Center for Audit Quality Comments on Treasury Blueprint
The Center for Audit Quality has issued a statement on the Treasury Department's Blueprint for Regulatory Reform: “Like others in the financial policy arena, the CAQ recognizes the effort of the Treasury Department in developing this comprehensive blueprint for financial regulatory reform," said CAQ executive director Cindy Fornelli. “Secretary Paulson and his staff have drafted a thoughtful plan intended to eliminate duplication, increase coordination, and improve oversight within the regulation of our markets for benefit of investors. The CAQ shares Treasury’s goal of designing reforms that may better prepare all market participants to meet the challenges ahead, and we look forward to working with policy makers as they consider the blueprint’s specific recommendations, particularly as they pertain to the profession’s work to enhance both the quality of reported financial information and the audit process.”
IFAC Proposes Translation Strategy
The International Federation of Accountants has approved a proposal to move to one quality translation of IFAC standards per language and to consult with IFAC members, associates and other interested parties on the process to achieve this. IFAC has released a consultation paper entitled Translation of IFAC Standards and is seeking comments on its proposed strategy.
BDO Forms Corporate Advisory Practice
BDO Consulting is creating a corporate advisory practice to provide strategic and financial consulting services to companies in distress. The new practice will offer interim management, strategic and operational improvement, financial advisory and chief restructuring officer services.
Wolters Kluwer UK Buys MYOB UK and Ireland Accountants Division
Wolters Kluwer Law & Business has agreed to acquire the Accountants Division of MYOB UK and MYOB Ireland for 35.5 million pounds ($70.5 million), bringing the small-business accounting software developer into Wolters Kluwer UK’s CCH Software division.
Clifton Gunderson Receives High Marks on PCAOB AuditTreasury Releases Blueprint for Financial Regulatory Overhaul
Clifton Gunderson said it has received the highest marks possible in its first inspection by the Public Company Accounting Oversight Board. The report identified no deficiencies based on the review of audit engagements and review of the firm’s quality control system.
Crowe Names New CIO
Crowe Chizek has appointed Yvonne Scott as the firm’s chief information officer. She will direct Crowe’s information services group and will be based in its Oak Brook, Ill., office. She was formerly senior vice president and chief information officer of GATX Corp., a lease-financing company.
Treasury Department Plans Financial Regulatory Overhaul
Treasury Secretary Henry Paulson has released his "Blueprint for a Modernized Financial Regulatory Structure," a plan for overhauling the current regulatory structure to safeguard against the current meltdown in the mortgage and credit markets. The plan includes a consolidation of the agencies overseeing the financial and banking industry, including a merger of the Securities and Exchange Commission with the Commodity Futures Trading Commission.
SEC Releases Fair Value Disclosure Advice
The Securities and Exchange Commission's Office of the Chief Accountant has sent a letter giving detailed instructions to companies on how to make fair value measurement disclosures in their financial filings. The letter advises companies on how to make the disclosures under the Management's Discussion and Analysis section of a 10-K filing.
PwC Ex-Tax Partner Settles Sexual Harassment Case
A former tax partner at PricewaterhouseCoopers' Australian offices is awaiting a record payout in her sexual harassment claim against the Big Four firm. The Australian newspaper The Age said Christina Rich had been seeking $11 million from PwC for damage to her reputation, loss of clients, loss of earnings and counseling for a series of incidents between 1999 and 2004, including unwanted advances and kisses from some of the partners at the firm. The size of the award has not been identified, but the newspaper took a photo of her with a beaming smile on her face. Here's a link to the article.
Iowa AG Sues Audit Firm
The Iowa Attorney General's Office has sued an auditing firm, Faller and Kincheloe, and seven people for $1.3 million for misspending at the Central Iowa Employment Training Consortium, according to an article in the Des Moines Register. The lawsuit says the firm "negligently allowed the misuse of funds when it breached its duty of care to report the unusual and improper practices of overcompensation."
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