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Volunteer search-and-rescue withers as Tories twist over auditor's report

The Canadian PressMay 1, 2013 18:15
OTTAWA - Management of search and rescue, particularly the replacement of fixed-wing planes, has been a case study in bureaucratic infighting and political indifference, critics charged in the wake of the latest auditor general's report. Michael Ferguson's politically bruising report, which warned some elements of the joint military and coast guard system are near the breaking point, should spur the Harper government to action, says an association of rescue volunteers.

EU lawmakers water down accountancy reform

April 25, 2013 11:30
By Huw Jones LONDON (Reuters) - European Union plans forcing companies to change accountants regularly were watered down on Thursday, providing some relief for the "Big Four" auditors that check most large company books. A panel from the European Parliament backed allowing companies to keep the same accountant for up to 25 years in a move also being considered by U.S. regulators.

EU lawmaker tries to end deadlock over audit reform

April 12, 2013 07:45
By Huw Jones 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. 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.

Proposed U.S. rule would have forced KPMG to name auditor sooner

April 9, 2013 20:15
By Sarah N. Lynch 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. 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.

Most of EU funds in 2011 in Lithuania used in lawfully, correctly - audit

April 9, 2013 10:51
The National Audit Office of Lithuania (NAOL) conducted an audit of the efficiency of the management and control system (MCS) for the use of 2007-2013 EU Structural Funds assistance and of the expenditure in the amount of LTL 4.6 billion (EUR 1.3 billion) declared to the European Commission (EC), the National Audit said in a report. "Although auditors did identify certain irregularities, having regard to the fact that the MCS met the requirements laid down in the EU legislation and functioned sufficiently effectively and that no material errors had been detected in the expenditure de

Why this stubbornness to kill transparency?

April 4, 2013 13:09
The government is reported to have prepared a draft of a new law that will bypass a top court ruling made in December 2012 which annulled changes made to a law and thus reintroduced transparency and accountability to public expenditures. It is hard to understand why the Justice and Development Party (AK Party), which has put its stamp on various democratic reforms, has stubbornly been trying to kill transparency in the oversight of public institutions.

Competition Commission opposes compulsory accountant switching

March 19, 2013 13:15
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. Last month the Competition Commission proposed a number of initiatives to increase choice of accountant.

UPDATE 4-UK's "Big Four" accountants under fire from watchdog

February 22, 2013 04:45
* Findings of probe to bolster EU reform, shape US debate * Probe says market static and change will take time * Big Four slam findings By Huw Jones 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.

UPDATE 2-UK in-house auditors face more scrutiny

February 11, 2013 08:30
* Some internal auditors say they need more regulation * Draft industry code will circulate until mid-April * UK regulator bans use of internal auditors by accountants (Adds FRC on anticipated timing of change) By Huw Jones 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.

US magazine readership stable amid digital shift

February 7, 2013 17:16
US magazines managed to hold circulation nearly steady in the second half of 2012 as more readers turned to digital editions, an industry report showed Thursday. The Alliance for Audited Media, formerly known as the Audit Bureau of Circulations, said total paid and verified circulation for the 402 major US magazines decreased 0.3 percent from a year earlier. Paid subscriptions were up 0.7 percent, while single-copy sales decreased 8.2 percent, according to the alliance, which counts both digital and print editions in circulation data.
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