Home » News » Practice (page 30)

Practice

KPMG 'obstructed US tax inquiry'

The US Justice Department has accused accountancy firm KPMG of obstructing an investigation into tax shelters. According to a court filing, KPMG has withheld documents, delayed the handing over of others and concealed its role in offering advice on avoiding tax. The IRS has been investigating KPMG since last year, calling on the company to divulge information on tax shelters. ...

Read More »

New accounting rules in China ensure world norms are met

China will accelerate improvements to its accounting standards and policies next year to keep abreast with economic growth and the expectations of the international business world. “We plan to promulgate 20-plus accounting standards next year,'' said Liu Yuting, head of accounting department under the Ministry of Finance at Tuesday's CFO Rising Conference in Shanghai. He said China's accounting system has ...

Read More »

XBRL The Next Key Technology: PwC

Consulting major PricewaterhouseCoopers (PwC) is betting on eXtensible Business Reporting Language (XBRL) as one of the key technologies to be rapidly adopted in the near future. In its recently released ’Technology Forecast’ of the worldwide IT industry, it says that XBRL will significantly change business reporting in the coming years. It is an electronic format for simplifying the flow of ...

Read More »

ICAP issues clarification regarding ISE's ruling

The Institute of Chartered Accountants of Pakistan (ICAP) has issued this press release regarding Islamabad Stock Exchange's decision regarding mandatory rotation of auditors. “The Islamabad Stock Exchange has issued a circular dated 12 November 2003 informing all Listed Companies that they are required to change their external auditors every five years as per the Code of Corporate Governance. The Circular ...

Read More »

Demand for auditors rises sharply

Ernst & Young, one of the world's four biggest auditing firms, needs to hire 400 employees in mainland China every year to meet rising demand for auditors as multinational companies increase investments to take advantage of China's rapid economic growth, said a senior official of the firm. “The bottleneck that hampers our development here is the lack of talents. Even ...

Read More »

E&Y to script Dhampur asset sale

Dhampur Sugar Mills in India has mandated Ernst & Young to chalk out an asset sale strategy as a part of the company’s ongoing debt restructuring exercise. Under the terms of the mandate, Ernst & Young will initially identify the unit to be sold, conduct a valuation, and later scout for a buyer. “The investment banking mandate to Ernst & ...

Read More »

Stiffer Security Norms To Create $200 bil IT Solutions Market: PwC

Government regulations and statutory requirements, many initiated after the September 11, 2001 terrorist attacks in the US are increasingly driving information technology spending and could form a large part of the IT solution providers’ revenues. Global consultant PriceWaterhouseCoopers (PwC) estimates that this segment could be worth $200 billion by 2005 and form 70 per cent of all new application development. ...

Read More »

KPMG sells Swiss and Belgian consulting arms

KPMG has sold Swiss and Belgian consulting operations to Mercer and Aon respectively. Mercer Human Resource Consulting has bought the Swiss benefit consulting business of KPMG for an undisclosed sum. The move follows the sale of KPMG Actuaries in Belgium to Aon Consulting, also for an undisclosed sum. Mercer said in a statement that it has a definitive agreement with ...

Read More »

Islamabad Stock Exchange listed companies asked to rotate auditors

The Islamabad Stock Exchange has issued a circular dated November 12, 2003 informing all listed companies that they are required to change their external auditors every five years as per the Code of Corporate Governance. The circular also states the change of auditors is required by companies whose financial years have ended on September 30, 2003 or going to end ...

Read More »

IFAC Seeking Technical Manager for Small-to-Midsized Practices

The International Federation of Accountants (IFAC), a global organization of nearly 160 accounting bodies in 118 countries, is seeking candidates for the post of technical manager — professional accountants in small-to-midsized practices. The post would provide support to the newly established SMP task force that would identify and address critical issues facing practitioners in small-and-midsized practices. The post also entails ...

Read More »
X