Accountancy http://www.globalpost.com/taxonomy/term/27128/all en UK lawmakers to quiz big accountants on tax avoidance http://www.globalpost.com/dispatch/news/thomson-reuters/130121/uk-lawmakers-quiz-big-accountants-tax-avoidance <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Tom Bergin</p> <p>LONDON, Jan 21 (Reuters) - British parliamentarians plan to quiz representatives of the biggest accounting firms over their role in helping big commpanies minimise their tax bills, as lawmakers across Europe consider steps to clamp down on tax avoidance.</p> <p>A spokesman for the Public Accounts Committee said it would hold a hearing on Jan. 31, at which senior tax specialists from PricewaterhouseCoopers (PwC), Ernst and Young, KPMG, and Deloitte would testify.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130121/uk-lawmakers-quiz-big-accountants-tax-avoidance" target="_blank">read more</a></p> Accountancy Business Taxation Thomson Reuters Mon, 21 Jan 2013 16:45:03 +0000 5737330 at http://www.globalpost.com Britain urges EU to approve bank accounting rule http://www.globalpost.com/dispatch/news/thomson-reuters/130124/britain-urges-eu-approve-bank-accounting-rule <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Huw Jones</p> <p>LONDON, Jan 24 (Reuters) - The European Union should endorse a rule that stops banks from misleading investors by booking profits even when the value of their debt falls, Britain's accounting watchdog said.</p> <p>Roger Marshall, chairman of the Financial Reporting Council, said he was frustrated that "eminently sensible" reforms making banks more transparent were being delayed by the EU's executive European Commission and a global push to converge standards.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130124/britain-urges-eu-approve-bank-accounting-rule" target="_blank">read more</a></p> Accountancy Finance Financial regulation Human Interest Thomson Reuters Thu, 24 Jan 2013 17:45:17 +0000 5738906 at http://www.globalpost.com Chinese make record foreign investments in 2012: PwC http://www.globalpost.com/dispatch/news/afp/130206/chinese-make-record-foreign-investments-2012-pwc <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Foreign mergers and acquisitions by Chinese investors set a record last year, while domestic purchases marked a pause, a study released on Wednesday by the accounting firm PwC showed on Wednesday.</p> <p>PricewaterhouseCoopers put total Chinese investment abroad in 2012 at $65.2 billion, an annualised leap of 54 percent, a statement said.</p> <p>The number of investments declined slightly meanwhile to 191 transactions from 206 deals in 2011, but they still represented one-third of all Chinese investments, the statement said.</p> <p>PwC forecast another record this year.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130206/chinese-make-record-foreign-investments-2012-pwc" target="_blank">read more</a></p> Accountancy Business PricewaterhouseCoopers AFP Wed, 06 Feb 2013 20:00:53 +0000 5748057 at http://www.globalpost.com Lifeline Scientific estimates lower 2012 profit http://www.globalpost.com/dispatch/news/thomson-reuters/130207/lifeline-scientific-estimates-lower-2012-profit <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>Feb 7 (Reuters) - Medical technology company Lifeline Scientific Inc said it expects to report a lower pretax profit for 2012, partly due to a decrease in gross margins and certain legal costs.</p> <p>The lower margins resulted from changes in product mix, the company said in a statement.</p> <p>However, it estimated full-year revenue to be higher.</p> <p>The company reported a profit before income tax of $2.4 million and revenue of $25.4 million in 2011.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130207/lifeline-scientific-estimates-lower-2012-profit" target="_blank">read more</a></p> Accountancy Generally Accepted Accounting Principles Technology Thomson Reuters Thu, 07 Feb 2013 09:15:48 +0000 5748547 at http://www.globalpost.com UPDATE 2-UK in-house auditors face more scrutiny http://www.globalpost.com/dispatch/news/thomson-reuters/130211/update-1-uk-house-auditors-face-more-scrutiny-after-libor-scand <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Some internal auditors say they need more regulation</p> <p>* Draft industry code will circulate until mid-April</p> <p>* UK regulator bans use of internal auditors by accountants (Adds FRC on anticipated timing of change)</p> <p>By Huw Jones</p> <p>LONDON, Feb 11 (Reuters) - Internal auditors, under fire from regulators for failing to spot how banks were rigging the Libor interest rate, should report directly to company boards and have enough resources to do the job, a British industry body said on Monday.