Home » News » Practice (page 71)

Practice

IFAC Issues Exposure Draft on Compliance with International Financial Reporting Standards

(New York/Oct. 28, 2002) — The International Federation of Accountant's International (IFAC's) Auditing and Assurance Standards Board (IAASB) is proposing new guidance designed to clarify when financial statements are in full compliance with International Financial Reporting Standards (IFRSs), thus contributing to greater consistency in the application of these standards. The exposure draft of International Auditing Practice Statement (IAPS) Reporting on ...

Read More »

IAASB Seeks Comments on Audit Risk Guidance

(New York/Oct. 29, 2002) — Contributing to the improvement of audit quality worldwide, the International Federation of Accountant's (IFAC) International Auditing and Assurance Standards Board (IAASB) has proposed new standards to help auditors identify and address audit risks. On an international level, the proposed new guidance represents significant changes to the standards governing audits of financial statements. Three International Standards ...

Read More »

Gemstar Drops KPMG as Auditor

New York (Nov. 5, 2002) TV Guide publisher Gemstar said it has fired KPMG, its outside auditor, following a disagreement over the company’s financial statements. The dispute centered on a restatement of the company’s financial statements, which was recommended by the board’s audit committee, but rejected as unnecessary by KPMG. “We were not surprised we were terminated in light of ...

Read More »

PwC sets to take up limited liability status in new year

PricewaterhouseCoopers, the UK’s largest accountancy firm, has set a new target date of 1January 2003 to turn itself into a limited liability partnership. It had originally announced that it would take up LLP status in the UK on 1 July this year, but the plans were delayed as the firm moved to sell its consulting arm to IBM in a ...

Read More »

US government sues Ernst & Young

The accounting giant Ernst & Young has been taken to court by a US government agency. The government's $548m (£350m) fraud and negligence lawsuit alleges that the firm has misstated the assets of one of its clients, the failed Superior Bank. The suit, brought by the Federal Deposit Insurance, also alleges that Ernst & Young deliberately delayed reporting the error ...

Read More »

E&Y To Chart Out Plan For Kerala (India) Technopark’s Growth

The Kerala government has appointed Ernst & Young (India) to prepare a masterplan for the second phase growth of Technopark, the IT infrastructure showpiece of Kerala. Speaking to mediapersons here, Technopark chief executive officer Rajiv Vasudevan said the brief for the consultants would also cover the possibility of attracting private investment for the purpose. The state industry & IT minister ...

Read More »

Ernst & Young sued for £1.3bn over bank failure

The US accounting industry was in the dock again last night as the federal government filed a $2bn (£1.3bn) lawsuit against Ernst & Young for alleged fraud, negligence and professional misconduct in its auditing of a Chicago savings bank that failed in July 2001. The suit has been brought by the Federal Deposit Insurance Corporation (FDIC), which insures customer deposits. ...

Read More »

Accounting firms deny scam accusations

Two small accounting firms in UK, whose assets have been frozen by the Financial Services Authority (FSA), have denied that they took millions of dollars from investors in an unlawful money scheme. The financial watchdog obtained a court injunction against the firms, Dobb White & Co and Morris White & Co, to stop their activities. On Wednesday it issued a ...

Read More »

PwC Settles Anicom Suit for $21.5 million

NEW YORK (Reuters) – PricewaterhouseCoopers LLP agreed to pay $21.5 million to settle lawsuits by Anicom Inc. shareholders and creditors accusing the firm of recklessness in certifying Anicom's books, the Wall Street Journal reported in its online edition on Tuesday. The plaintiffs in the suit alleged that PricewaterhouseCoopers acted recklessly by certifying the company's financial statements during the years leading ...

Read More »

Ernst & Young to sell vulnerability management tool

ESsecurityOnline, a security software company owned by Ernst & Young, is wading into the security management market with a vulnerability management appliance. The product, called eSO Advisor, will use a database of information collected by Ernst & Young experts to help organisations track and manage security vulnerabilities on their networks and will sell for $32,495 (£20,849). The product allows companies ...

Read More »
X