Stories that are tagged 'audit'

	FINMA Strengthens Monitoring Tools 5/27/2012 During a recent sitting, the Swiss Federal Council adopted a report pertaining to the development of monitoring and organizational instruments applied by the Swiss Financial Market Supervisory Authority.
	UK Consults On Corporate Governance Reforms 4/27/2012 The UK's Financial Reporting Council has launched a consultation on planned revisions to corporate governance and auditing rules intended to give effect to new company stewardship proposals.
	Australian Inspector-General Reviews SME Compliance 4/26/2012 The Australian Taxation Office could improve its compliance approaches to small- and medium-sized enterprises and high wealth individuals in a number of areas, according to a new report.
	Tunisia Consults On Complementary Finance Bill 4/17/2012 The Tunisian committee responsible for planning, finance and development within the National Assembly have recently examined the country’s 2012 complementary finance bill, including the key fiscal measures contained in the draft law.
	Mauritius Builds Synergy Between Domestic Regulators 4/13/2012 Mauritius's Financial Services Commission and the territory's Financial Reporting Council on April 10, 2012, signed a Memorandum of Understanding to ensure effective information exchange in relation to financial reporting, auditing and corporate governance.
	Obama Signs JOBS Act For Small Businesses 4/9/2012 On April 5, after a rare example of bipartisan agreement in the United States Congress, President Barack Obama was able to sign the Jumpstart Our Business Startups (JOBS) Act, a bill to encourage startups and support small businesses without the use of taxpayers’ money.
	Gibraltar Accepted Into International Audit Forum 4/6/2012 The Gibraltar Financial Services Commission has announced that it has been accepted to join the International Forum of Independent Audit Regulators.
	Switzerland, Germany Renegotiate Landmark Tax Arrangement 4/9/2012 The Swiss government has confirmed the signing of a Supplementary Protocol with Germany that amends the previous agreement of September 21, 2011, which allocates to Germany the payment of withholding taxes on German deposits held in Swiss banks.
	Singapore Introduces Added Tranche Of GST Compliance Initiative 4/4/2012 The Inland Revenue Authority of Singapore is providing a second SGD5m tranche of co-funding of the fees incurred by businesses registered for goods and services tax and undertaking the Assisted Compliance Assurance Programme.
	Report Dissects Alderney's Role In Full Tilt Poker Case 3/30/2012 Alderney's Gambling Control Commission has welcomed the publication of an independent report into decisions made in relation to three companies which were licensed in Alderney to operate as Full Tilt Poker.
	OECD Forum To Simplify Transfer Pricing Rules 3/30/2012 Meeting at the first Organization for Economic Cooperation and Development Global Forum on Transfer Pricing, tax officials from 90 countries agreed on the need to simplify transfer pricing rules, strengthen the guidelines on intangible issues and improve the efficiency of dispute resolution.
	FSB Looks For More Robust External Audits For Banks 3/21/2012 The Financial Stability Board, as part of its work to develop and promote the implementation of global regulatory and supervisory financial sector policies, has re-emphasized the importance of work to improve the role that external audits play in providing information to prudential regulators of financial institutions.
	Indian Budget Signals Further Reform Delays 3/20/2012 India’s 2012 Budget has been unveiled, including a raft of tax measures designed to signal progress in the implementation of a direct tax code and a goods and services tax regime.
	Irish Revenue Issues Corporate Tax Filing Reminder 3/15/2012 The Irish Revenue has issued compliance reminder letters to those who have failed to file their corporate tax returns.
	UK Financial Reporting Body To Revise Auditing Rules 3/7/2012 The Auditing Practices Board of the UK Financial Reporting Council has proposed revisions to the International Standards on Auditing, which were issued as part of the 'Clarity Project', to ensure that they can be introduced throughout both UK and Ireland for entities undertaking auditing activities.
	Australia Announces Overhaul Of Audit System 3/1/2012 The Australian government has introduced legislation designed to enhance audit quality and strengthen regulatory oversight.
	DFSA Signs Agreement With US Audit Regulator 2/2/2012 The Dubai Financial Services Authority has entered into a Statement of Protocol with the Public Company Accounting Oversight Board to facilitate the sharing of information between the two regulators.