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130211/update-1-uk-house-auditors-face-more-scrutiny-after-libor-scand" target="_blank">read more</a></p> Accountancy Auditing Business Thomson Reuters Mon, 11 Feb 2013 12:30:31 +0000 5752579 at http://www.globalpost.com British accountancy watchdog probes Autonomy's books http://www.globalpost.com/dispatch/news/thomson-reuters/130211/british-accountancy-watchdog-probes-autonomys-books <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>LONDON, Feb 11 (Reuters) - Britain's accountancy regulator said it was investigating the financial reports of British software firm Autonomy before it was bought by Hewlett-Packard , a deal that was later subject to accusations of fraud.</p> <p>The Financial Reporting Council (FRC), an independent watchdog that sets standards for accountants and auditors, said on Monday it would investigate Autonomy's published accounts between Jan. 1 2009 and June. 30 2011, two months before the deal was announced.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130211/british-accountancy-watchdog-probes-autonomys-books" target="_blank">read more</a></p> Accountancy Autonomy Corporation Business Entertainment Social Issues Thomson Reuters Mon, 11 Feb 2013 16:15:33 +0000 5752807 at http://www.globalpost.com UPDATE 4-UK's "Big Four" accountants under fire from watchdog http://www.globalpost.com/dispatch/news/thomson-reuters/130222/update-2-uk-watchdog-takes-aim-at-accounting-deals <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* Findings of probe to bolster EU reform, shape US debate</p> <p>* Probe says market static and change will take time</p> <p>* Big Four slam findings</p> <p>By Huw Jones</p> <p>LONDON, Feb 22 (Reuters) - Companies in Britain could be forced to switch accountants to break up the cosy relationships between the "Big Four" and their clients, blamed for masking weaknesses exposed by the financial crisis.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130222/update-2-uk-watchdog-takes-aim-at-accounting-deals" target="_blank">read more</a></p> Accountancy Auditing Business Human Interest Social Issues Thomson Reuters Fri, 22 Feb 2013 08:45:03 +0000 5763044 at http://www.globalpost.com Competition Commission opposes compulsory accountant switching http://www.globalpost.com/dispatch/news/thomson-reuters/130319/uk-watchdog-opposes-compulsory-accountant-switching <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>LONDON (Reuters) - Forcing companies to switch accountants to boost competition in a market dominated by the "Big Four" could damage the quality of financial reports, audit regulator said on Tuesday.</p> <p>Last month the Competition Commission proposed a number of initiatives to increase choice of accountant.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130319/uk-watchdog-opposes-compulsory-accountant-switching" target="_blank">read more</a></p> Accountancy accountant Auditing Business Thomson Reuters Tue, 19 Mar 2013 17:15:16 +0000 5787948 at http://www.globalpost.com Metro sees profit hit as fights to revive cash and carries http://www.globalpost.com/dispatch/news/thomson-reuters/130320/metro-sees-profit-hit-fights-revive-cash-and-carries <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Victoria Bryan</p> <p>DUESSELDORF, Germany (Reuters) - German retailer Metro &lt;MEOG.DE&gt; predicted operating earnings would fall in the coming months, hit by weak consumer spending, a lack of major sporting events and investments aimed at reviving its main cash and carry business.</p> <p>Shares in the company, which also runs consumer electronics stores, hypermarkets and department stores, dropped as much as 3 percent on Wednesday, at times the biggest decline by a European blue-chip stock &lt;.FTEU3&gt;.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130320/metro-sees-profit-hit-fights-revive-cash-and-carries" target="_blank">read more</a></p> Accountancy Business Dividend Generally Accepted Accounting Principles Technology Thomson Reuters Wed, 20 Mar 2013 14:00:31 +0000 5788754 at http://www.globalpost.com Hong Kong quizzes Big Four partner as audit battle broadens http://www.globalpost.com/dispatch/news/thomson-reuters/130327/hong-kong-quizzes-big-four-partner-audit-battle-broadens <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Matthew Miller and Grace Li</p> <p>HONG KONG (Reuters) - A partner from Ernst &amp; Young testified in the Hong Kong High Court on Wednesday, the first senior executive from one of the Big Four auditors to be cross-examined in what is turning into a global brawl pitting U.S. and Hong Kong regulators against their Chinese counterparts.