Archive for: October, 2010

EU Planning to Consider Country-by-country Financial Reporting

EU Planning to Consider Country-by-country Financial Reporting

The European Commission has decided to start a consultation on financial reporting that multinational companies have to make. The Commission is planning to have rules and standards for financial reporting on a country-to-country basis. The move by the Commission is expected to pave the way for a new set of rules for multinational companies. It [...]

Automatic Pensions Enrolment Happening: Government

Automatic Pensions Enrolment Happening: Government

The government has confirmed that it will be going ahead with its plans for automatic pensions’ enrolment in order to boost savings in private pension schemes. The government has released the details of the new move. Pricewaterhouse Coopers has welcomed these proposals as a ‘common sense simplification’. The firm has said that with the new [...]

Deloitte Is the No. 1 Consulting Firm

Deloitte Is the No. 1 Consulting Firm

Deloitte has been named as the largest consulting service provider in the whole world. The revelation has been made by Kennedy Consulting Research & Advisory. The firm specializes in conducting and providing research material on the constancy and auditing professions. Kennedy Consulting in its report titled The Global Consulting Marketplace 2010-2013 report has put Deloitte [...]

KPMG Appointed Joint Administrators for Stokes Plc

KPMG Appointed Joint Administrators for Stokes Plc

Richard Hill and Joff Pope of KPMG International have been appointed the joint administrators of Stokes Plc. Stokes Plc is the largest independent greengrocer store in the whole of UK. KPMG is one of the largest accountancy, audit and consultancy firm in the world. The reason why Stokes Plc has been given the role of [...]

IoD Submits Proposals on Changes to IR35

IoD Submits Proposals on Changes to IR35

The IoD (Institute of Directors) has called for the reform of IR35. It claims that it has not been working as the right solution to address the issue for which it had been designed. IoD has described the IR35 as a ‘serious problem’ in a report it has submitted to the OTS (Office of Tax [...]

Pricewaterhouse Coopers’ Ethical Hackers Design Cyber Challenge Seeks Out

Pricewaterhouse Coopers’ Ethical Hackers Design Cyber Challenge Seeks Out

Pricewaterhouse Coopers is conducting a search all over UK to find the best and most talented cyber security professional of the future. Pricewaterhouse Coopers has called the search Ethical Hackers Design Cyber challenge. Jay Abbott, who is the Director of Threat & Vulnerability Management at the consultancy firm, said in a statement that the ciphers [...]

Accounting Rules Fueled Banking Crisis: House of Lords’ Enquiry

Accounting Rules Fueled Banking Crisis: House of Lords’ Enquiry

The present accounting rules were a significant contributing factor that caused the banking crisis. This has been suggested after a House of Lords enquiry was heard. Tim Bush, who is a member of the ASB’s (Accounting Standards Board) Urgent Issues Task Force, said in a statement yesterday that the international accounting standards that auditors have [...]

External Audit of Internal Control of Companies Improves Reporting: Research

External Audit of Internal Control of Companies Improves Reporting: Research

According to a new study by an US academic, the Sarbanes-Oxley 404 rules on the way internal controls are evaluated have been successful of meeting their objective. The aim was to improve the quality of financial reporting. A report by Albert L. Nagy, who is an accounting professor at John Carroll University, Cleveland, says that [...]

APB Publishes New Rules on Audit of Charities

APB Publishes New Rules on Audit of Charities

APB or the Auditing Practices Board has introduced new rules on how the audit of charities should be conducted. APB has published a draft for revision on its guidance on the auditing of charities. The exposure draft has been created keeping in mind the different set of requirement charities have when compared to normal business [...]

13,000 to Be Axed at HMRC by 2015

13,000 to Be Axed at HMRC by 2015

HMRC staff is going to face a new wave of job cuts that could cut down employee numbers by 13,000. This follows a comprehensive spending review. HMRC staff received an internal message which said that the company wanted to go for a 25% cut in the spending of the department between April 2010 and April [...]

