That’s the recom­men­dation from the Institute of Chartered Accoun­tants of India (ICAI), as reported by The India Express: “In the high-powered committee report on Satyam scam, we have proposed that internal audit should be outsourced and not be in house so that there is more indepen­dence. If the auditor is from the organ­i­sation, it is […]

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New charges in the Satyam scandal were laid by India’s Central Bureau of Inves­ti­gation, for “creating fake invoices to inflate revenues by US$94 million and forging company board resolu­tions to obtain unautho­rised loans worth US$265 million” according to this story in Accoun­tancy Age. This comes after charges were laid on November 21 against the former […]

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Accoun­tan­cyAge is reporting that the UK and Ireland IIA’s chief executive Ian Peters recently made a statement on the contentious issue of having external auditors provide internal audit services: Internal auditors answer to management and the non-executive directors… external audit reports to share­holders. Merging these two important functions has the potential to cause serious conflicts […]

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The Metro­politan Corporate Counsel, a publi­cation dedicated to legal issues relevant to corporate lawyers, recently inter­viewed Alfredo Avila, Assistant General Counsel at Monsanto about how they approach FCPA compliance for acqui­si­tions. Monsanto recently acquired a US-based company with a Turkish subsidiary, and found during the due diligence the sub had made inappro­priate payments to Turkish […]

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The Securities and Exchange Commission (SEC) has provided small businesses another 1-year delay to comply with Sarbanes-Oxley Section 404 require­ments. Section 404 is the part of Sarbox that requires management to attest to the effec­tiveness of internal controls over financial reporting. “This will help ease the burden on small firms and help encourage more small […]

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