International

Tax

US Virgin Islands Tax Haven Under Scrutiny

The Justice Department is putting residents of the U.S.
Tax

Former Executive Joins Most Wanted List

Getting your picture on the wall in the post office is not usually a time for celebration. For Tomo Razmilovic, the disgraced former president and CEO of Symbol Technologies Inc., the Holtsville, NY bar code scanner company, it simply means he is in no hurry to return to his former home in the United States. "I still believe in the American judicial system," the 62-year-old Mr.
Community News

Can the Big Four Save Themselves?

Have the accounting reforms arrived just in time to save the Big Four firms from extinction?
Community News

Big Four Lose Campaign to Limit Auditor Liability in UK

The United Kingdom has rejected a proposal to place a cap on the liability auditors face when a company goes under.The decision, by the UK's Department of Trade and Industry, struck a blow to the Big Four's hopes that the UK would agree to the cap and spur other European countries to follow.Jeremy Jennings, global director of regulatory and government relations for Ernst & Young Global in Brussels, told the Wall Street Journal: "It is doubtful whether the EU will conclude there is a need for change when one large member state has decided there is not.”The Big Four - PricewaterhouseC
A&A

Study: CEOs Who Outsourced More Took Home Larger Salaries

A new study on executive compensation found that chief executives who sent the most service jobs overseas made more money last year than other CEOs.At the 50 companies that outsourced the most service jobs, average CEO compensation rose 46 percent in 2003. CEOs at the 365 big companies surveyed by Business Week saw an overall 9 percent increase in 2003, according to the study by the Institute for Policy Studies and United for a Fair Economy.The two groups put out an annual “Executive Excess” report.
Tax

GAO Study: Tax Haven Companies Have Federal Contracting Edge

Why the GAO Did This Study: The federal government was involved in about 8.6 million contract actions, including new contract awards, worth over $250 billion in fiscal year 2002. Some of these contracts were awarded to tax haven contractors, that is, U.S. subsidiaries of corporate parents located in tax haven countries. Concerns have been raised that these contractors may have an unfair cost advantage when competing for federal contracts because they are better able to lower their U.S.
Community News

Ernst & Young's Survival Threatened by Equitable Life Case

Back in the heady days of the 1990s, it was unimaginable that the existence of even one of the Big Five accounting firms could ever be threatened.
Community News

Global Center Issues Call for Nominations

The Global Center for Leadership & Business Ethics announced it is accepting nominations for The Laureate Award & Medal Series, according to William W. George, chairman of the Global Center.The Laureate Award will honor a leader who best embodies the qualities of insight, ethics and courage, which are key attributes of leadership.
Tax

AICPA Ethics Committee Proposes Outsourcing Disclosure Rule

The Professional Ethics Executive Committee of the American Institute of Certified Public Accountants (AICPA) is proposing a rule that would require Institute members to disclose to their clients the outsourcing of professional services. “The outsourcing of services has been a subject of serious debate by members of Congress, the media, and state and federal regulators,” said Susan Coffey, AICPA Vice-President – Self Regulation.
Community News

George Appointed Chairman of New Ethics Global Center

William W. “Bill” George, has been named chairman of the Global Center for Leadership & Business Ethics, an independent body established by KPMG.As chairman of the Global Center, George will direct The Laureate Award & Medal Series, which will honor individuals or institutions that are committed to excellence in business ethics and leadership.
Technology

IRS Reissues Consumer Warning on Identity Theft Scheme

Earlier this week, the IRS renewed its warning about a fraudulent scheme targeting non-resident aliens who have income from a United States source. The IRS has seen signs the scheme is spreading in the Caribbean area.Caribbean countries in which this scheme has surfaced include Barbados, Puerto Rico, Tobago, Trinidad and the Turks & Caicos Islands. Earlier this year, the scheme appeared in South America and Europe.The scheme uses fictitious IRS correspondence and an altered IRS form in an attempt to trick the foreign persons into disclosing their personal and financial data.
Community News