	UK Consults On Company Law Red Tape 2/1/2012 The latest phase of the UK's Red Tape Challenge sees the government asking companies for their views on how to tackle unnecessary bureaucracy in company and commercial law.
	Greece Publishes List Of Tax Evaders 1/26/2012 True to its word, in a determined bid to clamp down on rampant tax evasion, the Greek government has recently published a list of individuals alleged to have evaded taxes in Greece to the tune of almost EUR15bn (USD19.5bn).
	Banks Need Bespoke Accounting Rules, BoE Says 1/25/2012 Andrew Haldane, the Executive Director for Financial Stability at the Bank of England, has called for a rethink of reporting requirements for the banking industry, due to inconsistencies in how banking assets are quantified when the market value is unknown.
	UK Pension Schemes Divided On Accounting Rules 1/19/2012 UK pension schemes are divided over whether their pension liabilities should form part of their annual accounts and be subject to audit, according to a new KPMG survey.
	Uncertain Tax Positions Rule Gets Thumbs Up 1/13/2012 A 2006 accounting standards interpretation intended to increase relevance and comparability in reporting information about income tax uncertainties generally achieves that purpose, although some stakeholders believe the standard could be improved.
	Philippine Gambling Authority Settles Tax Dispute 1/9/2012 The Philippine Amusement and Gaming Corporation (PAGCOR) has settled unpaid back taxes incurred under the agency’s previous administration amounting to almost PHP857m (USD13.3m) as the government seeks to boost its overall tax take.
	German Auditors Oppose 2013 Tax Cut Plans 11/18/2011 Germany’s independent federal government audit body, der Bundesrechnungshof, has criticized the tax cut plans of the coalition government, insisting that expected additional fiscal revenues should be used to reduce the deficit.
	Boards Consult On Revenue Recognition Standard 11/18/2011 The International Accounting Standards Board and the Financial Accounting Standards Board have released for public comment a revised draft standard to improve and converge the financial reporting requirements of International Financial Reporting Standards and US accounting standards for revenue (and some related costs) from contracts with customers.
	UK Urged To Ease Reporting Burden 11/15/2011 Cutting out unnecessary 'clutter' in annual reports would help many UK businesses struggling under burdensome regulation, without devaluing the reports themselves, according to a new survey.
	UK Businesses Ambivalent On EU Audit Reform 11/7/2011 FTSE 100 Audit Committee Chairpersons questione the rationale behind proposals being put forward by the European Commission to reform the audit market to increase competition, arguing that evidence has not been presented on deficiencies alleged to have contributed to the financial crisis.
	Audit Committees Need To Improve Standards 10/27/2011 The majority of audit committees in UK listed companies fall short of best practice in their reporting, according to a new report.
	UK To 'Liberate' Small Business 10/27/2011 The UK's coalition government is reviewing regulation and encouraging changes to tax compliance rules in a bid to 'liberate' small businesses from onerous tax rules and red tape, according to Deputy Prime Minster Nick Clegg.
	EU To Modify Transparency Directive 10/28/2011 The European Commission is proposing to modify notification requirements for acquirers when they reach a certain stake in a listed company, reduce burdensome reporting obligations for all listed companies, and simplify accounting rules for small- and medium-sized enterprises, to produce further cost savings for businesses.
	IRS Praised For Health Law Implementation 10/26/2011 The United States Internal Revenue Service has successfully developed a plan to implement the new tax provisions included in the Affordable Care Act, according to a report released by the Treasury Inspector General for Tax Administration.
	CC To Commence UK Audit Market Investigation 10/25/2011 The Office of Fair Trading announced on October 21 that it had referred the market for the supply of statutory audit services to large companies in the UK to the Competition Commission for further investigation.
	UK Consults On Corporate Governance Rules 10/20/2011 The UK’s Financial Reporting Council is to be refocused and streamlined under new proposals, designed to ensure the body is in a strong position to promote the highest standards of corporate reporting, governance and auditing.
	Greece Gets Tough On Tax Evasion 10/18/2011 Greek Finance Minister Evangelos Venizelos has announced plans to publish the names of around 15,000 individuals, alleged to have evaded taxes in Greece.
