Wanted: gutsy leader to sip from poisoned chalice Nov 17, 2009
The accounting profession failed, the auditing profession failed, the Securities and Exchange Commission (SEC) failed, the whistle-blowing system failed, and the ability of informal networks to exert moral influence failed. Absolutely everything that might have helped to curb Madoff's ability to con people out of huge amounts of money, failed. (Business Report, South Africa)
Accounting grows amid downturn Nov 14, 2009
Deloitte Touche Tohmatsu CEO James Quigley, pictured, says change is good for the accounting profession. STORY HIGHLIGHTS. (CNN -- International)
Balancing the budget to improve fiscal health Oct 22, 2009
As responsible members of the accounting profession, Association of Chartered Certified Accountants (ACCA) members highlighted the need to increase revenue judiciously while enhancing sovereign fiscal discipline in anticipation of Budget 2010. Given daunting economic conditions, Government revenue this year was forecast to drop to RM160bil from about RM175bil last year, said Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah, while in 2010, it would fall even further. (The Star Online, Malaysia -- Business)
No big plaudits for audits Oct 22, 2009
And the dramatic events of 2007 and 2008 exposed an ugly truth, which the accounting profession refuses to acknowledge. It is this: auditing is all but dead. (Sydney Morning Herald -- Business)
Annual reports not much use to average reader Oct 13, 2009
Annual reports dont provide much use to the average reader - Pittsburgh Business Times. for free extra services. (Pittsburgh Business Times, PA)
Syed Faisal: A number tells a thousand stories Oct 10, 2009
Below, he talks about what it is about working in PwC and the accounting profession that preps one up for CEO-ship ... Is it the nature of the accounting profession ability to dissect accounts, number crunch, financial savvy that accords one with the necessary tools to become CEO. (The Star Online, Malaysia -- Business)
Your 10 questions Aug 29, 2009
This is why the accounting profession strongly supports the establishment of the new Audit Oversight Board (AOB) for auditors of public-listed companies. A well-led AOB will enhance standards in PLC auditing, and with it, the credibility of the profession which we have devoted our working lives to building. (The Star Online, Malaysia -- Business)
Eli Mason, 88; accountant was a leader on ethics Aug 11, 2009
NEW YORK - Eli Mason, a forceful voice for independence in the accounting profession and a sharp critic of some of the practices of large accounting firms, died yesterday in Manhattan, his son-in-law Max Hirshfeld said. He was 88. (Boston Globe)
NASBA in Support of Independently Funded Accounting Standard Setting Board Aug 5, 2009
The G20 Summit which brought together over 60 leaders from the international accounting profession called for governments and regulators to step up the initiatives to promote convergence to one set of global standards. The ideal of global standard setting and acceptance must also include the "critical elements of total transparency and vetting to all affected parties," exclaimed Mr. Costello, referring to the unnecessary roadblocks International Financial Reporting Standards (IFRS) has... (PR Newswire)
CalCPA Celebrates Century of Serving Accounting Profession Jun 19, 2009
Founded by 36 individuals in 1909 in San Francisco, CalCPA is now the nation's largest state association of accounting professionals. Its 14 chapters offer professional development events for members, scholarships for accounting students and opportunities for CPAs to serve their communities. (PR Newswire)
Audio blog: The state of the profession Jun 16, 2009
In this brief audio clip, Mark Lee gives us a brief glimpse of his formthcoming speech on the future of the accounting profession and the key points practice managers should be considering when formulating their strategic plans. Next week, Mark will explore the subject in more detail in an opinion piece based on his speech. (Accounting Web, UK)
Accountants focusing on the wrong skills Jun 3, 2009
Lynne Hardman, executive director at Badenoch looks at the evolving role of the accounting profession and employee skill sets. Traditionally, accounting and finance professionals are thought of as the people who do the numbers and carry out financial functions within a company. (Accounting Web, UK)
Regulatory roulette Jun 3, 2009
Section 404, in particular, required companies to get their internal control systems audited and has proved a bonanza for the accounting profession and a huge cost for everyone else. Sarbanes-Oxley has caused a high proportion of major foreign public companies to delist themselves from the New York Stock Exchange, with the unintended consequence of raising an artificial barrier to the globalization of capital markets and effectively barring many large foreign companies to US retail investment. (Asia Times Online)
Groundbreaking proposals unveiled for the inclusion of climate change data in annual reports May 26, 2009
Michael Izza, Chief Executive of the Institute of Chartered Accountants in England and Wales and representative of the accountancy profession at the summit said: "Today, the imperative is for a market system that promotes sustainability and, essential to the success of that, are reliable flows of relevant and accurate information. This is the domain of the accounting profession. The CDSB's reporting framework, of which we and other accountancy bodies as well as chartered accountants from... (EurekAlert!)
