Archive for: July, 2011

Competition Commission Inquiry Expected for Big Four Audit Firms

Competition Commission Inquiry Expected for Big Four Audit Firms

The Office of Fair Trading (OFT) has warned the Big Four audit firms of an imminent investigation to be conducted by the Competition Commission in light of questions hurled against their alleged market dominance in UK. The OFT has told the Big Four – PriceWaterhouseCoopers, KPMG, Ernst & Young and Deloitte – that it will [...]

Knowing Large Securities Market Participants New Target of SEC

Knowing Large Securities Market Participants New Target of SEC

The Securities and Exchange Commission has pushed the adoption of a new rule establishing large trader reporting requirements to enhance the agency’s ability to identify large securities market participants, collect information on their trading, and analyze their trading activity. The proposals come shortly after the SEC moved to require greater accountability on and boost the [...]

Skills Development for Internal Auditors Up at IIA’s 2-day Course

Skills Development for Internal Auditors Up at IIA’s 2-day Course

The Institute of Internal Auditors will facilitate a two-day course on August to help internal auditors further develop familiar concepts of critical thinking, professional skepticism, and professional judgment, and apply these concepts to various stages of an internal audit – from preparation and planning, to assessing and testing, to communicating and reporting. “Today’s environment requires [...]

War Comes Between Back-to-school Consumer Spending and Inflation – Deloitte Finds

War Comes Between Back-to-school Consumer Spending and Inflation – Deloitte Finds

Consumers are turning to savvy shopping tactics, smartphones and social networks to keep their back-to-school spending intact in spite of a volatile economy and rising necessity costs, according to a new Deloitte survey. The survey showed that 86 percent of households indicated they will spend more or the same as last year, while consumer spending [...]

Charges Against Ex-Lehman Brothers Officials Dismissed

Charges Against Ex-Lehman Brothers Officials Dismissed

A US District Court in New York has dismissed claims against former officials of Lehman Brothers Holdings Inc. (LEHMQ) in a securities-fraud row brought by buyers of more than $31 billion of securities. U.S. District Judge Lewis Kaplan in New York ruled to trash claims in the class-action, which names as defendants five former top [...]

SpyEye Malware Targeting Financial Firms Doubles in 1 Month

SpyEye Malware Targeting Financial Firms Doubles in 1 Month

The number of financial institutions in Canada that are targeted by the SpyEye malware has more than doubled in one month time from May to June, according to a research by security firm Trusteer. “Research findings from the Trusteer Situation Room and our anomaly detection service Pinpoint indicate that the number of financial institutions targeted [...]

SEC Pushes Accountability Around Asset-backed Securities

SEC Pushes Accountability Around Asset-backed Securities

The Securities and Exchange Commission has moved to require greater accountability on and boost the quality of asset-backed securities when issuers seek to use an expedited registration process known as shelf registration. In April 2010, the SEC initially proposed rules to enable investors to assess the risk associated with asset-backed securities and align the interest [...]

Shared Services Global Demand on the Rise – KPMG

Shared Services Global Demand on the Rise – KPMG

Global demand for shared services models and internal process improvement is increasing as organizations look to enhance business performance, according to the 2Q11 Sourcing Advisory Pulse Survey of KPMG field advisors and leading global business and IT service providers. Fifty-nine percent of the advisors surveyed said they anticipate greater demand from clients for shared services [...]

UK Regulators Slam Big Four Audit Firms, Others

UK Regulators Slam Big Four Audit Firms, Others

A damning report published by the Professional Oversight Board of the Financial Reporting Council has lambasted the big four audit firms, BDO, and Grant Thornton for several shortcomings in raising skepticisms against companies and in strengthening their independence. The individual reports detailed specific areas in which the UK’s six leading audit firms need to make [...]

Online Theft in Calif. a Step-up in ZeuS Trojan

Online Theft in Calif. a Step-up in ZeuS Trojan

A financial institution blamed for the $465,000 loss in an online theft which hit a California real estate company, Village View Escrow, last year is facing charges over its “negligence.” Village View has filed a suit against Professional Business Bank of Pasadena, California, on grounds that its former financial institution neglected the terms of its [...]

