Archive for: September, 2010

IRS Employees to Train in International Financial Reporting Standards

IRS Employees to Train in International Financial Reporting Standards

The Treasury Inspector General for Tax Administration was advised in the latest report that employees of the IRS are being trained about IFRS and potential issues. In the report it stated the IRS employees are learning information pertaining to, but not limited to, the different concepts of the IFRS, how to work with tax preparers [...]

IFIAR in Discussions Over Core Principles for Regulators

IFIAR in Discussions Over Core Principles for Regulators

IFIAR (The International Forum of Independent Audit Regulators) is in discussions with global firms about having a set of core principles for independent audit regulators. The principles are meant to improve audit quality. The proposals were discussed in Spain at IFIAR’S recent meeting and reportedly covered the operations of audit regulators, audit oversight and principles [...]

Accountancy Firms Most Attractive Employers: Universum 2010

Accountancy Firms Most Attractive Employers: Universum 2010

In a new listing of the world’s most attractive employers by consultants Universum, the Big 4 is being seen as heading the table. The Big 4 accountancy firms have taken the cake in Universum’s 2010 index which lists the world’s most attractive employers. KPMG is second on the list, followed by Ernst and Young in [...]

18 Percent Failure of Business in UK

18 Percent Failure of Business in UK

A great number of business failures in UK are dropping down. According to the research of BDO, it’s going to take some time before the unsolvable problems are dropped to a reducible level before hand. In 2009, the company’s newest Industry Watch forecasts that the business failures are going to drop by 18 percent in [...]

An Expected Rise in the Corporate Insolvencies by Begbies

An Expected Rise in the Corporate Insolvencies by Begbies

With an expectation of enlisted accounting company, the Begbies Traynor business is looking forward for an era of growth that the business’ unsolvable problems will shoot as the government’s period of time to pay scheme for the company comes to a conclusion and the public sector edges start taking influence. Later for today, the company [...]

Infosys Technologies Awarded the 2010 Force of Ideas Award

Infosys Technologies Awarded the 2010 Force of Ideas Award

Infosys Technologies has been rewarded with the 2010 Force of Ideas Award at the Corporate Strategy and Finance Board Summit. The award ceremony was hosted by the Corporate Executive Board, USA in Washington D.C. The award recognizes the management practices that define the way in which companies conduct businesses and create substantial value for organizations. [...]

McKinsey & Company Gets No.1 Spot in Quality of Life Ranking Among Consulting Firms

McKinsey & Company Gets No.1 Spot in Quality of Life Ranking Among Consulting Firms

McKinsey and Company has topped the rankings of Vault.com’s Quality of Life among consultancy firms. Vault.com is the source of rankings, insight and ratings for professionals and students and it has released its rankings of top companies in 18 categories ranging from Overall Business Outlook to Satisfaction for the year 2011. For determining the Vault [...]

Banks Maintaining Prudent Balance Sheets After Financial Crisis

Banks Maintaining Prudent Balance Sheets After Financial Crisis

According to a new report by KPMG, banks around the world are stressing on new business models that lead to prudent balance sheet management. Banks in Europe and USA especially, are taking steps to better manage the aftermath of financial crisis. KPMG released its study entitled “Creating a new mould for banking”, which is based [...]

PricewaterhouseCoopers Awards 81 eXceed Scholarships to Support Talents

PricewaterhouseCoopers Awards 81 eXceed Scholarships to Support Talents

PricewaterhouseCoopers has awarded 81 eXceed scholarships for the 2010-2011 academic year to diverse students of 56 colleges and universities across the United States of America. Over the past decade PwC has invested almost $3 million in this program to promote diverse talent from minority students. The program was started in 1990 with the aim of [...]

Ernst & Young to Hire 6000 Students in United States

Ernst & Young to Hire 6000 Students in United States

Ernst & Young, one of the biggest consultancies in the world is planning to hire 6000 students in United States alone. Ernst & Young’s Americas Director of Campus Recruiting Dan Black said in a statement that the company is going to set forth its recruitment drive very soon. Black was speaking at an event that [...]

