Search Results for: accountancy

BY ANDREW CAVE

IT is perhaps the ultimate irony in the anti-money laundering crusade. The industry, devoted as it is to the movement of cash and software algorithms that help track it, has no shortage of statistics detailing the numbers of suspicious transactions reported, illegal monies seized and criminals prosecuted.…

BY RAGHAVENDRA VERMA

THE NEW CEO of India’s Satyam Computer Services has said he is confident the recent scandal that devastated his company was "probably the handiwork of a few individuals, acting in isolation." Speaking to Accountancy Age, Achutuni Sreenivasa Murty, 52, also stressed "the fraud was complex and caught everyone unaware," despite being "a company audited by one of the Big Four auditing firms".…

BY DAVID HAWORTH

THE BRUSSELS office for whistle-blower MEP Paul Van Buitenen told Accountancy Age that the Dutchman will not be standing for a second term of office on the European Parliament in June. The admission follows reports in the Amsterdam Telegraaf and Netherlands television that Van Buitenen was not planning to renew his electoral mandate.…

BY ALAN OSBORN

ONE of the most striking developments in the fight against money laundering over the past 10 years has been the growing sophistication and alertness of traditional bank clerks and other comparatively low level financial service company staff in the detection of suspicious activity and the vetting of new clients.…

BY DAVID HAWORTH

WHISTLEBLOWER MEP Paul van Buitenen, who is standing down from the European Parliament in June, will shortly apply to re-join his previous employer, the European Commission, following an unpaid leave of absence for the past five years.

Under its personnel rules, the Commission must take back former officials who left to serve on the parliament.…

BY RAGHAVENDRA VERMA

ONE of the Indian PricewaterhouseCoopers (PwC) partners who has been arrested over suspicions of involvement with the Satyam Computer Services accounting scandal has now being found guilty of professional misconduct in another case by the disciplinary committee of the Institute of Chartered Accountants of India (ICAI).…

BY MARK GODFREY

THOUGH its top trading partners continue to stick with the fair value or mark to market principle set by the International Financial Reporting Standards (IFRS), China remains unwilling to embrace the principle. Though Beijing, keen to nurture its companies into global corporate champions, has been bringing its Accounting Standards for Business Enterprises (ASBE) closer to the IFRS it won’t require listed firms to use the fair value approach – “not for the foreseeable future,” Dickson Leung, partner at the Beijing offices of Lehman Brown has told Accountancy Age.…

BY MARK GODFREY

MURKY dealings in the China’s corporate world suggest that the country’s adherence to acceptable accounting standards may be more in word that practice. Huang Guangyu, China’s second richest man and founder of electric retailing giant Gome, was accused in December of "financial crimes" by the China’s ministry of public security, which oversees the police.…

BY RAGHAVENDRA VERMA

THE CLEANING up process of the accounts of scandal-hit India IT company Satyam has now begun and could take more than six months. KPMG and Deloitte have been mandated by the IT company’s new central government-appointed board to scrutinise its accounts.…

BY RAGHAVENDRA VERMA

THE SATYAM Computers scandal has prompted India’s dominant IT and outsourcing sector to plot a corporate governance scheme that would promote the use of forensic accountants in the industry.

Mayur Joshi, founder and CEO of Indiaforensic Consultancy Services, claims that the trade body of India’s IT industry Nasscom is planning to beef up its due diligence accounting guidelines that would effectively "entrust the task of detecting and preventing the fraud to the forensic accountants".…