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Tag Archives: Accounting Profession News

SECP for uniform educational standards

Chairman Securities and Exchange Commission of Pakistan (SECP) Dr Tariq Hassan emphasised the need for adoption of uniform educational standards for accountants while addressing a seminar arranged by ICAP. Dr Hassan urged the Institute of Chartered Accountants of Pakistan (ICAP) to take the lead in facilitating access to continuing professional development opportunities as well as establishing benchmarks for developing and ...

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Ernst & Young says its services were proper

Ernst & Young has said it intends to defend itself “vigorously” against a complaint filed against it by the U. S. attorney in Philadelphia related to health care consulting services it performed for nine hospitals from 1991 to 1995. “Our work was fully consistent with professional standards and coding guidelines at the time,” the firm said. “We received a flat ...

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6 military accountants under investigation by FIA

Federal Investigation Agency (FIA) has included some six military officers in the investigation on charges of embezzling Rs 43.3 million within two weeks on cheques stolen from military accounts. The accused include Abdul Rehman Noori, Malik Muhammad Saleem, Mian Asghar, auditory military accounts Muhammad Niaz, Assistant Accountant officers Saleem Allah Khan and Azfar Ali. It is pertinent to mention here ...

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PwC bearish on retail business

Even as India finds itself in the midst of a retail boom, professional services firm PricewaterhouseCoopers (PwC) has asked multinational retail companies to treat India with caution on account of strong regulatory controls and an element of political risk. PwC has recommended caution for India, Indonesia, Malaysia, the Philippines and Taiwan in a recent report — Retail in Consumer Growth ...

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Former Enron chief accountant faces charges

Enron Corp.'s former chief accounting officer is expected to surrender to federal authorities on Thursday to face charges related to the disgraced energy trading powerhouse's 2001 collapse, sources close to the case told The Associated Press. The exact nature of the criminal complaint against Richard A. Causey was not immediately clear. Causey, who turns 44 on Friday, and another executive ...

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Parmalat unit fires Grant Thornton

Parmalat Spa, a unit of the bankrupt Italian food and dairy group Parmalat will dismiss auditors Grant Thornton, Parmalat said today in a statement. No details were provided. Grant Thornton had certified Parmalat's overall accounts until 1999 and continued to be responsible for those of several subsidiaries after handing over the parent group's books to Deloitte and Touche. Among those ...

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Grant Thornton US arm distances itself from Italy

Grant Thornton's key US unit has said it started reaching out to clients and employees in a bid to distance itself from its Italian counterpart tainted by the Parmalat fraud. In an interview, Grant Thornton LLP's Chief Executive, Ed Nusbaum, said he had told partners to reassure clients the US firm would be unaffected by the Parmalat crisis. A conference ...

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Grant Thornton CEO sees damage from Parmalat

The global name of accountancy firm Grant Thornton International had been damaged by the Parmalat accounting scandal, Chief Executive David McDonnell was quoted by the Financial Times newspaper on Tuesday as saying. Its Italian affiliate, Grant Thornton SpA, audited certain Parmalat Finanziaria SpA units, including a Cayman Islands unit at the centre of the multi-billion-euro scandal. “It would be a ...

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Global accounting standards too important to fail now, says ACCA

The goal to achieve a global set of financial reporting standard is vital for the credibility of the world's capital markets, said the Association of Chartered Certified Accountants (ACCA). It said new “improved standards” paved the way for European listed companies to adopt the International Accounting Standards (IAS) in 2005. In turn, IAS should give more thought to the due ...

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Grant Thornton's image threatened by Parmalat

Welcome to the big leagues! In an industry torn apart by scandals over the past two years, mid-size accounting firm Grant Thornton had so far been able to keep a squeaky clean image and aggressively push for reform while its peers stood on the defensive. Thanks to the accounting debacle at Italian food maker Parmalat, however, the firm could soon ...

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