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XBRL The Next Key Technology: PwC

Consulting major PricewaterhouseCoopers (PwC) is betting on eXtensible Business Reporting Language (XBRL) as one of the key technologies to be rapidly adopted in the near future. In its recently released ’Technology Forecast’ of the worldwide IT industry, it says that XBRL will significantly change business reporting in the coming years. It is an electronic format for simplifying the flow of ...

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Demand for auditors rises sharply

Ernst & Young, one of the world's four biggest auditing firms, needs to hire 400 employees in mainland China every year to meet rising demand for auditors as multinational companies increase investments to take advantage of China's rapid economic growth, said a senior official of the firm. “The bottleneck that hampers our development here is the lack of talents. Even ...

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E&Y to script Dhampur asset sale

Dhampur Sugar Mills in India has mandated Ernst & Young to chalk out an asset sale strategy as a part of the company’s ongoing debt restructuring exercise. Under the terms of the mandate, Ernst & Young will initially identify the unit to be sold, conduct a valuation, and later scout for a buyer. “The investment banking mandate to Ernst & ...

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Stiffer Security Norms To Create $200 bil IT Solutions Market: PwC

Government regulations and statutory requirements, many initiated after the September 11, 2001 terrorist attacks in the US are increasingly driving information technology spending and could form a large part of the IT solution providers’ revenues. Global consultant PriceWaterhouseCoopers (PwC) estimates that this segment could be worth $200 billion by 2005 and form 70 per cent of all new application development. ...

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KPMG sells Swiss and Belgian consulting arms

KPMG has sold Swiss and Belgian consulting operations to Mercer and Aon respectively. Mercer Human Resource Consulting has bought the Swiss benefit consulting business of KPMG for an undisclosed sum. The move follows the sale of KPMG Actuaries in Belgium to Aon Consulting, also for an undisclosed sum. Mercer said in a statement that it has a definitive agreement with ...

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Islamabad Stock Exchange listed companies asked to rotate auditors

The Islamabad Stock Exchange has issued a circular dated November 12, 2003 informing all listed companies that they are required to change their external auditors every five years as per the Code of Corporate Governance. The circular also states the change of auditors is required by companies whose financial years have ended on September 30, 2003 or going to end ...

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IFAC Seeking Technical Manager for Small-to-Midsized Practices

The International Federation of Accountants (IFAC), a global organization of nearly 160 accounting bodies in 118 countries, is seeking candidates for the post of technical manager — professional accountants in small-to-midsized practices. The post would provide support to the newly established SMP task force that would identify and address critical issues facing practitioners in small-and-midsized practices. The post also entails ...

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IFAC Invites Comments on Ethics Code Revision on Audit Partner Rotation

The Board of the International Federation of Accountants (IFAC) has agreed to issue an exposure draft (ED) of a revision to its Code of Ethics for Professional Accountants to clarify guidance pertaining to lead partner rotation for audit clients that are public companies. When the Ethics Committee initially updated Section 8 of the Code, “Independence Requirements for Assurance Engagements,” in ...

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IFAC Council Adopts Reforms to Improve Audit Quality Worldwide

The Council of the International Federation of Accountants (IFAC) has unanimously approved a set of reforms designed to strengthen international audit standard-setting processes, achieve convergence to international standards and ensure that the international accountancy profession is responsive to the public interest. The reforms, the most comprehensive in IFAC's history, are unanimously supported by international regulators. “Council approval of the reforms ...

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Deloitte & Touche offers settlement

Deloitte & Touche has offered a $32 million settlement for a class action lawsuit filed in respect the the Manhattan Investment Fund fraud, according to a legal notice published in The Royal Gazette on Friday. The pay out will be available to individuals and companies that bought shares in the scam between October, 1995 and January, 2000 and lost money. ...

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