	ATO Criticized In Large Business Risk Review 9/12/2011 Large Australian businesses will welcome increased certainty around the Australian Taxation Office's risk reviews and audits of their financial practices, following the release of the Inspector-General of Taxation's Report into the Australian Taxation Office's large business risk review and audit policies, procedures and practices.
	China, Hong Kong Converge Audit Standards 9/7/2011 A joint declaration signed between the China Auditing Standards Board and the Hong Kong Institute of Certified Public Accountants promises further convergence between the Mainland's and Hong Kong's Auditing Standards.
	FRC To Increase Transparency In Financial Reporting 9/6/2011 Companies should improve the way they report to investors on the key strategic risks facing their businesses, according to two new reports published by the UK Financial Reporting Council.
	OECD Concerned At Corporate Tax Loss Abuse 9/5/2011 The Organisation for Economic Cooperation and Development has released a new report to aid governments in tackling the use of aggressive tax planning used to artificially create or boost companies' losses for tax mitigation purposes.
	IoM Charity Reporting Requirements Change 8/26/2011 The government of Isle of Man has reminded Manx-registered charities of new income thresholds, in place since August 1, 2011, that may require them to have their accounts independently examined or audited.
	Pakistan Tax Office Mulls Internal Reforms 8/5/2011 At a Pakistani Chief Commissioner’s Conference chaired by the Secretary of the Revenue Division on August 4, it was decided that in the current financial year the Federal Board of Revenue should start focusing on enforcement, audit and bringing new taxpayers into the tax net.
	UK Audit Market Referred To Competition Watchdog 8/1/2011 The UK's 'Big Four' auditors could face a market investigation after the Office of Fair Trading issued a provisional decision to refer the market for the provision of statutory audit services to large companies to the Competition Commission.
	New Zealand IR Launches Compliance Focus Report 7/28/2011 New Zealand Revenue Minister Peter Dunne has applauded the release of the Inland Revenue’s compliance focus report which is aimed at helping New Zealanders meet their tax obligations.
	Baker Tilly Creates Auditing Arm In Guernsey 7/28/2011 Baker Tilly Channel Islands Limited - the Channel Islands division of accountancy and business advisory firm Baker Tilly - has formed Baker Tilly CI Audit Limited, a Guernsey-registered audit and assurance company, enabling the firm to provide auditing services in Guernsey.
	UK OFT Considering Audit Market Intervention 7/28/2011 The Office of Fair Trading has announced that it has concluded roundtables held to receive views on whether there is a case to refer the composition and functioning of the UK audit market to the Competition Commission.
	Chinese Corporate Accountability Tarnishing Investment 7/25/2011 Fitch Ratings has warned in a recent report that poor corporate governance relative to international capital market standards, as well as issues such as China's under-developed legal system and quality of information standards, has led to lower ratings being given to Chinese corporates.
	KPMG Warns Of IAS 19 Impact 7/12/2011 Entities with defined benefit pension obligations will find their profit and loss accounts significantly affected by recent changes made to international accounting standards, KPMG in Australia has warned.
	Australian Tax Experts Welcome Trust Guidance 7/1/2011 The Tax Institute of Australia has welcomed the Australian Tax Office’s announcement of special administrative arrangements for the application of new distribution streaming measures for the nation’s 600,000 trusts.
	Singapore Reviews Companies Act 6/23/2011 Singapore’s Ministry of Finance and the Accounting and Corporate Regulatory Authority have invited public feedback on the final report of the Steering Committee that has been reviewing the Companies Act, and on a review of the regulatory framework for foreign entities in Singapore.
	SEC Proposes Stronger Broker-Dealer Rules 6/21/2011 Building on rules adopted in December 2009 to strengthen the protection provided to investors who turn their assets over to investment advisers, the United States Securities and Exchange Commission has now proposed amendments to the broker-dealer financial reporting rules.
	Dunne Outlines NZ Compliance Measures 6/17/2011 In his speech to the KPMG 2011 Christchurch Tax Briefing, Peter Dunne, New Zealand Minister of Revenue, took the opportunity to talk about compliance, and the fact that the country’s tax system relies on voluntary compliance as the most efficient way to gather taxes.
	China Confirms Early Success Of ECFA With Taiwan 5/31/2011 China’s Ministry of Commerce has professed that the “early harvest list” of import tariff reductions under the economic cooperation framework agreement between Taiwan and China, which began on January 1 this year, has already proved successful.
