Archive for: March, 2012

British Virgin Islands Corp, Swiss Man Settle Insider Trading Suit

Judge George B. Daniels,U.S. District Judge for the Southern District of New York, entered a settled final judgment for insider trading in the options of InterMune, Inc. as to Michael S. Sarkesian, a Swiss citizen and resident, and Quorne Ltd., a British Virgin Islands limited liability company wholly owned by a Cyprus trust maintained for [...]

Ex-bank Exec Settles SEC Suit

Ex-bank Exec Settles SEC Suit

The Securities and Exchange Commission charged a former bank employee with misleading the bank’s independent auditors regarding risks the bank faced on certain outstanding loans. The SEC alleges that John Cinderey, a former executive vice president at San Francisco-based United Commercial Bank, acting at the direction of his superiors, misled the outside auditors evaluating financial [...]

APB Withdraws Various Documents

The Auditing Practices Board (APB) of the FRC announces the withdrawal of the following documents. Practice Notes PN 14 “The Audit of Registered Social Landlords in the United Kingdom (Revised)” issued in March 2006 (The APB has recently formed a working party to develop a completely updated Practice Note on this subject) PN 27 “The [...]

APB Publishes Paper on Professional Scepticism in Audit

The Auditing Practices Board (APB) of the Financial Reporting Council (FRC) issued a paper that sets out its views on the nature of professional scepticism and its role in auditing. The paper builds on the APB Discussion Paper published in 2010 Auditor Scepticism: Raising the Bar and the subsequent Feedback Paper, published in March 2011, [...]

IFRS Foundation Publishes 2012 Version of IFRS Taxonomy

The IFRS Foundation has published the IFRS Taxonomy 2012. The IFRS Taxonomy is a translation of IFRSs (International Financial Reporting Standards) into XBRL (eXtensible Business Reporting Language). The 2012 taxonomy is consistent with IFRSs as issued by the International Accounting Standards Board (IASB) at 1 January 2012, and contains XBRL tags for all IFRS disclosure [...]

SEC Obtains Summary Judgment Vs Serial Fraudster Matthew J. Gagnon

Judge George Caram Steeh of the United States District Court for the Eastern District of Michigan granted the SEC’s motion for summary judgment and entered a final judgment against defendant Matthew J. Gagnon of Portland, Oregon and Weslaco, Texas. The Court found that Gagnon violated the registration, anti-fraud, and anti-touting provisions of the federal securities [...]

SEC Obtains Injunction in New York Investment Adviser Case

The U.S. District Court for the Eastern District of New York issued an order granting a preliminary injunction and other relief against Brian Raymond Callahan of Old Westbury, New York, and Callahan’s investment advisory firms, Horizon Global Advisors Ltd., and Horizon Global Advisors, LLC. The Commission’s complaint, filed on March 5, 2012, alleges that Callahan [...]

SEC Obtains Final Judgment on Consent Against Winifred Jiau

Judge Jed S. Rakoff, United States District Judge, United States District Court for the Southern District of New York, entered a Final Judgment on consent as to Winifred Jiau in the SEC’s insider trading case, entitled SEC v. Mark Anthony Longoria, et al., 11-CV-0753 (SDNY) (JSR). This case alleges insider trading by ten individuals and [...]

AICPA Backs ‘Strong, Balanced and Independent Regulatory Structure’

AICPA Backs ‘Strong, Balanced and Independent Regulatory Structure’

Barry C. Melancon, president and CEO of the American Institute of CPAs, told members of the House Subcommittee on Capital Markets and Government Sponsored Enterprises that the AICPA supports a strong, balanced and independent regulatory structure that protects investors but does not restrict the flow of capital. “AICPA supports a strong and balanced regulatory structure [...]

Traders Watch American Economic Information

Traders Watch American  Economic Information

This week the focus for traders is on reports from the world’s largest economies. The United States is undergoing an upward trend whereas China is showing signs of a slowdown. In America, the economic data has of late, managed to outperform market expectations, as compared to Canada where the gross domestic market is expected to [...]

