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Tag Archives: Accounting Profession News

Big Four Escape SEC Wrath

While the Securities and Exchange Commission has trumpeted its record 598 enforcement actions for 2002, a Washington Post investigation noted that the actions were skewed toward smaller firms with only two Big Four auditors targeted for any sanctions or censure. The paper found that the SEC was much more likely to discipline auditors employed by smaller accounting firms. Former SEC ...

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Accounting firms offer to open their books to public scrutiny in UK

Accounting firms have for the first time offered to open their books to public scrutiny as part of a package of measures being reviewed by the Treasury and the Department of Trade & Industry. Although the level of disclosure will fall short of a publicly listed company's report and accounts, it will provide better access to the workings and pay ...

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PwC Outlines Strategies for Internal Control Framework

PricewaterhouseCoopers has released to the public a white paper on how executive officers can meet new reporting requirements mandated by the Sarbanes-Oxley Act. Affecting all public companies, the Act has established a new requirement that CEOs and CFOs explicitly evaluate and report to the public on the effectiveness of internal controls over financial reporting. To assist companies' compliance, PricewaterhouseCoopers' paper, ...

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Big accounting firms difficult target for SEC

WASHINGTON – The last fiscal year was a busy one for enforcement at the Securities and Exchange Commission. As departing chairman Harvey Pitt noted, the agency took a record 598 enforcement actions, up 24 percent from the year before. But a closer look at the numbers reveals one of the agency's persistent weaknesses: The big accounting firms that audit the ...

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Reforms to exorcise auditing's dark side

Changes to the way audit committees are bodied are aimed to prevent an Enron-style scandal happening in the UK, says Jim Gough Chairmen and women of listed companies are expected to be barred from membership of audit committees as part of a package of reforms aimed at reducing the risk of an Enron-style scandal in the UK. And non-executive directors ...

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Accountant gets jail time in fraud in the US

“Creative accounting” almost a half million dollars worth – on clients' tax returns has landed a Bronx tax preparer a year and a day in jail. Toni-Ann Landi received the sentence in Manhattan Federal Court this week after an earlier guilty plea to preparing false income tax returns for clients. She could have received up to five years. The Internal ...

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FASB Tightens Rules on Special Purpose Entities

The board that writes U.S. accounting rules issued new guidelines today aimed at preventing the kind of abuse of financing partnerships that helped trigger Enron Corp.'s collapse. The Financial Accounting Standards Board's rule on so-called special purpose entities, which Enron used to hide massive amounts of debt, requires that outside investors provide at least 10 percent of the SPE's capital ...

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E&Y unveils PayIndex product for corporates

Global consultancy major — Ernst & Young (E&Y) today announced the availability of its online compensation survey tool for Indian corporates — PayIndex. Unveiling the product and its benefits to a clique of corporate HR heads here, E&Y Compensation & Rewards Competency Leader Jyotirmoy Bose, said the India specific internet based tool focuses on key industry in the Indian market ...

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Accounting Rules in USA Changed to Bar Tactics Used by Enron

The nation's accounting rule makers took steps yesterday intended to make it harder for companies to hide debts and assets from their shareholders. At the same time, the Securities and Exchange Commission adopted rules aimed at changing other practices thrown into a harsh light by recent financial scandals. The accounting group, the Financial Accounting Standards Board, adopted new rules for ...

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International Auditing and Assurance Standards Board Seeks Comments on Audit Risk Guidance

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 on Auditing (ISAs) are exposed ...

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