	IFC Launches Georgian Tax Simplification Project 5/30/2011 The IFC is to help the Georgian government roll out its new tax system for micro and small businesses, training entrepreneurs on the new regime, with a view to further reinforcing the administrative and financial benefits expected from the measures.
	UK Auditors Could Be Referred To Competition Commission 5/18/2011 In the wake of a parliamentary report slamming an alleged Big Four 'oligopoly' in the audit market, the UK's Office of Free Trading has reached the provisional decision that there are reasonable grounds for suspecting that there are features of the market that restrict, distort or prevent competition.
	India Gears Up For Transfer Pricing Changes 5/17/2011 Tax experts in India have called for the country’s transfer pricing system to have in-built mechanisms for smooth negotiation and conflict resolution, as radical changes are underway for the Direct Tax Code, most likely coming into effect from April 1, 2012.
	Australia To Improve Tax Compliance 5/16/2011 The Australian government has developed a package of three measures to improve tax compliance across various aspects of the economy.
	Israeli Government Publishes Financial Statements 5/12/2011 The Israeli Government’s financial statements for 2010 have just been published and for the first time units in all branches of the Government have been consolidated in the reporting process.
	IRS Evolves Relationship With Large Corporates 4/8/2011 The United States Internal Revenue Service Commissioner Doug Shulman, in remarks to a meeting of the Tax Executive Institute in Washington, reviewed its evolving relationship with the largest corporate taxpayers.
	Firms Respond To Lords Audit Report 4/5/2011 The release of a report into the role of the 'Big Four' in audit market concentration has been met with measured praise and support for its specific recommendations, but has been criticized by some for the extent to which it places an element of culpability for the financial crisis in the hands of these firms.
	ICAS And NZICA Seek Reduced Disclosure Requirements 4/4/2011 The Institute of Chartered Accountants of Scotland and the New Zealand Institute of Chartered Accountants have launched a project with the aim of reducing the volume of disclosure requirements in International Financial Reporting Standards.
	ATO Implementing Inspector-General’s Recommendations 3/24/2011 The Australian Assistant Treasurer has released a report compiled by the Inspector-General of Taxation into the Australian Taxation Office's implementation of agreed recommendations, and announced that the Tax Office has advanced the vast majority of these.
	ARC Launches Investment Managers Comparison Portal 3/23/2011 Channel Islands-based Asset Risk Consultants has announced the launch of its new free web-based tool SUGGESTUS, aimed at providing private client professional advisers with a structured research portal.
	Liberian Ship Registry Completes Audit 3/1/2011 The Liberian Shipping Registry has carried out the first Seafarer Recruitment and Placement Services audit for compliance with the International Labour Organization Maritime Labour Convention, ahead of the convention's entry into force.
	Pakistan Launches Compliance Drive 2/25/2011 The Pakistan Federal Board of Revenue has announced a programme designed to increase the tax return compliance of the country's businesses.
	Australian GST Administration Performance Published 2/24/2011 The Australian Government has published its GST administration mid-year performance, which shows that GST revenue collection at December 31, 2010 was around 4% lower than the Budget 2010–11 forecast and 2.6% below the mid-year economic fiscal outlook.
	UK Regulators Publish Audit Code 2/16/2011 Following joint dialogue with the Bank of England, the UK Financial Services Authority has published, for consultation, a draft code of practice designed to enhance the dialogue between auditors and supervisors.
	Accountants Issue New US Service Organisation Control Reports 2/2/2011 It is intended that information system service organizations, such as cloud computing providers and healthcare claims processors, will benefit from new service organisation control reports, which have been developed by the American Institute of Certified Public Accountants.
	Strengthened Audit Regime Discussed In Ireland 2/1/2011 The Irish Minister for Trade and Commerce, Billy Kelleher, speaking at the Chartered Accountants Ireland Forum, where the future of audit was discussed, warned that failure to properly assess and interpret risks in the financial sector threaten the entire economic system.
	Pakistan FBR Denies Computer Glitch 1/26/2011 The Pakistan Federal Board of Revenue has been forced to make a statement denying recent press statements concerning a loss of billions of rupees owing to flaws in the Pakistan Customs Computerized System, saying that 'this is not the complete picture.'