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130327/hong-kong-quizzes-big-four-partner-audit-battle-broadens" target="_blank">read more</a></p> Accountancy Business Finance Thomson Reuters Wed, 27 Mar 2013 13:15:19 +0000 5795262 at http://www.globalpost.com Morning Shout released by KASB Securities Limited and Economics Research http://www.globalpost.com/dispatch/news/asianet/130409/morning-shout-released-kasb-securities-limited-and-economics-research <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Asianet </div> </div> </div> <!--paging_filter--><p>April 08, 2013 (PPI-OT)</p> <p><a href="http://www.globalpost.com/dispatch/news/asianet/130409/morning-shout-released-kasb-securities-limited-and-economics-research" target="_blank">read more</a></p> Accountancy Finance Fundamental analysis KASB Securities Limited Technology YoY KASB Securities Limited Asianet Tue, 09 Apr 2013 16:01:30 +0000 Asianet 5807583 at http://www.globalpost.com FBI probes trading as KPMG quits Herbalife, Skechers audits http://www.globalpost.com/dispatch/news/thomson-reuters/130409/herbalife-auditor-kpmg-resigns-amid-information-leak-0 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Martinne Geller and Emily Flitter</p> <p>(Reuters) - In a blow to one of the world's largest accounting firms, KPMG said it resigned as auditor of two U.S. corporations amid an FBI investigation into insider trading allegations involving leaked information and a former senior partner.</p> <p>The two California-based companies - nutritional products group Herbalife Ltd and footwear maker Skechers USA Inc - said separately on Tuesday that KPMG had quit as their auditor in connection with the leaks.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130409/herbalife-auditor-kpmg-resigns-amid-information-leak-0" target="_blank">read more</a></p> Accountancy Business Finance Hospitality Investment KPMG Thomson Reuters Tue, 09 Apr 2013 17:15:23 +0000 5807795 at http://www.globalpost.com Proposed U.S. rule would have forced KPMG to name auditor sooner http://www.globalpost.com/dispatch/news/thomson-reuters/130409/proposed-us-rule-would-have-forced-kpmg-name-auditor-sooner <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Sarah N. Lynch</p> <p>WASHINGTON (Reuters) - When audit firm KPMG said late on Monday it had parted ways with two corporate audit clients and a senior partner over information leaks used in alleged insider trading, the partner's identity was initially a mystery.</p> <p>The name of Scott London, a KPMG veteran, emerged late on Tuesday, but would likely have been known sooner if the panel that regulates the U.S. audit industry had adopted a proposed rule to require disclosure of audit engagement partners.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130409/proposed-us-rule-would-have-forced-kpmg-name-auditor-sooner" target="_blank">read more</a></p> Accountancy Auditing Business Hospitality Thomson Reuters Wed, 10 Apr 2013 00:15:43 +0000 5808548 at http://www.globalpost.com ICAP Pre-Budget Seminar on Friday http://www.globalpost.com/dispatch/news/asianet/130411/icap-pre-budget-seminar-friday <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Asianet </div> </div> </div> <!--paging_filter--><p></p><P> The Southern Regional Committee of the Institute of Chartered Accountants of Pakistan (ICAP) is organizing a Pre-Budget Seminar on Friday, from 3:30 p.m at Karachi Marriott Hotel (Pool Marquee) to discuss and finalize the Institute’s recommendations to be submitted to the Government of Pakistan for the budget 2013 -2014.</p><P>Muhammad Raza Baqir, Member (Operations) Inland Revenue Services, Federal Board of Revenue will be the chief guest and S.M. Shabbar Zaidi, FCA, Partner, Tax Services, A.F. Ferguson &amp; Co. will be the session chairman at the seminar.</p><P>Dr.</p> <p><a href="http://www.globalpost.com/dispatch/news/asianet/130411/icap-pre-budget-seminar-friday" target="_blank">read more</a></p> Accountancy Pakistan Politics Professional accountancy bodies Asianet Thu, 11 Apr 2013 10:34:05 +0000 Asianet 5810785 at http://www.globalpost.com EU lawmaker tries to end deadlock over audit reform http://www.globalpost.com/dispatch/news/thomson-reuters/130412/eu-lawmaker-tries-end-deadlock-over-audit-reform <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Huw Jones</p> <p>LONDON (Reuters) - Shareholders would have the final say on who checks their company's books under a proposal from a top European Union lawmaker seeking to end a deadlock over shaking up auditors.</p> <p>Accounting firms face sweeping changes after criticism for giving banks a clean bill of health just months before they had to be rescued by taxpayers in the financial crisis.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130412/eu-lawmaker-tries-end-deadlock-over-audit-reform" target="_blank">read more</a></p> Accountancy Auditing Business European Union Social Issues Technology Thomson Reuters Fri, 12 Apr 2013 11:45:03 +0000 5812957 at http://www.globalpost.com