Pricewaterhouse Coopers Attacks FRC’s Suggestion That the Audit Commission Could Become the Next Big Firm

Pricewaterhouse Coopers Attacks FRC’s Suggestion That the Audit Commission Could Become the Next Big Firm

PricewaterhouseCoopers has rounded up FRC, which is UK’S corporate reporting watchdog, over its suggestion that the Audit Commission can be transformed into a Big 5 audit firm. Paul Woolston, who is head of Public Sector Assurance at PricewaterhouseCoopers, criticized the FRC’s suggestion. Financial Reporting Council had suggested that the Audit Commission could be used to [...]

Deloitte Says Only 1 in 5 Companies Ready for IXBRL E-filing

Deloitte Says Only 1 in 5 Companies Ready for IXBRL E-filing

With less than 6 months to go till the introduction of the mandatory iXBRL electronic filing of corporation tax submissions, only 1 in 5 companies may have decided on the approach they will be taking. The figure has been suggested by Deloitte, the audit firm which holds a major share of the UK audit market. [...]

Personal Insolvency Epidemic Expected Over Public Sector Job Cuts

Personal Insolvency Epidemic Expected Over Public Sector Job Cuts

According to a research conducted by RSM Tenon, job cuts that are being planned by the public sector may intensify the pressure on the bankruptcy hotspots. It may also deepen the north-south divide. RSM’s own personal insolvency hotspot map has identified the regions which has the highest increase in personal insolvency cases and also those [...]

UK Not Attractive Investment Destination: Survey

UK Not Attractive Investment Destination: Survey

The rising taxes and difficult regulations in Britain have had a negative effect on its ability to attract investments. The finding has been revealed by Ipsos Mori when it conducted a survey on UK competitiveness. UK’s attractiveness as an investment option has been plunging since the last 10 years. The research conducted by the consultancy [...]

PwC Partners Claim Changes to Environmental Legislation May Create Green Tax

PwC Partners Claim Changes to Environmental Legislation May Create Green Tax

PricewaterhouseCoopers’ partners have claimed that the changes that have been recently made to environmental legislation may create a green tax by the government. PricewaterhouseCoopers is one of the Big 4 firms of UK, which are currently dominating its large audit market. The firm thinks that the recent environmental legislations may result in an adverse effect [...]

Record Number Turn to Contracting

Record Number Turn to Contracting

According to SJD Accountancy, the number of limited company formations and new contractors has gone up substantially this year. The companies and contractors which SJD mentioned about all belonged to the large audit market of UK. SJD Accountancy is the United Kingdom’s largest specialist accountants to freelancers and contractors. It mostly deals with freelancers and [...]

KPMG Investigating the £4m Loss

KPMG Investigating the £4m Loss

Cosalt has hired KPMG as accountants to examine a $4 million shortfall in the value of its stocks and also its work in progress. Cosalt is a Scottish marine safety equipment provider. This appointment of an external audit team to look into its records comes after an internal review into the operating practices that the [...]

Infosys Clocks 29.6% Growth in Q2 Revenue Year on Year

Infosys Clocks 29.6% Growth in Q2 Revenue Year on Year

Infosys has said that it has achieved growth across all service lines including gains in retail, manifesting and financial consulting services. The Bangalore- based consultancy firm said that its revenue for the quarter that ended on September 30, 2010 was $ 1.5 billion. This represents a quarter on quarter growth of 10.2% and 29.6% annually. [...]

HMRC Planning to Cut Its Budget by 15%

HMRC Planning to Cut Its Budget by 15%

HM Revenue & Customs is planning to cut its overall budget by 25% in order to comply with the government policy to cover the deficit of £109bn structural budget. The Chancellor of HMRC namely George Osborne said today that HMRC will try to cut its budget by using the latest technology  and getting better contracts [...]

Accenture Has New CEO

Accenture Has New CEO

Accenture’s Board of Directors has named Pierre Nanterme as the Chief Executive Officer, with effect from January 1, 2011. Nanterme will be joining the company’s Board of Directors with immediate effect. William D. Green, who is currently chairman & CEO, will continue as chairman of the company. Green said in a statement that this is [...]