Archive for: April, 2011

Discard PricewaterhouseCoopers: BofA Investors Urged

Discard PricewaterhouseCoopers: BofA Investors Urged

The annual meeting at the Bank of America has rather produced unpalatable recommendations from a San Francisco-based proxy adviser against PricewaterhouseCoopers auditors, and the board of directors. Glass Lewis & Co. has urged BofA investors to trash the ratification of PricewaterhouseCoopers auditors and to tell BofA to look for another accounting firm instead. The proxy [...]

Deficit in IFRS Foundation Down by 28pc in 2010

Deficit in IFRS Foundation Down by 28pc in 2010

From the projected deficit figure of £1.8 million, last year’s operating deficit of the IFRS Foundation was reduced to £1.3 million, down almost 28pc, according to the Trustees that bared their report April 28 after meeting with the Monitoring Board. The Trustees and the Monitoring Board bared yesterday their coordination to take forward efforts to [...]

Misconception in IT System Crippling Collaboration with Partners, Clients

Misconception in IT System Crippling Collaboration with Partners, Clients

What IT system designers should start patching up is how to separate identity from access management to enable collaboration between IT services suppliers and customers, suggested several experts in security. Jericho Forum, an international group of organizations working on de-perimeterisation and discussing about information security, noted that businesses and technology suppliers are misdirecting their focus. [...]

Financial Reporting Conference for Business Executives

Financial Reporting Conference for Business Executives

The 10th Annual Financial Reporting Conference will be held on May 5, 2011 in Baruch College, New York. The conference will serve as a forum for interaction between business and accounting executives and policy setters from the Public Company Accounting Oversight Board, US Securities and Exchange Commission and the Financial Accounting Standards Board. Topics to [...]

Unemployment Filings Drive Job Market Downhill

Unemployment Filings Drive Job Market Downhill

Unemployment filings led the job market to a murky direction as it jumped above the key 400,000 level for the third consecutive week, according to a government report on Thursday, April 28, 2011. It was the highest level that unemployment filings reached for the last three months and it surprised economists because it was beyond [...]

Target of New Deloitte Lab: Fast, Usable Mobile Apps

Target of New Deloitte Lab: Fast, Usable Mobile Apps

With the growing mobility requirements of their client base, Deloitte and SAP have collaborated to come up with the Mobility and Usability Lab, an innovation unit designed to research, design, build and test the mobile apps of different industries. German software company SAP, Sybase (an SAP firm), and Deloitte address the needs of industries to [...]

Audit Managers to Be Taught About Audit Tools and Techniques

Audit Managers to Be Taught About Audit Tools and Techniques

A seminar on audit manager tools and techniques will be held in different cities in the United States on different dates. The seminar aims to provide new audit managers with the tools they need to lead effectively in an internal auditing environment. Practical exercises and cases studies will be given to teach the participants how [...]

Cyber Crime Vincible Through ‘Smarter’ Technologies – Visa

Cyber Crime Vincible Through ‘Smarter’ Technologies – Visa

Instead of working hard to fend off attacks launched by cyber criminals, getting smarter in card data protection would be more effective in combating threats of cyber crime according to a VISA executive speaking before the Fourth Visa Global Security Summit. Ellen Richey, chief enterprise risk officer at Visa, showed confidence at the efforts exerted [...]

Fed Not Changing Policies

Fed Not Changing Policies

The US Federal Reserve released it’s scheduled policy statement on Wednesday, April 27, 2011 and showed no change in monetary policy. The Fed said that it will continue with quantitative easing, its monetary stimulus policy and with the second round of its purchases, which are expected to total $600 billion by the end of June [...]

Monitoring Board, Trustees Reviewing IFRS Governance

Monitoring Board, Trustees Reviewing IFRS Governance

After discussions during their fifth joint meeting early this month, the Monitoring Board and the Trustees of the IFRS Foundation will prop up coordination to take forward their efforts to review the Foundation’s governance and strategy. The Monitoring Board will review the governance of IFRS Foundation while the Trustees will conduct a strategy review. April [...]

