously” against a complaint filed against it by the U. S. attorney in Philadelphia related to health care consulting services it performed for nine hospitals from 1991 to 1995. “Our work was fully consistent with professional standards and coding guidelines at the time,” the firm said. “We received a flat ...

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Former Enron chief accountant faces charges

Enron Corp.'s former chief accounting officer is expected to surrender to federal authorities on Thursday to face charges related to the disgraced energy trading powerhouse's 2001 collapse, sources close to the case told The Associated Press. The exact nature of the criminal complaint against Richard A. Causey was not immediately clear. Causey, who turns 44 on Friday, and another executive ...

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Parmalat unit fires Grant Thornton

Parmalat Spa, a unit of the bankrupt Italian food and dairy group Parmalat will dismiss auditors Grant Thornton, Parmalat said today in a statement. No details were provided. Grant Thornton had certified Parmalat's overall accounts until 1999 and continued to be responsible for those of several subsidiaries after handing over the parent group's books to Deloitte and Touche. Among those ...

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Grant Thornton US arm distances itself from Italy

Grant Thornton's key US unit has said it started reaching out to clients and employees in a bid to distance itself from its Italian counterpart tainted by the Parmalat fraud. In an interview, Grant Thornton LLP's Chief Executive, Ed Nusbaum, said he had told partners to reassure clients the US firm would be unaffected by the Parmalat crisis. A conference ...

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