Archive for: January, 2011

APB Revises Practice Note of Occupational Pension Schemes Audit

APB Revises Practice Note of  Occupational Pension Schemes Audit

The Auditing Practices Board (APB) has revised Practice Note 15 to include the issuance of new International Standards on Auditing (ISAs) that apply to occupational pension schemes audits, an exposure draft of which was released for public comment July last year. The Audit of Occupational Pension Schemes in the United Kingdom contains guidance on the [...]

Accounting Standards Regulators Outline Proposals for Common Impairment Accounting of Financial Assets

Accounting Standards Regulators Outline Proposals for Common Impairment Accounting of Financial Assets

The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) have proposed parallel approaches to impairment accounting of financial assets supplementing previously published exposure drafts. The proposals, open for public comment until April 1, 2011, will adopt a more forward-looking approach to credit losses accounting through the expected loss model, a [...]

ASB, EFRAG to Standard Setters: Consider the Effects of Accounting Standards to Improve Due Process

ASB, EFRAG to Standard Setters: Consider the Effects of Accounting Standards to Improve Due Process

The Accounting Standards Board (ASB) of the FRC and the European Financial Reporting Advisory Group (EFRAG) have recommended ways for standard setters to improve implementation of accounting standards. The proposal, Considering the Effects of Accounting Standards, which is the result of the discussion between ASB and EFRAG and is open for public comment until August [...]

French Energy Firm Acquires Subocean

French Energy Firm Acquires Subocean

PricewaterhouseCoopers administrators of the Aberdeen-based renewable energy firm Subocean have tapped Technip, a French energy services company that saved 300 jobs at Subocean through a £10 million acquisition deal. Subocean Group was placed into administration January 21 after debt restructuring efforts exerted by the company have failed. Subocean has been in tight rope dealing with [...]

Brokers Plead Guilty to Stock Fraud Scheme

Brokers Plead Guilty to Stock Fraud Scheme

Two brokers who formerly worked for Sky Capital LLC have pleaded guilty January 29 to a $140 million stock fraud scheme with other broker-dealers who denied involvement in the criminal misconduct. In 2009, the Securities and Exchange Commission has charged Michael Passaro, Arn Wilson and three others including Robert Grabowski, who served as president of [...]

IASB, FASB Propose to Wipe Off Differences in Offsetting Requirements

IASB, FASB Propose to Wipe Off Differences in Offsetting Requirements

The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) have proposed to eliminate the differences in offsetting requirements arising from financial instruments reporting under the International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP). The proposal comes after the request forwarded by investors, Financial Stability Board, G20 [...]

Pontin’s Finally Sold

Pontin’s Finally Sold

Britannia Hotel Group, owned by Alex Langsam, has closed a deal with administrators from KPMG to exchange contract on holiday camp operator Pontin’s as a going concern, saving about 850 jobs in different sites. KPMG administrators said early this month it expected Pontin’s to attract buyers in a matter of weeks following its administration as [...]

Deloitte: BBC Online Needs More Transparent Services Commissioning

Deloitte: BBC Online Needs More Transparent Services Commissioning

Despite its religious compliance with implementing a 25 percent quota for online contents supplied independently, BBC Online has to “streamline and to improve the openness and transparency of the way the BBC commissions online services, in order to make it easier for suppliers to take advantage of the opportunities to win work.” This is according [...]

Regulatory Agency Freezes Assets of Investment Adviser, Principal for Siphoning Sums from Hedge Fund

Regulatory Agency Freezes Assets of Investment Adviser, Principal for Siphoning Sums from Hedge Fund

The US District Court for the District of Connecticut has granted today an order allowing the Securities and Exchange Commission to freeze the assets of an investment advisory firm based in Connecticut and its principal for misusing the hedge fund in their personal transactions. Francisco Illarramendi, principal of Michael Kenwood Capital Management LLC, “ treated [...]

‘ChiPs’ Star May Be Jailed for 18 Months to 2 Years After Being Caught Engaging in Kickback Operations

‘ChiPs’ Star May Be Jailed for 18 Months to 2 Years After Being Caught Engaging in Kickback Operations

The California Highway Patrol officer Jonathan “Jon” Baker of ‘ChiPs’, played by Larry Wilcox in real life, is facing at least 18 months imprisonment after he was caught in a sting operation having involvement in several fraudulent securities transactions that generated illegal profits from kickbacks. An FBI sting operation busted Wilcox who offered kickbacks to [...]