Removal of Credit Ratings As ‘Short Form’ Eligibility Requirement Pushed

Removal of Credit Ratings As ‘Short Form’ Eligibility Requirement Pushed

The Securities and Exchange Commission has adopted new rules to remove credit ratings as eligibility criteria for companies seeking to use “short form” registration when registering securities for public sale. Last May, the SEC proposed new rules and amendments to increase transparency and improve the integrity of credit ratings following a controversy in September 2010 [...]

Revision on Audit Guidance of Friendly Societies Issued

Revision on Audit Guidance of Friendly Societies Issued

The Auditing Practices Board (APB) of the Financial Reporting Council has published a revision of Practice Note (PN) 24 “The Audit of Friendly Societies in the United Kingdom” following its consultation draft released in January 2011 for public comment. The Practice Note published on February 22, the revised “Bank reports for Audit Purposes in the [...]

Re-exposing Leasing Proposals, IASB and FASB Push

Re-exposing Leasing Proposals, IASB and FASB Push

The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) have bared their intention to re-expose their revised proposals for a common leasing standard. The move is expected to provide interested parties with an opportunity to comment on revisions the boards have undertaken since the August 2010 publication of an exposure [...]

Hackers Warn National Level Cyber Security Threats Against Italy

Hackers Warn National Level Cyber Security Threats Against Italy

A group of hacker-activists waving a series of cyber attacks lately has surfaced to warn Italy that it would release secret information allegedly stolen from the country’s cyber crime unit, which could spell a compromise on its national IT infrastructure. Anonymous and Lulzsec hackers struck Italian cyber crime unit Centro Nazionale Anticrimine Informatico per la [...]

Renewed Tie Between Financial Regulation Agencies Enhances Cooperation, Collaboration

Renewed Tie Between Financial Regulation Agencies Enhances Cooperation, Collaboration

The Securities and Exchange Commission and the Capital Markets Board of Turkey (CMB) have renewed their relationship to enhance cooperation and collaboration aiming to promote investor protection, foster market integrity, and facilitate cross-border securities activities between Turkey and the United States. With the dialogue, both financial regulation agencies can now discuss issues of common concern, [...]

Protest Storms KPMG’s Cost Reduction Measures for Toronto

Protest Storms KPMG’s Cost Reduction Measures for Toronto

Consultants from KPMG have proposed several belt-tightening measures for Toronto, which are expected to help the city save $25 million amid protests from different progressive groups seeking to abolish the report. In an executive committee meeting on February, the Ontario Coalition Against Poverty (OCAP) and other poverty groups protested before the city hall room, with [...]

Venture Capital Investments Up 19% in Q2 2011

Venture Capital Investments Up 19% in Q2 2011

In a total of 966 deals, venture capital investments have risen to 19 percent in the second quarter of 2011 to $7.5 billion, with the internet-specific investments reaching its 10-year high level and life sciences dollars jumping 37 percent from first quarter 2011. These were the results of KPMG’s MoneyTree Report, which was released following [...]

Take Responsibilities Seriously, Audit Regulatory Bodies Urged

Take Responsibilities Seriously, Audit Regulatory Bodies Urged

The Professional Oversight Board of the Financial Reporting Council has published its Report to the Secretary of State for Business, Innovation and Skills for the year to March 31, 2011. The report comments on the POB’s responsibilities to oversee the regulation of auditors by recognized professional bodies, and the regulation of actuaries and accountants by [...]

Biggest Fine on Lax Financial Crime Systems, Controls Hits Insurance Broker

Biggest Fine on Lax Financial Crime Systems, Controls Hits Insurance Broker

The Financial Services Authority has fined insurance broker Willis Limited £6.895 million for its poor anti-bribery and corruption systems and controls, so far the biggest fine that the regulators imposed on such failure. The penalty comes after the enforcement of Britain’s Bribery Act earlier this month instead of its April schedule, during which time Deloitte [...]

‘True, Fair View Still Important in GAAP, IFRS’

‘True, Fair View Still Important in GAAP, IFRS’

The true and fair view remains of fundamental importance in both UK GAAP and IFRS, said the Accounting Standards Board (ASB) and Auditing Practices Board (APB) of the Financial Reporting Council (FRC). A paper published today for preparers and auditors explains the continuing primacy of the true and fair requirement and its relevance to preparers, [...]