Internal audit at Satyam

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 formerContinue reading “Internal audit at Satyam”

Enron chronicle provides some holiday reading

I have been on vacation for the last half of this month, and that along with Christmas has resulted in much less activity on this blog than is normally seen. Additionally, I have been immersed in a great book on the Enron scandal, titled “The Smartest Guys In the Room: The Amazing Rise and ScandalousContinue reading “Enron chronicle provides some holiday reading”

Big Four dominate professional services globally

The Managing Partners’ Forum was established in 1995 and is “dedicated to enhancing leadership and the status of the management team in professional firms worldwide.” They recently released the inaugural Global 500, a ranking of the top 500 professional services firms in the world by fee volume. The Big Four are at the top ofContinue reading “Big Four dominate professional services globally”

Scots tout principles in the Big Apple

The Scotsman: The Institute of Chartered Accountants of Scotland will tell high-powered US financiers at a conference in New York that individual judgment should play a bigger role than strict adherence to a rule book. Ah, this old classic. Once again the rules-based US system is coming under attack by external sources, this time fromContinue reading “Scots tout principles in the Big Apple”

Canadian bank “shakes” Enron related audit rules

From the (Toronto) Star: Banking authorities in Canada and the United States have lifted an enforcement action that they imposed on the Canadian Imperial Bank of Commerce three years ago over its involvement with Enron Corp. The action put restrictions on CIBC and required it – for the past three years – to pay forContinue reading “Canadian bank “shakes” Enron related audit rules”