Search Results for: accountancy

Central Bank theft – casino repercussions: the Philippines

The theft in February of $101m from the Bangladesh Bank account at the Federal Reserve Bank New York in an audacious hack of SWIFT codes saw funds flow to casino accounts at Rizal Commercial Banking Corporation in the Philippines.…

COMPANIES and the financial professionals that work with them have many risks to worry about, but few can seem as menacing and as alien as the so-called ‘dark web’.

The Internet can be described as an iceberg: the websites and services most people use regularly are the tip, but there is an entire other, much larger world submerged below.…

WITH the Paris Agreement on fighting climate change having come into force on November 4, financial and environmental reporters will start to prepare in earnest for the monitoring and reports that will follow its implementation. Of course, ironically, four days later – on November 8 – Donald Trump was elected as President of the United States, having campaigned against the agreement.…

To keep pace with today’s global and interconnected world, auditors must move with the times, European experts told a high-level Brussels conference on November 16.  Maggie McGhee, director of professional insights at the Association of Chartered Certified Accountants (ACCA) – joint hosts of the ‘Future of Audit’ conference with assurance, tax and advisory services network Grant Thornton International, said: “Auditors need to adapt and constantly innovate.…

Global accountancy giant PricewaterhouseCoopers (PwC) has reached an undisclosed settlement with trustees of bankrupt US mortgage company Taylor, Bean & Whitaker (TBW) for failing to detect fraud during seven years of audits.  Although the settlement is confidential, it will be high as TBW trustees originally sued PwC for USD5.6 billion in 2013.…

A WORK-study programme launched in Singapore last year (2015) is picking up pace with the scheme now covering 21 sectors, from an initial seven. Singapore’s Earn and Learn Programme (ELP) is one of various schemes launched as part of SkillsFuture, a national initiative aimed at fostering a culture of lifelong learning and skills mastery within the city state.…

The Philippines has been standing accused of passively aiding money launderers and terrorist financers ever since its Anti-Money Laundering Act in 2001 exempted local casinos from the duty of submitting suspicious transaction reports on their operations.. But pressures to revise that decision have been growing markedly since earlier this year Chinese cyber hackers managed to launder USD81 million through banks and casinos in Manila, with only approximately USD6 million of the booty recovered so far.…

AFRICA’S economic growth means it does not just have more banks than before, banking groups are spreading across national borders. And while this can boost banks’ lending and savings security, it also complicates the job of regulators charged with ensuring such institutions are honest and solvent.…

LAWRENCE Agbor Abunaw had set his sights on the banking sector as an economics undergraduate student at the UK’s University of Leicester more than two decades ago. But a career orientation fair and meeting a headhunter changed the Cameroonian’s goals and led to joining the accountancy profession in May 1993 with PwC France, before returning to his country of birth Cameroon for eight years.…

A senior tax expert has advised accountants to carefully monitor for their clients likely changes in taxation promoting sustainability as international concern grows over inequality. The Association of Chartered Certified Accountants’ (ACCA) head of taxation Chas Roy-Chowdhury’s comments come as the Organisation for Economic Co-operation & Development (OECD) released a new report advising taxation policy makers worldwide on how to promote sustainable growth by sensitively designing tax systems.…