U.K. Resists Request to Cap Liability, a Blow to the Big Four Firms

In a blow to the Big Four accounting firms, the United Kingdom's Office of Fair Trading rebuffed the firms' claim that a litigation cap would boost competition, the Financial Times reported on its website.The firms had campaigned to limit their liability but the U.K.
Tax

H&R Block to Hire Thousands of Spanish Speaking Tax Professionals

H&R Block, has announced plans to hire more than 5,000 Spanish-speaking tax professionals nationwide for the 2005 tax season in order to meet the growing needs of Hispanic taxpayers. Openings will be available in Chicago, Los Angeles, Miami, New York and many other cities where the Latino community has a relevant presence. According to the U.S. Census Bureau, more than one in eight people living in the United States is of Hispanic origin, making Latinos the nation’s largest minority group.
Tax

Scandal-Ridden Parmalat Seeks Damages from Citigroup

Parmalat Finanziaria SpA has gone to court seeking damages from Citigroup Inc., which allegedly played "an integral part" in the Italian dairy giant’s collapse.The suit was filed Thursday in Bergen County Superior Court in New Jersey by Parmalat Chairman Enrico Bondi, who is trying to salvage the company from the billions in losses it sufffered in a massive fraud scandal. According to Bloomberg News, the complaint states that Citigroup structured the company’s financing so that debt was hidden and cash flow was falsely inflated.
Tax

IRS Addressing Foreign Tax Credit Rules

The Internal Revenue Service is taking steps to change the rules concerning deductible charitable donations in an effort to avoid reducing foreign tax credits, Dow Jones Newswires reported.The new rules, including a 1991 proposal, are intended to keep taxpayers from failing to making deductible donations because they are worried about reducing their foreign source income—and, as a result—their foreign tax credit limitation."By adopting the straightforward approach of allocating contributions that are deductible for U.S.
Tax

Three Ex-Ahold Executives Charged with $700 Million Fraud

Three former executives of Royal Ahold NV’s U.S. unit have been charged with fraud conspiracy for exaggerating earnings by more than $800 million, Bloomberg reported.Michael Resnick, 42, former chief financial officer of the unit; Mark Kaiser, 47, ex-marketing manager; and William Carter, 43, a former vice president, were charged with a fraud conspiracy, Interim U.S. Attorney David Kelley said Tuesday."It was a cooking of the books fueled by the greed of the defendants," Kelley said at a press conference in Manhattan.
Community News

Shift to IASB Standards Leaves Door Open to Fraud, UK Auditors Warned

Auditors in the United Kingdom are being directed to be extra vigilant for fraud as companies may be tempted to manipulate their numbers during the transition to international accounting standards.The Institute of Chartered Accountants in England and Wales (ICAEW) is warning auditors to be on the lookout for inaccuracies and to refuse to sign off on accounts if necessary, the Financial Times of London reported.The first set of accounts under the International Accounting Standards Board (IASB) rules may be questionable in some cases because companies must restate their opening balance she
Technology

SEC Announces Initiative to Test Tagged Financial Data

The U. S. Securities and Exchange Commission (SEC) is assessing the benefits of tagged data and its potential for improving the timeliness and accuracy of financial disclosure and analysis of Commission filings.The Commission will seek public comment on alternative methods and the costs and benefits associated with tagged data. In addition, the Commission will consider a staff proposal to accept voluntary supplemental filings of financial data using eXtensible Business Reporting Language (XBRL).
Community News

E&Y, Orenda Merge to Create Mid-Market M&A Practice

Two of the country's top dealmakers are joining forces to create a dominant player in Canada's mid-market mergers and acquisitions marketplace. Ernst & Young Corporate Finance Inc.

Widow Leaves $1.1 Billion to Her Accountant

In a move that stunned her surviving family members, one of India’s richest women left her entire estate to her accountant, who was also in the possession of the will at the time of her death last week, the British Broadcasting Company reported.

Pages