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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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 news that KPMG has snapped up the audit of Rentokil Initial from rival PwC brings with it renewed concerns around the indepen­dence of firms providing additional services as well as opining on financial state­ments. Under the arrangement KPMG would undertake all the statutory respon­si­bil­ities associated with an external audit, while also ‘delving deeper’ and […]

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The silence from this blog lately has been deafening. Time to pick the low-hanging fruit and churn out something, anything, to let my readers know I’m not dead yet. First of all, my buddy Krupo’s been cranking out quality, enter­taining posts every other day it seems. In this latest post on unions, he lays the smack […]

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KPMG is being sued in a proposed class action lawsuit filed the Friday (paywall) before the long Labour Day weekend, citing employees were forced to work unpaid overtime hours. The lawsuit alleges KPMG employees routinely work as many as 90 hours a week to complete assign­ments on behalf of clients. The firm allegedly requires employees […]

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