Archive for: August, 2010

Companies Using Less Cash for Pension Shortfalls: Pricewaterhouse Coopers

Companies Using Less Cash for Pension Shortfalls: Pricewaterhouse Coopers

According to an analysis by Pricewaterhouse Coopers, over the next year companies who want to repair their defined benefit pension scheme deficits will be inclined to use assets more than cash contributions. The firm’s analysis is showing that more than a fifth of the FTSE 100 companies has being using a form of asset to [...]

PwC Reports 4% Growth: Turnover Hits £2.33 Billion

PwC Reports 4% Growth: Turnover Hits £2.33 Billion

Pricewaterhouse Cooper’s has grown by 4%. It has reported a turnover of £ 2.33 billion. Ian Powell, who is UK Chairman for the firm, has said in a statement that the 4% growth has been made possible because it has “held in nerve” despite the challenging economic climate that have resulted due to the recession. [...]

Big Four Planning to Hire 20% More Graduates This Year Than 2009

Big Four Planning to Hire 20% More Graduates This Year Than 2009

Thousands of University graduates are going to join the Big Four this year as the companies gear up to overtake last year’s financial crisis. With this move, the graduate intake is rising to levels that were last seen before the financial crisis occurred.

Prison Sentence and Fine for KPMG Tax Avoidance Case

Prison Sentence and Fine for KPMG Tax Avoidance Case

An US appeals court has upheld the tax avoidance case by employees of KPMG. KPMG is one of the Big 4 firms which are supposedly the dominant players in its audit market. The appeals court has upheld the conviction of a lawyer and two former employees of KPMG over illegal tax shelters. It has however [...]

Pricewaterhouse Coopers Comes Under Scrutiny by Moscow Court

Pricewaterhouse Coopers Comes Under Scrutiny by Moscow Court

Pricewaterhouse Coopers is set to be scrutinized by a Moscow court today for its involvement in a Yukos audit. Pricewaterhouse Coopers is the global audit giant and is presently at the top of the Big 4 pile of audit firms. The case to be heard is about the involvement of Pricewaterhouse Coopers in a Yukos [...]

Vacancy Levels Up by 17% for New Accountants

Vacancy Levels Up by 17% for New Accountants

The demand for new accountancy staff has reached a record high in the month of August this year, according to an analysis of online recruiting data by the Reed Global Group. This surge in demand comes as a surprise against the background of a flat job demand market across the UK. The Reed Job Index [...]

SEC Fine for Accounting Violations at Zoltek

SEC Fine for Accounting Violations at Zoltek

Kevin Schott, who is the former CFO of Zoltek has been fined $20,000 (£12,800) by the SEC (Securities and Exchange Commission). The fine has been announced due to charges against Schott for a series of accounting violations. The SEC has claimed that Schott had taken control of the internal auditing practice of Zoltek and made [...]

FGS Accountant Awarded £25,000 for Unfair Dismissal

FGS Accountant Awarded £25,000 for Unfair Dismissal

A former accountant at FGS McClure (financial advisory firm, with offices in Dublin, Belfast and Longford, Ireland) has been awarded £24,634 for unfair dismissal from work after a tribunal found that the company had not followed any redundancy process. Emma McGuigan, the former manager at the Belfast-based accountancy firm was made redundant in January 2009. [...]

Changes to Be Made in the Audit Commission

Changes to Be Made in the Audit Commission

Michael O’Higgins, who is Audit Commission Chairman, has confirmed that many firms are willing to buy all or part of the Audit Commission, after the decision had been made by the board to scrap it. Higgins has said in a statement that more than 4 private audit firms are very enthusiastic about buying off all [...]

FRRP Concerned About Smaller Company Financial Reports

FRRP Concerned About Smaller Company Financial Reports

Over the last year, FRRP, the financial reporting regulator has asked three companies to restate their accounts after they failed to comply with the legal requirements of the Companies Act. The three companies which have got the rap from FRRP are named Designcapital, Brewin Dolphin and Robin Webster. The Financial Reporting Review Panel said that [...]

