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The Accountant 6073 December 2009

Schapiro admits ‘flawed’ Lehman oversight

The Securities and Exchange Commission’s (SEC) oversight of Lehman Brothers was “terribly flawed in design and execution” and was “ill-suited because of our enforcement and disclosure mentality”, SEC chairman Mary Schapiro testified to a US Congressional committee this week.

Mazars leader calls for more SMILEs

Adapting Europe’s financial and regulatory environment to give SMEs greater access to capital, allowing them to use IFRS for SMEs and making it easier to list on public markets are three key recommendations in a new report commissioned by the French Finance Minister Christine Lagarde.

IASCF seeks members for IFRS for SMEs group

The International Accounting Standards Committee Foundation (IASCF) is recruiting members for an IFRS for SMEs implementation group (SMEIG).

Haddrill supports retaining governance model

UK Financial Reporting Council (FRC) chief executive Steven Haddrill has called for the EU to focus on behaviour rather than rules in corporate reporting.

PCAOB bans CPAs involved in Satyam scandal

The US Public Company Accounting Oversight Board (PCAOB) has barred two Satyam auditors from Lovelock & Lewes, an Indian firm affiliated with PricewaterhouseCoopers International, from being associated with any PCAOB registered audit firms.

Small Hong Kong auditors need improvement

The first full cycle of practice reviews for auditors of listed clients in Hong Kong has revealed satisfactory results at the Big Four and large firms, but smaller practices need to improve their quality control and compliance with professional standards.

ICAEW and Grant Thornton support SME option

Grant Thornton International and the Institute of Chartered Accountants in England and Wales (ICAEW) both support the EC allowing member states to choose whether to adopt IFRS for SMEs.

French and Dubai regulators sign MoU

French regulator Autorité des marchés financiers (AMF) and the Dubai Financial Services Authority have signed a Memorandum of Understanding (MoU).

India asks Big Four to articulate their intentions

India’s Corporate Affairs Minister Salman Khurshid has requested that Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers disclose whether or not they intend to start full-fledged operations in India so that they can be fully accountable for their operations in the country, if permits are given, according to media reports.

Canadian accounting watchdog appoints chairman

Denis Desautels has been appointed as chair of the Canadian Accounting Standards Oversight Council (AcSOC) for a two year term ending 31 March 2012.

ICAEW launches insolvency certificate

The Institute of Chartered Accountants in England and Wales (ICAEW) has launched the Certificate in Insolvency, which provides a broad understanding of corporate and personal insolvency principles.

No extra fair value for liabilities: Tweedie

International Accounting Standards Board (IASB) chair David Tweedie has attempted to allay European concerns about increased fair value measurement, the bifurcation of embedded derivatives, recycling and reclassification.

Sustainability services up in South Africa

The demand for sustainability services is rising in South Africa, according to the head of sustainability services at Ernst & Young South Africa, Jayne Mammatt.

Sustainability services up in South Africa

The demand for sustainability services is rising in South Africa, according to the head of sustainability services at Ernst & Young South Africa, Jayne Mammatt.

ACCA funds auditing standards research project

The Association of Chartered Certified Accountants (ACCA), in collaboration with the International Association for Accounting Education and Research (IAAER), is conducting four projects looking at issues surrounding global auditing standards.