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UN Selects Deloitte For New Audit of Procurement Division

Deloitte Consulting LLP has been selected to perform a full financial and internal control audit of the United Nations (UN) procurement system that oversees the Iraq oil-for-food programme. The audit will focus on internal controls and procedures, operations, and staffing. The procurement office has been placed under the direct authority of UN Controller Warren Sach who made the announcement naming Deloitte as auditor.

Good News for US Employer Pension Funds

New research shows that pension plans in the United States (US) are four times more likely to be fully funded than occupational in the United Kingdom (UK). In a company press release, Aon Consulting reports that only 5 percent of UK pension plans are fully funded compared to 20 percent of US pension plans for year-end 2004 based on company annual reports.

Canadian Audits Need Improvement Says Oversight Board

The Canadian Public Accountability Board (CPAB) recently released its second public report on its examinations of public accounting firms, finding that audits by these firms needed significant improvements.

The Risks and Rewards of the Chinese Gold Rush

China is growing by bounds more than leaps. Different groups have different investment philosophies but China is still the largest emerging market in the world. Large tactical investments such as these are risky in a country where management is not sophisticated by U.S. standards and the accounting is lax.

Widespread Accounting Problems Reported in Iraqi Defense Ministry and Oil Account

The Iraqi Board of Supreme Audit, in a confidential report delivered to Iraqi Prime Minister Ibrahim al-Jaafari and reviewed by Knight Ridder, has uncovered widespread fraud and waste in $1 billion worth of weapons procurement contracts involving senior Iraqi officials in the Defense Ministry.

International Financial Reporting Standards Draft Released

Initiated by a meeting between the U.S. Securities and Exchange Commission (SEC) chairman William Donaldson & EU Internal Market Commissioner Charlie McGreevy in April, the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) met together in London in June. The topic of discussion was the convergence of U.S. and International accounting standards.
Community News

Navigant Acquires Canadian Forensic Accounting & Litigation Practices

Navigant Consulting, Inc. has acquired the practices collectively operated in Canada as Kroll Lindquist Avey. The acquisitions include: the forensic accounting, litigation consulting and business valuation of Kroll Inc. and Marsh & McLennan Companies’, Inc. risk consulting subsidiary. The transaction, structured as an asset sale, is valued at approximately US$20 million.“This investment greatly enhances Navigant Consulting’s international and investigations presence,” stated Timothy Hart, Managing Director in Navigant Consulting’s Litigation & Investigations practice.
Education & Careers

Accounting Scholarships Expand Opportunties for Students

Not everyone who wants to become an accountant when they grow up can afford to. Scholarships play an important role in encouraging the next generation to pursue their chosen career. Recently, two groups awarded scholarships to accounting students for the coming academic year.Rhonda McSwain, an accounting major at Florence-Darlington Technical College, recently received a Thelma Brown Scholarship the Morning News Online of Florence, South Carolina reports.
Community News

Independent Accounting Firms Get International Reach

Century Business Services, Inc. (CBIZ) and Mayer Hoffman McCann P.C. announced on July 21 that they would provide international accounting services through an affiliation with Kreston International. Together, CBIZ and Mayer Hoffman McCann P.C., rank among the top ten accounting firms in the U.S. With this agreement, they join one of the largest accounting networks in the world.“We are excited to finalize a formal international relationship,” says Len Miller, Senior Vice President, CBIZ Accounting, Tax & Advisory Services.

Accounting and Ethics - Poverty in Africa and Corporate Governance

As world leaders met in Gleneagles, Scotland last week to discuss proposals to address poverty in Africa, questions were raised by many about accountability by African states and companies doing business in Africa. John Snow, US Secretary of the Treasury, addressed the Council on Foreign Relations about proposals for debt relief and financial aid to Africa. Snow said that he believed the long-term solution to poverty was sustained growth. But, he concluded “you’ve got to be able to trust the books. If you can’t trust the books, you don’t get investors.