KPMG Upbeat for Early Completion of Suffolk Public Houses Sale

KPMG Upbeat for Early Completion of Suffolk Public Houses Sale

KPMG may get over the sale of 14 hotels and 13 public houses in Suffolk, England ahead of time as only two hotels are awaiting buyers to finalize deals with administrators in the next few days. KPMG’s role as administrators has been initially extended until July this year after the hotels and public houses were [...]

Recommendations from SEC for Investors to Shun ‘Shocking Games’ Of Investment Advisers

Recommendations from SEC for Investors to Shun ‘Shocking Games’ Of Investment Advisers

A staff study published by the Securities and Exchange Commission (SEC) has proposed sweeping recommendations to widen investors’ access to publicly available disclosure statements of broker-dealers and investment advisers. The SEC recommended two separate databases for investors to gain access to information about the activities of broker-dealers and investment advisers. BrokerCheck, which is run by [...]

Deloitte to Audit Philadelphia’s Sheriff’s Department

Deloitte to Audit Philadelphia’s Sheriff’s Department

Philadelphia’s City Controller has tapped the financial services of Deloitte to conduct a forensic audit into the Sheriff’s Department, which was found fraught with flaws. Controller Alan Butkovitz has requested to launch the forensic audit with auditors from Deloitte Financial Advisory Services after an investigation revealed major problems in the bookkeeping of Philadelphia’s Sheriff’s Department. [...]

ACL Releases Resources Guiding Internal Auditors Over FCPA Risks

ACL Releases Resources Guiding Internal Auditors Over FCPA Risks

Business technology provider ACL Services Ltd has introduced several resources for internal auditors aimed at increasing their understanding of the risks arising from failure to comply with the Foreign Corrupt Practices Act (FCPA). The online resources, including an e-book, webinars, and a feature article, accordingly help auditors in overseeing internal controls of organizations that relate [...]

KPMG Gives South Frontenac Clean Audit Report

KPMG Gives South Frontenac Clean Audit Report

ONTARIO, Canada – South Frontenac Council has received a clean audit report from auditors at KPMG during its regular meeting last week, owing to its tangible assets. The audit ran for more than a year covering the council’s financials in fiscal year 2009, and although it has been challenged by the change in its capital [...]

Facebook Steps Up Browsing Security Following Hack to Zuckerberg’s Page

Facebook Steps Up Browsing Security Following Hack to Zuckerberg’s Page

Facebook security engineer Alex Rice wrote January 26 on the social network’s official blog about the new feature that tightens up the browsing security of its website (https) after the fan page of its CEO, Mark Zuckerberg, has fallen prey to a security breach on the same day caused by a bug. “We’ve developed a [...]

South African Court Rules: PwC to Pay $14m to NAK Over Audit Failure Charges

South African Court Rules: PwC to Pay $14m to NAK Over Audit Failure Charges

In the decade-long court proceedings filed by the National Potato Co-operative (NAK) against its former audit firm PricewaterhouseCoopers and others over charges of audit failure, the cooperative has now partially succeeded in seeking the defendants to pay for its losses. The court’s ruling, $14 million (ZAR100 million) to be received by NAK. The case, filed [...]

Illinois Pension Funds Disclosure Under SEC Scrutiny

Illinois Pension Funds Disclosure Under SEC Scrutiny

The Securities and Exchange Commission has launched an investigation into the disclosure of Illinois regarding its pension funds to see whether the state provided the necessary information to the buyers of the bond or misled them from the real risk they were facing. The commission sent communications to Illinois September 2010 about the possibility of [...]

Partner at PwC Claims Racial Discrimination

Partner at PwC Claims Racial Discrimination

Dunstan Pedropillai, 47, a Sri Lankan who has been working at PricewaterhouseCoopers for 25 years now on £933,480 annual salary, is charging the accountancy firm for slashing his pay allegedly on grounds of racial discrimination. “I believe I have been treated less favourably by PwC on the grounds of my race in comparison to my [...]

Ernst & Young, EDF Going Green

Ernst & Young, EDF Going Green

Consultancy firm Ernst & Young and the Environmental Defense Fund (EDF) have joined hands in coming up with a sustainability tool that helps private equity companies assess their environmental performance leading to the improvement of their portfolios. Green Ops, the pilot program of the cause, allows participating private equity companies to assess how their environmental [...]