Priest Questioned Over Gambling Spree After Deloitte’s Internal Audit

Priest Questioned Over Gambling Spree After Deloitte’s Internal Audit

A parish priest in Ottawa, Canada has decided to end his 14-year service to the Glebe church following an internal audit conducted by Deloitte LLP that revealed several controversies involving his gambling activities. The controversy was first reported by the Ottawa Citizen newspaper which disclosed more than $137,000 in cash advances reflected in the credit [...]

AICPA National Audit Committee Forum

AICPA National Audit Committee Forum

The American Institute of Certified Public Accountants (AICPA) will hold a National Audit Committee Forum in Mandarin Oriental, Washington, DC on June 21-22, 2011. The forum aims to address current and emerging issues associated with the “best practices” of audit committees who are constantly faced with new challenges that require specialized knowledge and innovative solutions in [...]

Poor Data Protection in Texas Costs More Than $1.8 Million

Poor Data Protection in Texas Costs More Than $1.8 Million

A report from the Austin American-Statesman has revealed a whooping amount of taxpayers’ money being spent on resolving the trouble caused by a poor data protection in Texas that exposed personal data of about 3.5 million people. More than $1.8 million has already been spent by the Texas Comptroller’s Office in an attempt to water [...]

China and US to Have One-on-one Talk

China and US to Have One-on-one Talk

The United States and China will have a Strategic and Economic Dialogue on May 9-10, 2011 in Washington DC, USA. In the discussion, the two countries are expected to talk about currency and debt issues with the US wanting for China to allow the yuan to appreciate quickly and China being concerned about the looming [...]

Fraud Complaint Against Accounting Firm Filed After Misleading Work

Fraud Complaint Against Accounting Firm Filed After Misleading Work

Medium- and heavy-duty truck maker Navistar International Corp. has charged accounting firm Deloitte LLP of malpractices, fraud, fraudulent concealment, and breach of contract in relation to advisory and accounting services that ran for three years. Navistar, based in Warrenville, claimed in a complaint filed in Illinois state court in Chicago that Deloitte LLP had committed [...]

FASAB April Board Meeting Starts Tomorrow

FASAB April Board Meeting Starts Tomorrow

The Federal Accounting Standards Advisory Board (FASAB) will hold a meeting in the Government Accountability Office, Northwest, Washington DC  on April 27-28, 2011. On the first day of the meeting, topics to be discussed are administrative matters such as clippings, 2012 calendar and FASB website update and the annual performance survey, 2006 strategic decisions addendum, exposure draft on deferred [...]

Gold and Silver Prices Reach Higher Record Highs

Gold and Silver Prices Reach Higher Record Highs

Prices of gold and silver reached even higher record highs than last week’s, with gold  climbing from $1,505.70 per ounce to $1,518.30 and silver rising from $45 to $49.79. Gold rose to $1,518.30 before falling back during morning trading in Europe while silver reached $49.79 briefly before retreating to $46.91. The increase in prices were [...]

Embattled Analyst Settles Insider Trading Suit After 8 Months

Embattled Analyst Settles Insider Trading Suit After 8 Months

A former analyst at Banco Santander SA has settled on April 25 the charges of insider trading filed by the US Securities and Exchange Commission on August 2010, including a trader in Spain. Juan Jose Fernandez Garcia from Madrid, Spain conceded to the more than $625,000 settlement with the SEC for illegally trading material non-public [...]

IT Services Expansion in E&Y Amid Changing ‘Footprint’ Of Technology

IT Services Expansion in E&Y Amid Changing ‘Footprint’ Of Technology

The IT services arm of global accounting and consulting firm Ernst & Young has expanded its advisory group in the field through the appointment of Mal Postings as its new Chief Technology Officer (CTO). Ernst & Young’s IT services group is part of its advisory practices. Similarly, its IT security services expanded in January through [...]

ASB Meeting Agenda and Materials, May 2011

ASB Meeting Agenda and Materials, May 2011

The Accounting Standards Board (ASB) will hold a meeting on May 3-5, 2011 in Aria Resort & Casino, Las Vegas Boulevard South, Las Vegas, Nevada. The meeting will have three agendas: interim reviews, reporting on compliance and comfort letters. Under interim reviews, the following topics will be discussed:  discussion memorandum, proposed clarified SAS – marked [...]