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Tag Archives: Accounting Profession News

Deloitte to Keep Its Consulting Unit

Deloitte Touche Tohmatsu reversed course on Friday and said that it would keep its consulting business, becoming the only accounting firm in the Big Four to retain its consulting and auditing services. Deloitte announced plans to spin off its consulting work in February 2002 when the corporate accounting scandals fueled calls for change. It was the last of the big ...

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New IFAC Publication Focuses on Quality of Earnings

The International Federation of Accountants’ (IFAC) Financial and Management Accounting Committee (FMAC) has released a new publication designed to educate management, accountants and other business decision makers about a wide range of issues that impact the quality of earnings. Quality of Earnings Case Study Collection was first published by the American Institute of Certified Public Accountants (AICPA). “Recognizing the importance ...

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Wall Street Players Hail XBRL

New York: The XBRL programming code for financial reports could provide a major boost to stock market investors, according to investment industry authorities at a symposium here. XBRL will lead to “the democratization of data,” said Alfred R, Berkeley, vice chairman of the NASDAQ Stock market. He said XBRL's potential to help investors and searchers more easily gather and disseminate ...

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PwC Poised to Close Profession's “Expectation Gap”

Auditing firm PricewaterhouseCoopers LLP is working to close the gap between what the public assumes auditors provide and what current accounting standards actually require, the firm's chairman, Dennis M. Nally, told 400 business executives at the Economic Club of Detroit. Stressing that a high-quality audit is essential to delivering the level of assurance investors require, he said PwC is working ...

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KPMG Legal is to rebrand as Kensington Swan

KPMG Legal in New Zealand is to rebrand as Kensington Swan from 1 April 2003. The decision to return to its former name after nearly three years as KPMG Legal has been driven by increased regulatory focus on auditor independence and changing attitudes to corporate governance issues by international and domestic clients. The legal firm’s CEO, Graham Shaw says that ...

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Deloitte opts for limited liability

Deloitte & Touche yesterday became the last of the Big Four accounting firms to say it would adopt limited liability status in an attempt to protect partners from Enron-style negligence claims. The UK arm, which absorbed Andersen's former partners and much of its business after the firm's collapse last year, announced its intention to convert in early summer. PricewaterhouseCoopers, Ernst ...

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KPMG celebrates 30th year in UAE

KPMG which started its UAE operations with a small office in Dubai in 1973 has grown in a big way during the last 30 years and has now 200 professionals operating from six offices nation-wide. It had reported revenues of $10.72 billion last year. The UAE practice is part of the global network of KPMG, which has over 100,000 people ...

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Four Merrill Lynch executives face charges in Enron scandal

Securities regulators have charged four former senior Merrill Lynch executives with helping Enron inflate profit and mislead investors with two complex transactions. The Securities and Exchange Commission also approved a settlement in which Merrill will pay $80 million to resolve the case. The SEC and the nation's biggest brokerage firm last month reached a tentative agreement regarding the 1999 financing ...

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Deloitte chief ponders dropping audit work

Deloitte Touche Tohmatsu chairman Piet Hoogendoorn warned over the weekend that exposure to lawsuits was forcing global accountancy firms to consider abandoning statutory audit work. Our Dutch sister site AccountingWEB.nl reported that in his role as chairman of the Netherlands professional body NIVRA, Hoogendoorn voiced his concerns in an interview with the 'Het Financieele Dagblad' newspaper. The big global firms ...

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AICPA Issues Exposure Draft on Internal Control Reporting

The Auditing Standards Board of the American Institute of Certified Public Accountants today announced its first step to implement a provision of the Sarbanes-Oxley Act, specifically Section 404. Section 404 of the Sarbanes-Oxley Act, “Management Assessment of Internal Controls,” stipulates that a public company must include in its annual report an assessment by management of the effectiveness of the internal ...

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