	French Wealth Tax Revenues Surpass Expectations 1/27/2011 The French government has recently confirmed that revenues derived from wealth tax in France reached a record level of EUR4.46bn last year – much higher than previously anticipated.
	UK Audit Regulators Agree Cooperation Framework 1/19/2011 The Financial Services Authority and the Financial Reporting Council have agreed a new Memorandum of Understanding to enable a greater degree of cooperation and information exchange between the two regulators.
	Room For Improvement At Canada Revenue Agency 1/14/2011 As part of its annual Red Tape Awareness Week, the Canadian Federation of Independent Business has released a report card on the Canada Revenue Agency customer service experience. With an overall grade of 'C-minus' and 'Ds' in three of the five categories assessed, the results show that CRA has plenty of room for improvement.
	CAI Opens Debate On Audit Reform 1/14/2011 Chartered Accountants Ireland has announced the launch of a discussion paper, entitled 'Future of the Statutory Audit', which invites debate on whether the scope and role of audit should change to meet the evolving regulatory environment, and the needs of the industry's various stakeholders.
	US Authorities Can Now Inspect UK Auditing Firms 1/12/2011 British and United States regulators have done a deal which will allow the US authorities to investigate how auditing firms in the UK work on the books of companies listed on the US stock market.
	Bermuda Enacts Investment Funds Amendment Act 1/3/2011 Conyers Dill and Pearman have noted that the Investment Funds Amendment Act 2010 received the assent of the Governor General on December 22, 2010, amending the Investment Funds Act 2006, making new provisions for the regulation of investment funds in Bermuda.
	Ireland Upgrades Auditing Best Practices 12/29/2010 The Irish Auditing Practices Board has published revised Ethical Standards for auditors, and the Financial Reporting Council has published revisions to its Guidance on Audit Committees, as a result of parallel consultations by both bodies in July 2010.
	Italian Banks Await Rules For Repatriation Tax Break 11/26/2010 At a seminar organised by the Association of Italian Banks in Gubbio, its president Giuseppe Mussari spoke of possible tax breaks for Italian banks repatriating the business they currently operate through their overseas financial subsidiaries.
	Vanuatu Budgets For Tax Shortfall 11/23/2010 Vanuatu’s Finance Minister, Sela Molisa, has disclosed that a structural problem within the Department of Customs may have contributed to a fall in forecast tax revenues by around USD22m in 2010.
	Liechtenstein, UK Sign Second Joint Tax Declaration 11/16/2010 Liechtenstein and the United Kingdom have signed a Second Joint Declaration, further clarifying the Memorandum of Understanding on cooperation in tax matters and supplementing the First Joint Declaration on related matters that have been agreed by both parties.
	Canada Issues Tax Relief Reminder 11/15/2010 The Canada Revenue Agency has issued a reminder to taxpayers and all tax registrants that they have until December 31, 2010 to file requests under the taxpayer relief provisions for the 2000 tax year and any reporting period that ended during the 2000 calendar year.
	Jersey's EFA Granted MoME Operational License 11/12/2010 Europlan Fund Administrators Limited, the Jersey based specialist fund establishment and administration service provider, has announced that it has extended its current fund services' offering having received a license from the island's Financial Services Commission to provide Manager of Managed Entity services to Jersey Fund Services Businesses.
	CAI Welcomes Announcement On Audits 11/4/2010 Chartered Accountants Ireland has welcomed the government’s announcement, by the Minister for Trade and Commerce, Billy Kelleher, that Ireland will adopt the European Commission's Quality Assurance Recommendation for Auditors.
	HK Releases Final Companies Bill Consultation Results 10/28/2010 The conclusions of the second and final phase of consultation on Hong Kong’s draft Companies Bill, which began in May and finished in August this year, have been released.
	Guernsey Funds Industry Resilient 10/26/2010 Guernsey’s funds industry has shown resilience despite adverse market conditions, according to Lipper’s latest Guernsey Fund Encyclopedia.
	Karachaganak Oil Consortium Under Tax Scrutiny 10/21/2010 A tax investigation by Kazakhstan's ministry of finance has brought into question the validity of certain expenses deducted against tax by the Karachaganak Petroleum Operating consortium.
