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Tag Archives: Accounting Profession News

Survey: Your accountant is your best friend

Accountants are the first choice when it comes to entrepreneurs seeking advice, according to a new survey. And it’s not just to talk finance. The survey, by the accountancy software company Sage, found that more than two thirds of business people speak to their accountants about general business issues, well ahead of banks, solicitors, the government or colleagues. “This survey ...

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Indian mutual fund industry to see more M&As: KPMG

The Indian mutual fund industry is expected to see more mergers and acquisitions even as funds face the challenge of regaining investor trust, global consultants KPMG said on Wednesday. “Some consolidation has happened over the last few years and more transactions are expected to happen as smaller players get marginalised and global players enter India and large national players look ...

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ICAI to write to GTB auditors

Even as the Reserve Bank of India's letter alleging “misconduct” by statutory auditors of Global Trust Bank (GTB) does not constitute a formal complaint, the Institute of Chartered Accountants of India (ICAI) intends to write to the auditors concerned seeking their views on the matter. A period of two weeks would be granted to the auditors concerned to reply to ...

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Court ruling leaves KPMG with £65m bill

Partners at KPMG could face having to make up a £65m deficit in the accountant's pension scheme after a High Court ruling went against the firm yesterday. The court ruled that the occupational pension scheme, which KPMG closed in March 2000, is a defined-benefit scheme, leaving the firm and its current partners liable for any shortfalls. KPMG had argued that ...

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IAASB issues revised ISA which calls on auditors to plan audits more rigorously

The International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) has released a revised International Standard on Auditing (ISA) requiring auditors to be more rigorous in the planning of their audits. The revised ISA 300, Planning an Audit of Financial Statements, builds on the new audit risk standards issued last year and requires the auditor ...

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IAASB Proposes Enhancements to its Due Process and Working Procedures

As part of its ongoing commitment to develop high quality international standards, the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) has issued an exposure draft (ED) proposing certain enhancements to its due process and working procedures. The ED also proposes to expand the present description of IAASB's due process and working procedures to ...

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IASB publishes Exposure Draft on Financial Instrument Disclosures

The International Accounting Standards Board (IASB) has published proposals to improve disclosures about financial instruments in financial statements. The proposals are set out in an Exposure Draft of an International Financial Reporting Standard (IFRS) ED 7 Financial Instruments: Disclosures. If adopted, the proposed IFRS would apply to all entities. However, the extent of disclosure required would depend on the extent ...

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Member ICMAP Council appointed Secretary, Ministry of Education

Mr. Sajid Hassan, Member, ICMAP National Council has been elevated to the post of Federal Secretary, Ministry of Education, Government of Pakistan. Prior to this position, he was holding the post of Additional Finance Secretary (Expenditure) in the Ministry of Finance, Government of Pakistan. He possesses vast experience and has been involved in: (i) the formulation and implementation of the ...

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Chartered accountants to discuss networking, mergers

“Networking, mergers and brand promotion of professional firms” will be among the themes of focus at a two-day all-India conference of chartered accountants to be held here from July 16. Conceived to meet the emerging needs of the profession and its clientele, the concept of “networking” aims at encouraging accountants located at distant places and operating on a stand-alone basis ...

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Suit against E&Y ruled to be without merit

A three-judge panel in Chicago, USA has ruled that a $2 billion federal lawsuit against Ernst & Young in connection with the failure of a Chicago savings and loan in 2001 is without merit. The lawsuit, brought by the Federal Deposit Insurance Corporation, accused accounting giant Ernst & Young of fraud and negligence in misstating Superior Bank's assets. The FDIC ...

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