Big 4 Partner Leaps to Audit Defenсe

Big 4 Partner Leaps to Audit Defenсe

John Connolly, Deloitte’s senior partner came to the defence of the auditing profession today, claiming auditing is “still the primary business” for firms involved in professional services. Connolly went so far as to say that the recent criticism by regulators was flawed and that the audit system was far from imperfect.

NYC Loses Out on Property Taxes

NYC Loses Out on Property Taxes

New York City has lost its bid to collect about $47 m (£30 m) on UN property taxes. The New York City had claimed that two foreign governments were using parts of their UN United mission building to perform tasks that were of a non diplomatic nature. The court has ruled that the City’s claim [...]

HMRC Plans to Reach Agreements and Use Mediation in Tax Disputes

HMRC Plans to Reach Agreements and Use Mediation in Tax Disputes

HMRC (HM Revenue & Customs) is planning to adopt a less aggressive approach than its current stance in resolving tax disputes with businesses. The move is being considered by the regulatory body in a bid to cut the growing legal logjam that has locked up billions of pounds in court battles over avoidance. Dave Hartnett, [...]

De La Rue Value Dips by 10% After Audit Finding of “serious Irregularities”: COO Quits Following Revelation

De La Rue Value Dips by 10% After Audit Finding of “serious Irregularities”: COO Quits Following Revelation

De La Rue’s finance director, Colin Child, has taken on the post of chief operating officer on an additional basis. De La Rue is the largest producer of bank notes in the country. Colin Child took on the additional role as Chief Operating Officer after the senior manager who held the post quit. An internal [...]

FRRP Concerned About Smaller Company Financial Reports

FRRP Concerned About Smaller Company Financial Reports

Over the last year, FRRP, the financial reporting regulator has asked three companies to restate their accounts after they failed to comply with the legal requirements of the Companies Act. The three companies which have got the rap from FRRP are named Designcapital, Brewin Dolphin and Robin Webster. The Financial Reporting Review Panel said that [...]

SEC Fine for Accounting Violations at Zoltek

SEC Fine for Accounting Violations at Zoltek

Kevin Schott, who is the former CFO of Zoltek has been fined $20,000 (£12,800) by the SEC (Securities and Exchange Commission). The fine has been announced due to charges against Schott for a series of accounting violations. The SEC has claimed that Schott had taken control of the internal auditing practice of Zoltek and made [...]

Audit Commission Is to Be Scrapped

Audit Commission Is to Be Scrapped

Michael O’Higgins, who is Audit Commission Chairman, has confirmed that many firms are willing to buy all or part of the Audit Commission, after the decision had been made by the board to scrap it. Higgins has said in a statement that more than 4 private audit firms are very enthusiastic about buying off all [...]

Europe Criticizes Lack of Transparency in IASB Appointment

Europe Criticizes Lack of Transparency in IASB Appointment

European politicians are not happy at the lack of transparency in the process of finding a new chairman the IASB (International Accounting Standards Board) follows. The fresh criticism has started over the history of complaints from Europe as to the working style of IASB. Criticism had also flowed about the working style of Sir Tweedie, [...]

Five FD to Leave Channel 5

Five FD to Leave Channel 5

Channel 5 is going for a massive cost-cutting initiative following an internal audit which found that a lot of company profits were being spent on top executives’ salary. Channel 5 has asked Finance Director David Hockley along with 6 other executives working for the broadcaster to leave. The move has come in after Richard Desmond, [...]

Watchdog Proposes More Transparency in Disciplinaries

Watchdog Proposes More Transparency in Disciplinaries

The Accountancy and Actuarial Discipline Board is holding consultations within its own board to decide on whether or not to file disciplinary complaints with a view to increase the transparency in the process AADDB follows. The AADB is planning to propose disciplinaries under its accountancy scheme. The new proposals are expected to have an effect [...]