Search Results for: accountancy

CAPITAL markets and their traders within Malaysia may be forced to forge defences against cyber-crime amidst growing concern that hackers could damage the country’s financial services. The Securities Commission Malaysia (SC) is seeking comments from accountants and other financial specialists about planned regulations saying capital market participants should have cyber-security programmes and policies, including contingency plans for dealing with associated risks.…

Politicians in the Philippines fear that the country will be censured by the Financial Action Task Force (FATF) after USD81 million stolen from the Bangladesh Bank central bank in February entered the international financial system through Manila casinos. In its most recent evaluation on the Philippines made in 2013, the FATF determined that the country had made significant progress in improving its AML/CFT (anti-money laundering/combating the financing of terrorism) but raised concerns regarding the absence of AML/CFT controls for the casino sector.…

Financial experts struck off for misconduct from professional bodies, such as the Association of Chartered Certified Accountants (ACCA), should be actively barred from working as accountants, a Brussels conference on ‘Fighting Money Laundering and Terrorist Financing: The Role of Accountants and Finance Professionals’ has heard.…

THE NEED for sub-Saharan Africa to improve its corporate governance, promoting sustainable development in a region that still trails the rest of the world in many poverty metrics, has been a key theme of accounting conferences. And new initiatives reflecting this understanding have been making progress in east and west Africa, for instance.…

Further regulation is not always the way to restore trust in business – rather it can be achieved by greater emphasis on improving corporate culture, a May 5 conference at the European Parliament, in Brussels, heard. This did not mean that regulation should be scrapped or ignored, but speakers at the joint ACCA – European Confederation of Directors’ Associations (ecoDa) conference ‘Creating value through governance: channelling corporate culture and ethics in boards’ wanted to see legislation set incentives – carrots rather than sticks.…

IN a fast-growing emerging economy such as Bangladesh, companies and consumers alike can sometimes play fast-and-loose with the truth to hide financial wrongdoing and commit frauds, but they will have to reckon with Bangladesh’s Comptroller and Auditor General Masud Ahmed and his staff.…

While many economies in Africa are growing fast, there is a consensus amongst accountants that the continent has to build its business reporting and administration to make sure this growth is sustainable. Indeed, the third African Congress of Accountants (ACOA), staged in Port Louis, Mauritius, from May 11 to 14, heard that this essential work is needed now, even as some countries remain marred by severe socio-political unrest, economic instability, poverty, famine and disease.…

Best-selling Australian author and accounting historian Jane Gleeson-White sees accountants as potential revolutionaries with the power to save the planet. Now, there’s a thought.
They need to be creative, however. And while such tactics are generally associated with the mafia and corporate crooks, laundering the proceeds of drug cartels or squirrelling profits away from the view of the taxman, Gleeson-White, 54, challenges this perception.…

Bangladesh’s top auditor understands only too well the key role strong auditing can play in an emerging economy such as his own country – for good or ill. Indeed, he does not mince his words when he recalls the role auditors played in Bangladesh’s 2011 capital market collapse that ruined millions of small investors.…

Malaysia’s finance ministry has released a comprehensive plan to boost the strength of the accountancy profession in the country. Drafted by a special committee to strengthen the accountancy profession (CSAP), the policy is designed to ensure Malaysia has sufficient numbers of professional accountants and reform the profession’s governance.…