Auditing
Big four auditors face break-up to restore trust
12:28 AM Dec 01, 2011
LONDON - The world's top four audit firms will have to split up and rename themselves under a far-reaching draft European Union law to crack down on conflicts of interest and shortcomings highlighted by the financial crisis
Global Economics
4 challenges facing MAS – Monetary Association of Singapore
PM Lee says developments around the world will have deep implications for central bank
by Lin Yanqin
Updated 09:16 AM Nov 29, 2011
SINGAPORE - The world is undergoing "a fundamental reshaping of the economic and financial landscape" which Singapore must adjust to, said Prime Minister Lee Hsien Loong yesterday.
Calling this "a critical period for the global economy and financial system", he noted the effects of the 2008 crisis "are still being felt" while "underlying problems" - indebtedness and imbalances - remain unresolved, particularly in Europe.
Calling this "a critical period for the global economy and financial system", he noted the effects of the 2008 crisis "are still being felt" while "underlying problems" - indebtedness and imbalances - remain unresolved, particularly in Europe.
Auditing / Corporate Governance
KPMG chair calls for global standards, cites Olympus fraud
HONG KONG |
HONG KONG KPMG'S KPMG.UL chairman on Friday called for a global set of standards for the auditing industry and said the Olympus Corp scandal in Japan reveals evidence of "significant fraud."
Michael Andrew, the chairman, also outlined steps needed to improve the auditing industry in a in a speech entitled, "Fraud, Financial Crises and the Future of the Big Four." He spoke to the Foreign Correspondents Club in Hong Kong.
http://uk.reuters.com/article/2011/11/25/uk-kpmg-hongkong-idUKTRE7AO06U20111125
CSR / Climate Change
Accountants have key role to play in fight against climate change, says ACCA
Accountants have the technical skills and expertise to make a real difference to climate change mitigation activities, according to businesses and climate change experts in a new report from ACCA as COP17, the latest stage in international efforts to limit human impacts on the environment, gets under way in Durban, South Africa.
http://direct.accaglobal.com/jqmc67ipjhc5vexp5c5f5m?a=5&p=19363825&t=19717295
Corporate Reporting / Auditing / Accounting
Restoring confidence in financial statements: the European Commission aims at a higher quality, dynamic and open audit market
The 2008 financial crisis highlighted considerable shortcomings in the European audit system. The proposals adopted today by the European Commission address the current weaknesses in the EU audit market, by eliminating conflicts of interest, ensuring independence and robust supervision and by facilitating more diversity in what is an overly concentrated market, especially at the top-end.
Ethics
IESBA PROPOSES CHANGES TO THE CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS TO ADDRESS A BREACH OF A REQUIREMENT IN THE CODE
The International Ethics Standards Board for Accountants (IESBA) has, on 24 October 2011, released an exposure draft “Proposed Changes to the Code of Ethics for Professional Accountants Related to Provisions Addressing a Breach of a Requirement of the Code”.
The IESBA believes that any breach of a provision of the Code of Ethics for Professional Accountants (IESBA Code) should be treated as a matter of utmost importance. Therefore, the IESBA has proposed changes to the IESBA Code that will provide guidance to a professional accountant on the action to be taken in such situations. This includes a robust framework for addressing a breach of an independence requirement that will result in greater transparency.
The International Ethics Standards Board for Accountants (IESBA) has, on 24 October 2011, released an exposure draft “Proposed Changes to the Code of Ethics for Professional Accountants Related to Provisions Addressing a Breach of a Requirement of the Code”.
The IESBA believes that any breach of a provision of the Code of Ethics for Professional Accountants (IESBA Code) should be treated as a matter of utmost importance. Therefore, the IESBA has proposed changes to the IESBA Code that will provide guidance to a professional accountant on the action to be taken in such situations. This includes a robust framework for addressing a breach of an independence requirement that will result in greater transparency.
The proposed changes to the IESBA Code include a requirement that a professional accountant take whatever actions that might be available as soon as possible to satisfactorily address the consequences of a breach of a provision of the Code. For a breach of an independence requirement in the IESBA Code, a detailed framework is provided setting out the action to be taken. Specifically, the proposed changes would require a firm to:
| - | terminate, suspend, or eliminate the interest or relationship that caused the breach; |
| - | evaluate the significance of the breach and determine whether action can be taken to satisfactorily address the consequences of the breach; |
| - | communicate all breaches with those charged with governance and obtain their agreement with the proposed course of action; and |
| - | document the actions taken and all the matters discussed with those charged with governance and, if applicable, any relevant regulators. |
The proposed framework will guide accountants and those charged with governance, in determining whether resignation is an appropriate outcome or whether a different outcome can be supported. In addition, disclosure will enhance transparency, and the proposed documentation requirement adds a degree of rigor to the process that will be very useful.
Innovation - marketing
Why Geeks Are the Best Marketers
How "Moneyball Marketing" is helping thinly funded companies beat big spenders
In the movie Moneyball, the cash-strapped Oakland Athletics baseball team finds a way to compete with the high-spending New York Yankees by using superior analytics called “Sabermetrics,” a term coined by baseball statistics guru Bill James
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