Search Results for: accountancy

BY MARK ROWE

WITH its location adjacent to Europe’s key fashion centre Italy, a highly skilled labour force and low wages, Albania’s textile industry is repositioning itself amid the unrelenting economic crisis that is gripping Europe. A well-educated workforce and widely spoken Italian, English and Greek add to the appeal, according to Diana Cekhodima Sokolaj, president of the Albanian Fashion Designers Association.…

BY GEORGE STONE, IN CAPE TOWN

It is part of the accountancy profession’s faith that good honest financial reporting and dealings can promote economic growth because of the commercial trust that it engenders. And maybe nowhere can the case be made more strongly than in Africa.…

BY VILLEN ANGANAN, IN BEAU-BASSIN, MAURITIUS

INTERNATIONAL accounting firms are exploring opportunities within Africa, and are using the Indian Ocean island of Mauritius – a regional financial centre – as a stepping stone. All the Big Four: Ernst &Young, PricewaterhouseCoopers (PwC), KPMG and Deloitte are already successfully offering their services to African clients.…

BY CARMEN PAUN, IN BRUSSELS, AND ROB STOKES

CRITICS of European Commission proposals for sweeping changes to audit practice and market regulation probably have a year or so to influence the final outcome.

This emerged in The CA’s interview with Jonathan Faull, the Commission’s director general for internal markets & services, about the so-called ‘Barnier proposals’ put forward by the European Union’s (EU) internal market Commissioner Michel Barnier.…

BY VILLEN ANGANAN, IN PORT LOUIS, MAURITIUS

ACCA fellows can be found in many influential positions worldwide. And in Africa, they are often the backbone of financial and management best practice. That is certainly the case on the Indian Ocean state of Mauritius, where environment and sustainable development minister and ACCA member Devanand Virahsawmy, 62, belongs to the inner circle of prime minister Navin Ramgoolam, who secured a second mandate in May 2010 elections.…

BY RAGHAVENDRA VERMA, IN NEW DELHI

REAL estate, finance, bullion, jewellery, equity trading and mining sectors in India are prone to generation of black or unaccounted money, which is moved around the world, said a May 21 official finance ministry report ‘White Paper on Black Money’.…

BY EDWARD WILSON, IN CANCUN

MEXICO is in many ways at a crossroads. With its proximity to the US, an increasingly broad range of industrial and services sectors, a relatively cheap labour force, and numerous preferential trade deals, particularly the North American Free-Trade Agreement (NAFTA), it is brimming with economic potential.…

BY EDWARD WILSON, IN CANCUN

*There are around 5 million businesses in Mexico, with 133 firms listed on the Mexican Stock Exchange

*Medium-sized companies account for 52% of Mexico’s GDP

*Audit is a business requirement in Mexico for medium-sized and larger companies

*The Instituto Mexicano de Contadores Públicos (IMCP) has around 20,000 public accounting partners operating across Mexico.…

BY RAGHAVENDRA VERMA, IN NEW DELHI

INDIAN auditors are bracing themselves for the introduction of harsh penalties in a new Companies Bill which reaches its next stage of debate in the Indian parliament in March.

Auditors found guilty of fraud or intent to defraud could face up to 10 years in jail and fines of up to three times any defrauded sums under legislation proposed partly in response to the USD1 billion Satyam Computer Services (SCS) fraud.…

BY PAUL COCHRANE, IN BEIRUT

THE DEVELOPMENT of commercial legislation in Turkey has not kept pace with the country’s blistering economic growth over the past decade. While structural economic reforms have been carried out, a foreign investment law passed, and GDP levels have more than tripled since 2002, Turkey has been slipping down the ranks in the World Bank’s ‘Ease of Doing Business’ report, dropping five places in 2011.…