Home » News » Practice (page 40)

Practice

New IIA chapter in Oman to promote professional auditing

The Institute of Internal Auditors (IIA) has formed its Oman chapter under the sponsorship of Oman Air. Oman Air aims at encouraging professional committees in the Sultanate, which have essential role in both public and private sectors. In this regard internal audit department of Oman Air has been the exam centre for certified internal audit exam since 2000, which is ...

Read More »

Embattled Ernst & Young rings in big changes

Barely a year ago Ernst & Young, like its peers, was racing to pick up the pieces left behind by Andersen's collapse, enjoying the windfall of new clients and talent. Since then, though, the picture has grown darker. Negative publicity from its involvement in a string of controversies has taken a toll on Ernst & Young. After a wave of ...

Read More »

Sun and Deloitte Consulting renew services partnership

Sun Microsystems' and Deloitte Consulting have extended their partnership to combine business and technology consulting. Both companies set up their alliance in March 2002 to sell Sun hardware and Deloitte Consulting services. The new partnership will be known as Rightsizing Consolidation Program, and will be delivered by consultants from both companies. Fed up with the costs and effort of managing ...

Read More »

Andersen Worldwide to Settle Enron Suits

>Andersen Worldwide, the network of foreign accounting firms once linked to Arthur Andersen, will pay $40 million to resolve lawsuits stemming from Enron Corp.'s collapse two years ago, according to court papers. Under the settlement, Enron shareholders and workers will split $25 million, court papers say. An arbitrator will decide how the money is divided. The remaining $15 million will ...

Read More »

PwC: Foreign investors in India may be crucial for setting up ARCs

Foreign investors in India may be crucial to set up effective asset reconstruction companies (ARC) and give teeth to the Securitisation Act 2002 not only to provide much of the $5 billion (Rs 24,000 crore) needed initially, but to help domestic institutions shed their conservative outlook. However, it might not be easy attracting such investors who have their hands full ...

Read More »

Accounting Firms Settle Enron Suit

In the first settlement of a lawsuit resulting from the collapse of the Enron Corporation two years ago, the network of foreign accounting firms once linked to Enron's auditor, Arthur Andersen, will pay $40 million, according to court papers. The affiliated firms, collectively known as Andersen Worldwide Société Coopérative, are seeking to resolve suits filed by Enron investors and workers ...

Read More »

EU to press for more bank-friendly accounting rules

The European Union will turn up the heat on experts drafting global accounting standards to prevent the rules from damaging its banks and insurers, finance ministers agreed on Tuesday following French pressure. The EU is to ditch national rules in favour of International Accounting Standards (IAS) in 2005 to improve the quality of financial reports at its 7,000 listed firms ...

Read More »

First IFRS is published

An international reporting milestone has been passed by the publishing of the first standard developed wholly by the International Accounting Standards Body (IASB). International Financial Reporting Standard (IFRS)1 “First-time adoption of financial reporting standards” applies when an entity adopts international standards for the first time with an explicit statement of compliance with IFRSs. IFRS 1 replaces SIC-8 “First-time application of ...

Read More »

Deloitte loses £15m Vodafone work

Deloitte & Touche, the UK’s second biggest accountancy firm, is set to lose up to £15 million in consultancy fees from Vodafone. It follows Deloitte’s decision not to hive off its consulting arm from its consultancy division. The mobile phone multinational said that the Sarbanes-Oxley Act, introduced in the US after the Enron accounting scandals, had forced it to choose ...

Read More »

Big Four accountants' lose £200m in UK

The top UK accounting firms have lost more than £200m a year in fees from major corporate clients on the back of the Enron scandal. A global clampdown on the add-on services audit firms can sell to their clients has seen the Big Four accounting giants lose lucrative consulting contracts on a massive scale. That, plus a collapse in mergers ...

Read More »
X