1 week ago

Auditor-client dependence in the development of new accounting standards in Canada.

ABSTRACT

This study examines constituent participation in the accounting

standards setting process in Canada to determine whether the positions

of auditors and their clients relative to new accounting standards

proposals are independent of each other. Using responses to the ten

accounting exposure drafts receiving the highest public responses, the

active role of Big Eight (now Big Five) firms is underscored. For all

responses, significant agreement between Big Eight/Five auditors and

their clients in their respective positions on proposed new accounting

standards is found. However, domination of the process by Big Eight/F

1 week ago

City Lodge Hotels Ltd (CLHJ.J) People

Name

Description

Mr. Bulelani Thandabantu Ngcuka serves as Non-Executive Chairman of the Board of City Lodge Hotels Limited with effect from August 1 2010. He has Legal and general business experience. He serves on the boards of the following listed companies: Buildmax Limited, Rolfes Technology Holdings Limited, (chairman) CSG Holdings Limited (chairman) He holds BProc, LLB, MA (Webster University, Geneva, Switzerland). Vuwa Investments Proprietary Limited Menzies Aviation (South Africa) Proprietary Limited Coega Autospray Proprietary Limited Amadlelo Agri Proprietary Limited BetterGroup Limited Leapfrog Property Group Proprietary Limited.

Mr. Clifford Ross serves as Ch

1 week ago

Officials Hid AIDS Drug Dangers

Weeks before President Bush announced a plan to protect African babies from AIDS, top U.S. health officials were warned that research on the key drug was flawed and may have underreported thousands of severe reactions including deaths, government documents show.

The 2002 warnings about the drug, nevirapine, were serious enough to suspend testing for more than a year, let Uganda's government know of the dangers and prompt the drug's maker to pull its request for permission to use the medicine to protect newborns in the United States.

But the National Institutes of Health, the government's premiere health research agency, chose not to inform the White House as it scrambled to kee

2 weeks ago

The Arts Aren't in Kansas Anymore, Toto

The arts have fallen victim to budget cuts in Kansas. Governor Sam Brownback recently signed legislation eliminating all state funding -- about $689,000 -- for arts programs, "leaving the Kansas Arts Commission without a budget, staff or offices." Nearly 200 local arts organizations and artists will lose critical support for local arts programs, operational funding and professional development. "In difficult fiscal times such as these, the state must prioritize how to spend its limited resources and focus its attention on providing core services," Brownback told legislators.

Brownback's preference is to replace the Arts Commission with a private, nonprofit foundation. Proposals to cu

2 weeks ago

Association of International Certified Professional Accountants Urges South Africa’s Audit Regulator to Reject Mandatory Audit Firm Rotation

NEW YORK & LONDON--(BUSINESS WIRE)--The Association of International Certified Professional Accountants (the

Association) has voiced its strong opposition to a plan by South

Africa's Independent Regulatory Board for Auditors (IRBA) to implement

mandatory audit firm rotation (MAFR).

In a written

response to IRBA's Consultation Paper, the Association, which has

offices in locations including Johannesburg, Colombo, Kuala Lumpur,

London, New York and Shanghai, wrote that MAFR "may have a negative

impact on audit quality, increase market concentration to a more limited

number of auditing firms, and will hinder, rather than promote,

transformation of the profession."

The letter, signed by Association CEO Barry C. Melancon, CPA, CGMA,

includes analysis of the most significant factors supporting the

profession's longstanding position. It notes that mandatory audit firm

rotation:

Negatively impacts audit quality

Causes loss of institutional knowledge and experience

Limits auditor specialization

Creates resource strains

Could increase audit market concentration

May result in unintended costs

Limits the audit committee's ability to determine the best audit firm

for the company

Limits ability to attract and retain talent

"The Association believes that each of these factors demonstrates that

MAFR should be rejected," the letter stated. "It is clear from at least

some of the regulatory regimes that have adopted it that MAFR has not

had the intended benefits and its continuation is either being

questioned or discontinued. MAFR takes away the key responsibility of

audit committees which, along with the board of directors, are in the

best position to watch management actions and ensure that companies are

obtaining high quality audits to protect the investing public."

Concluding that MAFR is not in the public interest, risks harm to audit

quality, would impose significant costs on businesses and shareholders

without commensurate benefit, would be economically disruptive and

create other negative consequences, the Association asks that IRBA

reject a move to require it.

About the Association of International Certified Professional

Accountants

The Association of International Certified Professional Accountants (the

Association) combines the strengths of the American Institute of CPAs

(AICPA) and The Chartered Institute of Management Accountants (CIMA) to

power opportunity, trust and prosperity for people, businesses and

economies worldwide. It represents 650,000 members and students in

public and management accounting and advocates for the public interest

and business sustainability on current and emerging issues. With broad

reach, rigor and resources, the Association advances the reputation,

employability and quality of CPAs, CGMAs and accounting and finance

professionals globally.

2 weeks ago

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5 Tips For Playing Better ClericsIf a wizard is the brains of a party, the rogue is its cunning, and the fighter is the strong, right arm, then the cleric is the soul of the group. Bringing the message of the divine to the world, as well as to their companions, clerics come in all creeds and flavors. If you want to try something other than the usual missionary position, though, this guide will get you started.

2 months ago

10 Blogs Every Accountant Should be Reading

10 Blogs Every Accountant Should Be Reading

As professional accountants, it's important to be kept up breast on the latest news and information about what's new in the industry. Getting a different view and reading about thought-provoking insights on topics ranging from auditing, fraud, tax accounting and regulations will keep you on your toes and help you make informed decisions in the workplace.

Here's a list of 10 must-read blogs by experts, associations, former college professors, and members of professional networks that are geared specifically to provide accountants and aud