IASB and FASB Publish First Major Exposure Draft Standard

The International Accounting Standards Board (IASB), based in London, and the US Financial Accounting Standards Board (FASB) have announced publication of an Exposure Draft containing joint proposals to improve and align accounting for business combinations.
Community News

London Bombing: A Personal Account

Philip Fisher describes the events he experienced following the bombings in London on Thursday morning (7 July).A bomb soon puts life into perspective.After a half-hour delay in getting my train this morning, I arrived at King's Cross Thameslink and was turfed out into the street, as the train was emptied and the Tube station closed.As I made my way along Euston Road, it became apparent that something major was going on, as both King's Cross and Euston stations were clearly closed and confused multitudes were thronging the streets.I turned into Woburn Place at the same time
Education & Careers

Have Laptop, Will Travel

“The world’s my home… When I’m mobile”: ‘Going Mobile’ by The Who, 1971A glance around the business class lounge at any airport lounge will bring you face to face with numerous varieties of that modern day creature, "The Mobile Worker". Logging in the available workstations, checking email on their BlackBerries, or using cell phones to speak with their assistant at the home office, these travelers are the modern incarnation of the "Global Economic Elite" ("GEE").WHO ARE THE GLOBAL ECONOMIC ELITE?There are two general archetypes of GEEs.
Community News

Judge Refuses to Dismiss Deloitte's Parmalat Lawsuit

Big Four accounting firm Deloitte & Touche has lost its bid for dismissal of a class-action lawsuit by investors in Parmalat, the now-bankrupt dairy giant based in Parma, Italy.Deloitte had asked a federal court judge in New York to dismiss the suit brought against its U.S. and international arms, arguing that the firm's global affiliates cannot be responsible for the actions of other arms.
Community News

SEC Discusses 'What Next' if a Big Four Firm Fails

Securities and Exchange Commission officials are privately discussing steps to take if one of the Big Four accounting firms should collapse, according to the Wall Street Journal.The Journal, citing “people familiar with the discussions,” reported Wednesday that the SEC is trying to put a “contingency plan” in place to change the rules so that it would be easier for companies to switch auditors if the Big Four becomes the Big Three.Talks started after Arthur Andersen's demise three years ago, but they recently took on more urgency since the Department of Justice is considering a c

East Meets West: Japanese Businessman Takes US Accounting Home

In a true “east meets west” scenario, Japanese businessman Motoyoshi Hirose came to the United States several years ago to investigate the possibilities of obtaining the Japan franchise for a U.S.-style franchise accounting firm. His Internet research soon led him to Fiducial.Since that time, Hirose has met on several occasions with Fiducial representatives including Yves Morard-Lacroix, executive vice president; Howard Margolis, director of field support and development, and Bill Morice, director of field operations.Hirose, who serves as president of ACCS Consulting Co., Ltd.

USA “Brand” Not the Best

If countries were consumer products, which nation would be the best brand?

Farm Subsidies Use "Creative Accounting"

The United States and the European Union are using “creative accounting” to mask the huge subsidy payments they are making to their farmers, undermining international talks, according to Oxfam.Oxfam, the British aid agency, said rich countries had promised to eliminate export subsidies by 2016, but they are encouraging farmers, through subsidies, to produce excess goods and dump them on the world market, the Associated Press reported."Rich countries are dodging the commitments they've made to reduce subsidies that hurt poor farmers overseas," said Celine Charveriat, head of Oxfam's M

CAFTA Passage May Hinge on Support for China Trade Bill

Passage of a free trade agreement with Central America may depend upon legislation that would pressure China to loosen its exchange rate, which is blamed for the poor performance of American exports.House Ways and Means Committee Chairman Bill Thomas, R-Calif., told the U.S. Chamber of Commerce Tuesday that it's become “very difficult for (many lawmakers) to vote on a trade package without getting some kind of meaningful response on the issue of China," Reuters reported.
Community News

Firms Combine International Tax Services with Personal Attention

A new strategic alliance between New York City’s Marks Paneth & Shron LLP and Decosimo CPA Firms with offices in Tennessee, Georgia and Ohio, will bring a new player to the global business marketplace. MP&S Decosimo Global will bring a full range of sophisticated international tax planning and consulting services to mid-sized, growing businesses that value the personal attention of senior accounting and consulting professionals.“Together, Marks Paneth & Shron and Decosimo CPA Firms can help more businesses maximize the rewards of going global,” David R.


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