	IRS Planning For Potential Impact Of IFRS 10/8/2010 The United States Internal Revenue Service is preparing for the potential transition of US-based publicly-held companies to International Financial Reporting Standards, according to an audit report released by the Treasury Inspector General for Tax Administration.
	Orascom Receives Further Algerian Tax Notice 10/1/2010 Egyptian telecom company, Orascom Telecom, has announced that its Algerian subsidiary, Orascom Telecom Algérie, has received a preliminary notification from the Algerian tax authorities for reassessed taxes in the amount of some DZD17bn in respect of the 2008 and 2009 tax years.
	FSA Condemns Audit Practices 9/30/2010 The UK Financial Services Authority has published the findings of a review aimed at improving the quality and consistency of auditors’ reports on clients' assets.
	IRS Finalises Disclosure Of Uncertain Tax Positions 9/28/2010 United States Internal Revenue Service Commissioner, Doug Shulman, in a speech to the American Bar Association in Toronto, Canada, focused on the increased information flow that is expected to arise out of the new system for the disclosure of uncertain tax positions.
	HK Changes Tax Practice On Prepayments 8/26/2010 Hong Kong’s Inland Revenue Department has issued a new amendment to its practice notes to clarify, in the situation where a profits tax return is filed by a foreign company, what accounting standards are acceptable for the preparation of financial statements.
	Directors Protest NZ Tax Changes 8/24/2010 According to a letter from a group of 19 senior company directors, the net profit after tax of New Zealand companies will be distorted by more than NZD1bn through the application of international financial reporting standards to the property tax changes announced in the budget in May this year.
	USD47bn Stuck In Indian Tax Appeals System 8/18/2010 In a report on the tax appeals process, which has been tabled in the Indian parliament, the comptroller and auditor general of India has decried a tendency in the Indian income tax department to 'opt for appeals even when it is on a weak wicket.'
	Local SAT Offices Undertake Transfer Pricing Reviews 8/13/2010 China's State Administration for Taxation has directed local tax authorities to prepare statistics relating to the transfer pricing practices of companies in their tax jurisdictions as part of a wider review of transfer pricing by the central government.
	HP Japan Receives Tax Demand 8/12/2010 HP Japan, Hewlett Packard’s Japanese subsidiary, has been investigated by the Tokyo Regional Tax Bureau, resulting in a JPY23bn (USD270m) unpaid tax assessment for the two years ending October 2006.
	French Tax Audits Harvest EUR14.7bn 8/3/2010 The French Budget Ministry has recently published the 2009 annual activity report produced by the Public Finances General Directorate, revealing that the French tax administration generated in the region of EUR14.7bn in 2009 as a result of both documentary and on-the spot tax audits conducted that year.
	US E-File Under Scrutiny 7/21/2010 The US Internal Revenue Service's Modernized E-file system did not process electronically filed individual tax returns as effectively as it should have during the 2010 filing season, according to a report released on July 19 by the Treasury Department watchdog.
	'Bed Tax' Looms For German State 7/20/2010 Determined to generate additional revenue, Norbert Walter-Borjans, Finance Minister of the German state of North Rhine-Westphalia, has spoken out in favor of introducing a tax on hotel overnight stays in the area.
	Mexico Simplifies Taxes 7/5/2010 Mexican president Felipe Calderón (pictured) and Finance Secretary Ernesto Cordero have agreed on abolishing unnecessary administrative procedures to reduce the compliance burden on taxpayers.
	Australia Passes Tax Reforms 6/28/2010 The Australian government has announced the passage through parliament of a number of tax reforms dealing with foreign source income, thin capitalisation rules, goods and services tax administration and managed investment trust definition, together with simplifications of corporate reporting requirements.
	Antigua And Barbuda Govt Unveils Tax Plans The government of Antigua and Barbuda has outlined the fiscal measures it has agreed with the International Monetary Fund to stabilise the country's budget deficit within three years.
	Irish Revenue Publishes Defaulters List 6/17/2010 The Irish Revenue Commission has published its latest defaulters list which contains details of audit and investigation settlements completed by the Revenue in the period from January 1, 2010, to March 31, 2010.

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Stories that are tagged 'audit'

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