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SEC: Ernst & Young Violated Rules

WASHINGTON (AP) – Federal regulators, after an initial failure, alleged for a second time Wednesday that Ernst & Young violated rules designed to keep accountants independent from the companies they audit when it engaged in business with a software company client. The Securities and Exchange Commission took the action again against the big accounting firm now that there are enough ...

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With two top guys leaving, reforms and policing of corporate America thrown into disarray

WASHINGTON (AP) — Reforms and the policing of corporate America have been thrown into disarray at a critical time for investor confidence with the resignations under fire of the Securities and Exchange Commission's chairman and the new head of an accounting oversight board. SEC Chairman Harvey Pitt and William Webster, a former director of the FBI and CIA, both have ...

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Deloitte Annual Revenues Flat

New York (Nov. 11, 2002) – Facing significant revenue losses related to the Sept. 11 terror attacks, Deloitte Touche Tohmatsu reported a scant 1-percent increase in year-end global revenues, to $12.4 billion, for the period ended May 31. That fell far short of last year’s revenue growth of nearly 11 percent for the same period. Deloitte also reported that its ...

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Microsoft and PwC Roll Out Vat.Net

New Delhi: Software major Microsoft Corporation India Pvt Ltd and professional services firm PricewaterhouseCoopers (PwC) India have launched a value added tax (VAT) solution for state tax departments in India. The two companies have jointly invested $1 million to develop the VAT solution, according to PwC director Roopen Roy. “Most of our development work is done through partnerships as we ...

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New global accounting rules unveiled

New accounting proposals by the International Accounting Standards Board will force listed companies to deduct the cost of stock options from their reported profits, it emerged on Thursday. Companies will be required to recognise the cost of stock options and cash payments tied to the value of shares at the time of inception in terms of the proposals, the business ...

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Accounting Firm claims Chief Govt Audit Overseer Fired it when it raised Financial Problems

Accounting firm BDO Seidman LLP released documents yesterday that showed that William H Webster had fired it as the auditor of US Technologies after the firm warned him about financial problems at the company, newspapers reported. Webster, who has been named by the US Securities and Exchange Commission to head a new board overseeing the accounting industry, has said he ...

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SEC's Head Accountant in USA Resigns

The chief accountant of the Securities and Exchange Commission in the US resigned yesterday after 15 months in office, the second top official in the agency to depart because of his role in the controversial selection of former FBI and CIA director William H. Webster as head of the new national board to police the accounting industry. Robert K. Herdman ...

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New Fraud Standard Expands All Auditors Responsibility

The Auditing Standards Board of the AICPA has issued SAS No. 99, Consideration of Fraud in a Financial Statement Audit, that gives U.S. auditors increased responsibility for detecting material fraud. “While many reforms have been focused on public companies that have to file with the SEC, this Standard affects how the auditor conducts audits of any company, and encourages an ...

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FASB and IASB Agree to Work Together toward Convergence of Global Accounting Standards

LONDON, United Kingdom: The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have issued a memorandum of understanding, marking a significant step toward formalizing their commitment to the convergence of U.S. and international accounting standards. The FASB and IASB presented the agreement to the chairs of leading national standard setters at a two-day meeting being held in ...

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IFAC Task Force Focuses on Restoring Credibility in Financial Statements

(New York/October 18, 2002) – Improving the credibility of financial reporting worldwide is the objective of a new task force appointed by the International Federation of Accountants (IFAC), an organization representing more than 150 accountancy organizations from around the world. The IFAC Task Force on Rebuilding Public Confidence in Financial Reporting will be chaired by John Crow, former Governor of ...

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