Take Steps to Improve Client Assets Report: FSA

Take Steps to Improve Client Assets Report: FSA

The FSA (Financial Services Authority) will be taking steps for improving the quality and consistency of auditor’s reports regarding assets. The FSA has decided to do this after a number of serious failings came to its notice. A review by FSA has identified that auditors were deficient in applying the proper regulator’s requirements while doing [...]

UK Financial Services Sector Rising in Volumes and Profit

UK Financial Services Sector Rising in Volumes and Profit

According to the PwC/CBI Financial Services Survey, an increase at a very slow rate than expected has been seen in the UK financial services sector. On asking about their business volumes, the answer retrieved form 37 percent was that their volume raised while 9 percent of them said that their volume decreased in a three [...]

The Big Four Face Challenge in Lords

The Big Four Face Challenge in Lords

BDO has come out openly stating that the Big Four have established their hold on the audit market so firmly that it has become very difficult for the small firms to thrive. BDO is a mid-tier firm and it made this revelation to the economic affairs committee of the House of Lords which is investigating [...]

Narrative Information in Reports to Be Read by Auditors

Narrative Information in Reports to Be Read by Auditors

APB has been reported to have asked the auditors to read the narrative information included in the audit reports.  APB is a part of Financial Reporting Council and is highly committed in improving and developing the auditing practice in the Republic of Ireland and United Kingdom. APB endeavors to set high standards of auditing. It [...]

Businesses Want Simpler Tax System

Businesses Want Simpler Tax System

The tax evasion in United Kingdom has been attributed to complex tax structure. In a survey done it has been revealed that about 53 percent of the British businessmen feel that the tax system of UK should be simplified and made more transparent in order to curb tax evasion. Another 46 percent of business owners [...]

CEB: Internal Auditors Should Focus on Strategic Risks

CEB: Internal Auditors Should Focus on Strategic Risks

During the recent recession, audit departments focused more on compliance and financial risks, providing assurance in those areas, overlooking strategic risks to their companies. The Corporate Executive Board Company (CEB), a for-profit, publicly-traded firm founded in 1979, conducted a study to determine the causes for steep declines in firms’ market capitalization (decline in the value [...]

New APB Guidelines on Money Laundering in UK

New APB Guidelines on Money Laundering in UK

The Financial Reporting Council’s APB (Auditing Practices Board) has issued updated guidelines on money laundering for auditors in the profession. This move by APB is being seen as a result of the numerous cases of money laundering the auditing profession has witnessed in the last couple of years.

MCA Membership Awarded to Visa Consulting and Analytics

MCA Membership Awarded to Visa Consulting and Analytics

Visa Consulting and Analytics has been awarded The Management Consultancies Association (MCA) membership and it has now joined a prestigious group of 55 premium consulting firms which includes the Big 4: Accenture, Deloitte, PWC and KPMG. Visa Consulting and Analytics is Visa Europe’s advisory practice. It has been awarded membership of the MCA, which is [...]

Smaller Firms’ Audits Need Improvement: AIU

Smaller Firms’ Audits Need Improvement: AIU

The  audit watchdogs has discovered that  a large proportion of audit reports carried out by smaller firms  need significant improvement particularly those related with auditing of multinational groups. Firms that audit up to 10 listed or other major public-interest units are termed as smaller firm and inspections by AIU are only limited to review one [...]

Mounting Complaints About HMRC Tax Credits

Mounting Complaints About HMRC Tax Credits

Complaints against HM Revenue and Customs are piling up and there are several cases pending at the Adjudicator’s Office. The investigators are drawing attention to the way they are handling the over payments. The Adjudicator’s Office 2010 Annual Report indicates that 67% of the workload was concerning to HMRC tax credits of which 1239 tax [...]