Interview: Mark Billington, ICAEW May 22, 2009
The point of the institute is promote the accounting profession wherever it finds it. We no longer want geographical location to be a barrier to membership. (Accounting Web, UK)
FASB head urges decision on IFRS May 7, 2009
Although many in the accounting profession have argued for a gradual process of convergence to continue until the two sets of standards match, Herz argued that this would be unsustainable and a final decision will have to be taken at some point. Most people seem to be arguing (for) continued convergence until the two sets of standards are identical. (Accounting Web, UK)
Buffett uncertain on timing of rebound May 5, 2009
Then the accounting profession failed to catch problems and tolerated too much foolishness, Mr. Munger said. He said accounting rules that allow companies to report huge profit just before failing doesn't make sense. (Globe and Mail -- Business)
SMEs need support before regulation, says IFAC Apr 30, 2009
Bunting said that the global accounting profession should move decisively to implement a single set of high quality international financial reporting and auditing standards with the support of the World Bank. Implementation is vital to strengthening global financial systems, especially during this time of economic crisis, stated Mr. Bunting. (Accounting Web, UK)
Bankers get a model rush Apr 9, 2009
In 1973, the accounting industry's American Institute of Certified Public Accountants, recognizing the danger that accounting by standards of hopeful wishes might eventually pose to the image and credibility of the accounting profession, united two previously independent accounting self-regulatory bodies into the new Financial Accounting Standards Board (FASB). Following on that, the US Securities and Exchange Commission accepted FASB as the organization responsible for setting accepted... (Asia Times Online)
Possible Solutions to the IR35 problem Apr 6, 2009
I'm still a little suspicious of the Accounting profession as most of the suggestions concerning IR35, including yours, are all based around increasing the tax take from contractors, those of the IT fraternity being the examples that seem to be targetted. I see no suggestions for increasing the tax take from sole traders or the self employed. (Accounting Web, UK)
Beat the recession masterclass, part two: The big opportunity Apr 1, 2009
In addition, there are also some further key facts and research findings that are specific to the accounting profession and which must also be factored very carefully into your plans if you are going to beat the recession. The seven key facts and figures specific to practitioners. (Accounting Web, UK)
KPMG chief appointed to Ohio board Mar 21, 2009
The accountancy board is charged with establishing rules of professional conduct to ensure the maintenance of integrity standards in the accounting profession. It s responsible for conducting CPA examinations and subsequent certification for Certified Public Accountants. (Cincinnati Business Courier, OH)
Law will swell ranks of registered CPAs Mar 21, 2009
The state laws that govern the accounting profession were written in 1947. As a result, many of the services commonplace in today s CPA firms, including tax preparation and management consulting, were not regulated. (Albany Business Review, NY)
Least bad option Mar 19, 2009
The tussle between the Institute of Chartered Accountants of India (ICAI) and the Reserve Bank of India (RBI) over loan classification is of a piece with the lack of agreement between the accounting profession and banks over the sanctity of marked-to-market rules. The accounting professions contention is that relaxations in the classification of borrowal accounts (as standard or sub-standard) could distort bank balance sheets ... In the aftermath of the Satyam fiasco the accounting profession... (India Times)
Accountants aren't boring and we can prove it! Mar 6, 2009
And some of the other types seldom appear in the accounting profession at all despite occurring in substantial numbers in the general population. Let me put you out of your misery. (Accounting Web, UK)
Letting a good crisis go to waste? Mar 6, 2009
While the morning's panel admitted that playing the blame game is getting us nowhere, it was perhaps inevitable that in the general efforts to give the accounting profession a clean sheet over the credit crunch that some scapegoats crept in. The bankers received the usual vilification they are getting everywhere else, and the lacklustre job done by Britain's non-executive directors was also highlighted. (Accounting Web, UK)
Tax havens: Time to act by Richard Murphy Mar 2, 2009
Or is it time for the accounting profession to join the call for reform that puts an end to this abuse for good. www. (Accounting Web, UK)
Morgenthau, Elected Manhattan Prosecutor in 1974, Says He Won't Run Again Feb 28, 2009
He was the first person to actively focus on misconduct in the securities industry, in the accounting profession, in the banking industry and among tax frauds, , an attorney who worked under Morgenthau for 30 years, said in a phone interview. His prosecutions are based on a concept there should be one law for the rich and the poor alike. (Bloomberg -- US)
Malaysia should embrace reforms Feb 21, 2009
The Malaysian market, like the US market, would benefit from a regular interactive process involving listed companies, investors, regulators and other stake holders (which would include the accounting profession and custodian banks) to develop and regularly review corporate governance best practices. Some may say, just another dialogue. (The Star Online, Malaysia -- Business)
Ex-MASB executive director joins Deloitte Feb 20, 2009
Deloitte Malaysia country managing director Tan Theng Hooi, said Nordin was highly regarded in the accounting profession. His knowledge and wealth of experience in conventional and Islamic accounting standards will further enhance the companys ability to deliver value to our clients, particularly in audit and Islamic finance, he said. (The Star Online, Malaysia -- Business)
King takes dim view of directors' shares Feb 18, 2009
For instance, the accounting profession globally had undergone a mammoth change with the corporate scandals of Enron and WorldCom and those closer to home, such as Regal Bank and LeisureNet. The Accounting Profession Act was passed into law in 2006. (Business Report, South Africa)
Online CPD - an overview by Nigel Harris Feb 18, 2009
Video conferencing may not have caught on yet, but this year all the major CPD providers to the accounting profession will be offering some of their normal update courses online, presented by the speakers we have all become familiar with on the live CPD circuit over the years. The advantage of webinars is that you view them from your desk, so a one hour course will take just 60 minutes of your time, zero travelling involved. (Accounting Web, UK)