Economic Forecast Shows Cautious Optimism for the Year Ahead

The world’s CEOs, CFOs and other senior management accountants have a cautious, yet increasingly positive outlook for the global economy over the next 12 months, according to the first CGMA Global Economic Forecast released today by the American Institute of CPAs (AICPA) and Chartered Institute of Management Accountants (CIMA). The quarterly forecast polled 600 management [...]

OFT Launches Consultation on Competition Act Procedures Guidance

OFT Launches Consultation on Competition Act Procedures Guidance

The OFT launched its consultation on proposals to strengthen its Competition Act (CA98) decision-making processes, through introducing a new system of decision-makers who are separate from investigation teams. The OFT is also extending the trial of its Procedural Adjudicator role for a further year, to 21 March 2013, with an expanded remit. To improve the [...]

Advancing Organizational Governance: Internal Audit’s Role

Long gone are the days when internal audit simply tested controls. Today, practitioners have a multi-dimensional job description that focuses on adding value and meeting stakeholder demands on a number of fronts. One issue that has garnered significant attention in recent years is organizational governance. It is an area of opportunity for internal audit to [...]

Information Technology Risks and Controls

The nature of technology is that it changes: making it critical to ensure the most up-to-date information is available. Since the first edition of GTAG 1: Information Technology Controls, was issued in 2005, the technology landscape has exploded, warranting an update of the guide. The second edition of GTAG 1 still focuses on helping chief [...]

FRC Appoints Gay Huey Evans to Board

The Financial Reporting Council (FRC) has appointed Gay Huey Evans to the FRC Board as of 1 April 2012. Commenting on the appointment, FRC Chairman Baroness Hogg said, “Gay brings to the FRC Board a wide knowledge of international Capital markets and their regulation, and will bring highly valuable insights to the FRC Board.” Gay [...]

£600,000 Penalty Hits Director Over Misleading Information About Cattles Plc

£600,000 Penalty Hits Director Over Misleading Information About Cattles Plc

The Financial Services Authority (FSA) has fined and banned two former directors of Cattles plc and its subsidiary Welcome Financial Services Limited for publishing misleading information to investors about the credit quality of Welcome’s loan book and acting without integrity in discharging their responsibilities. The FSA has also publicly censured Cattles and Welcome for publishing [...]

Review into Anti-bribery and Corruption Systems Bared

The Financial Services Authority (FSA) published the findings of its thematic review into anti-bribery and corruption (ABC) systems and controls in investment banks. The FSA requires firms to establish and maintain effective systems and controls to mitigate financial crime risk. Financial crime risk includes the risk of bribery and corruption. In addition to these regulatory [...]

Deloitte to Acquire HR Technology Consultancy, Aggressor

Deloitte to Acquire HR Technology Consultancy, Aggressor

Deloitte has signed a definitive agreement to acquire substantially all of the assets of Aggressor LLC, a leading business and IT consulting firm that focuses exclusively on providing deployment services for Workday solutions. Workday is a leader in software as a service (SaaS) enterprise solutions for global human resources (HR), payroll and financial management. The [...]

Global IPO Activity Hits Lowest Level Since Q2’0

Global IPO activity has fallen sharply in Q1 2012, according to Ernst & Young’s Global IPO update. So far this quarter, a total of 157 deals has raised only US$14.3b, down by 69% by capital raised (US$46.6b in 296 deals), compared to the same period last year. This is the lowest quarter on record since [...]

Short Term Fixes Not Enough Amid UK High Street Challenges: KPMG

Helen Dickinson, head of UK Retail at KPMG commented today on the Government’s response to the Mary Portas Review. She said: “It was to be expected that the Government would support the Portas recommendations and given the enthusiasm around the existing pilot programme, that it would be extended. All this focus and activity may well [...]

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