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IFAC Invites Comments on Ethics Code Revision on Audit Partner Rotation

The Board of the International Federation of Accountants (IFAC) has agreed to issue an exposure draft (ED) of a revision to its Code of Ethics for Professional Accountants to clarify guidance pertaining to lead partner rotation for audit clients that are public companies. When the Ethics Committee initially updated Section 8 of the Code, “Independence Requirements for Assurance Engagements,” in ...

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IFAC Council Adopts Reforms to Improve Audit Quality Worldwide

The Council of the International Federation of Accountants (IFAC) has unanimously approved a set of reforms designed to strengthen international audit standard-setting processes, achieve convergence to international standards and ensure that the international accountancy profession is responsive to the public interest. The reforms, the most comprehensive in IFAC's history, are unanimously supported by international regulators. “Council approval of the reforms ...

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Deloitte says couldn't detect Ahold irregularities

Deloitte & Touche defended itself on Wednesday from criticism it failed to detect profit overstatements at retailer Ahold, saying it stood defenceless in the face of deliberate deception. “Accountants have no chance in the face of deliberate collusion. You cannot detect fraud it there are no traces… Last year there were no traces of fraud,” Jan Dalhuisen, an executive board ...

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PricewaterhouseCoopers Quits Myanmar

PricewaterhouseCoopers has joined several other firms in pulling out of Myanmar, according to a British lobby organization, after international criticism of the Asian nation's human rights record. The Burma Campaign UK said it received confirmation from the consultancy group on Thursday that it had cut ties with the country. Earlier this year, the world's second-biggest tobacco group, British American Tobacco ...

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XBRL Fellow Positions Established at FASB and IASCF

XBRL International, a consortium of more than 200 leading accounting, technology and financial services companies and government agencies, announced today the establishment of two fellow positions at the Financial Accounting Standards Board (FASB) and the International Accounting Standards Committee Foundation (IASC Foundation). Both will be responsible for liaising with the XBRL Consortium and furthering XBRL awareness at both organizations. FASB ...

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Telecom tops M&A deals in first half: PwC

Large cross-border transactions and consolidation have marked an upturn in mergers and acquisitions (M&As) in the technology sector globally during the first half of 2003. The top 10 deals were struck in telecom sector, which is looking at ways to reduce debt and refocus on its core activities. PricewaterhouseCoopers’ (PWC) latest report, Technology Sector Insights, released today shows market confidence ...

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Big accounting firms not too big to fail: US audit regulator

The top US audit regulator on Tuesday said he had privately warned the Big Four accounting firms against thinking they are too big to fail, despite fears that corporate America will not be able to handle another Andersen-style meltdown. The warning comes as the Public Company Accounting Oversight Board chief said evidence so far suggested the top accounting firms are ...

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Deloitte & Touche offers settlement

Deloitte & Touche has offered a $32 million settlement for a class action lawsuit filed in respect the the Manhattan Investment Fund fraud, according to a legal notice published in The Royal Gazette on Friday. The pay out will be available to individuals and companies that bought shares in the scam between October, 1995 and January, 2000 and lost money. ...

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SEC Investigating Wachovia-KPMG Link

Wachovia Corp. has said that the Securities and Exchange Commission in USA has opened a formal investigation into the company's relationship with its independent auditor, KPMG LLC . Wachovia, the Charlotte, N.C.-based financial services company, said in its third-quarter financial statement filed with the SEC that the agency's previously reported inquiry became a formal investigation Oct. 21. The SEC has ...

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FASB to Require Reporting on Investments

All U.S. companies with traditional retirement plans will have to start disclosing the investment strategies they use in the plans under a pending rule, accounting rule-makers said Wednesday. The move will be a significant change for the companies, which currently don't have to make public any details about the kinds of assets they hold in their retirement plans. Under the ...

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