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Winners Unveiled March 2012 Issue 503-504 www.InternationalAccountingBulletin.com Winners unveiled IAB hosts inaugural industry awards • PCAOB and EU Paliamentary● xxxxxx hearings into audit begin ● xxxxx • Switzerland survey: Audit threshold● xxxx and competition on the rise • Canada survey: Firms● grow xxxxxxx despite intense fee pressure Give your students a business perspective of the world of accounting. Give your students access to content they can trust. Give your students the edge. Subscribe to The Accountant A subscription to The Accountant is the ideal accompaniment to an accountancy course of study. Including exclusive features and interviews with major figures in the accountancy sector, The Accountant will help your students to understand the real-world implications of the theory they are learning, and help improve their employability in a competitive jobs market. A weekly newswire gives you regular updates of all the big stories, while IP access means students can view our content anywhere with access to the student portal. Subscribe to The Accountant for: SIGN UP FOR THE FREE NEWSWIRE • IP access to our content. So your students can access our Get free weekly updates and free content. content campus-wide with one login Sign up here: • Content you can trust. We have 125 years of experience http://www.vrl-financial-news.com/system- delivering accountancy news. pages/headernav/free-news.aspx • Truly global analysis. We cover a range of stories from around the world, so your students get a wide perspective of the sector. DON’T MISS OUT. Subscribe to The Accountant today. Contact our subscriptions team on +44(0)20 7563 5688 or email us at [email protected] to find out more. www.vrl-financial-news.com International Accounting Bulletin editoR’s letteR contents A question of independence Give your students a business way from the media glare and hype of news & analysis 02-04 Aaudit debates in Brussels and Washing- ton, the CEO of a large accounting firm left news Headlines perspective of the world of his job this month for something he did not ■ Stakeholders oppose firm rotation do. ■ Congress could block PCAOB plan His name is Piet Hein Meeter and he ■ EC warns against ‘excessive’ lobbying accounting. stepped down because of a breach of the comment: women in accounting firm’s independence rules that do not allow Leaders from Crowe Horwath audit firm employees to have any financial International and MLBennett Consulting interests in audit clients. Give your students access to reflect on the importance if nurturing An investigation concluded that Meeter and developing was not personally involved in any of the iaB AWARDS 2012 05-09 investment decisions in question or worked content they can trust. as part of the audit teams for these clients. IAB hosted its inaugural industry awards But the fact he could be linked with a poten- to celebrate global excellence in the tial conflict of interest meant he had to go. accounting. Our extensive coverage Meeter was the CEO of Deloitte Nether- provides details on all of the winners Give your students and highlights of the evening lands, a firm with revenue of €632 million the auditor should evolve to meet current and more than 4,500 staff. and future market demands. Independence breaches are very uncom- I’m of the strong belief the role of the the edge. Subscribe to mon at the rarefied heights of Big Four sen- auditor should be determined before other ior management but this case highlights the Barnier/PCAOB proposals are put forward. ultra-cautious, risk averse nature of the audit Until we know how what is expected of and The Accountant business. auditor, how can sensible proposals be made Would the CEO of a major bank, con- that help change the current system to a new countRy suRveys 10-20 struction company or hospital step down and improved one? A subscription to The Accountant is the ideal accompaniment to an accountancy course of study. Including under similar circumstances? It’s like asking a Formula 1 team to design I suspect not. a new car before knowing what new rules 10-14: switzeRland Meeter’s resignation will hardly raise an and circuits they will be subjected to. exclusive features and interviews with major figures in the accountancy sector, The Accountant will help Swiss firms are feeling the effects of fee pressure and increased competition eyelid from policy makers in Europe and the your students to understand the real-world implications of the theory they are learning, and help improve from law firms. Growth has been slow US who are adamant auditors lack independ- a night to remember for the three largest firms and stable for ence. After all, if auditors had been more This month’s IAB Awards was a landmark the rest of the market their employability in a competitive jobs market. A weekly newswire gives you regular updates of all the big independent and sceptical, there’s little doubt moment for this publication. We had more stories, while IP access means students can view our content anywhere with access to the student portal. 15-20: canada the financial crisis could have been halted in than 60 people attend our inaugural indus- Despite solid growth, Canadian firms its tracks, right? try awards event, including firm leaders and have had to tackle increased competi- tion, fee pressure and a raft of new What is not recognised is that audit firms award hopefuls. accounting standards. Gundi Jeffrey are heavily regulated and most endure rigor- It was a wonderful networking event that reports ous independent oversight and frequent (and paid tribute to excellence in our industry. Subscribe to The Accountant for: SIGN UP FOR THE FREE NEWSWIRE often burdensome) reviews. We hope that in our 2013 instalment we Proposals that attack a perceived lack will better the 120-plus nominations we • IP access to our content. So your students can access our Get free weekly updates and free content. of independence need to ask the very basic received this year and put on an even big- content campus-wide with one login Sign up here: question – is trying to fix a perception prob- ger show but retain the fun-filled and semi- editorial advisory Board lem worth the likely fallout? informal atmosphere that made this an event • Content you can trust. We have 125 years of experience Frank arford, Crowe Horwath International CEO Frequent mandatory firm rotation, let’s say to remember. http://www.vrl-financial-news.com/system- Kevin arnold, Nexia International executive delivering accountancy news. pages/headernav/free-news.aspx director between six to 12 years, is costly, impractical Congratulations to all the winners, geoff Barnes, Baker Tilly International president and could lead to a reduction in audit quality shortlisted firms and everyone involved in and CEO for larger, more complex engagements. organising the event, from our sponsors Aon, • Truly global analysis. We cover a range of stories from around graeme gordon, Praxity executive director It is little wonder most US stakeholders are the judging panel and the IAB team.< the world, so your students get a wide perspective of the sector. stephen Jacobs, INPACT International president Jon lisby, Kreston International executive against it few people on the other side of the director Atlantic show support. James mendelssohn, MSI Global Alliance CEO The other issue that was debated in this Arvind Hickman christian mouillon, Ernst & Young global vice- chair, assurance month’s PCAOB hearing is how the role of [email protected] Jeremy newman, independent DON’T MISS OUT. Subscribe to The Accountant today. ed nusbaum, Grant Thornton International CEO michael Reiss von Filski, Geneva Group Inter- national CEO Contact our subscriptions team on +44(0)20 7563 5688 liza Robbins, Morison International CEO martin van Roekel, BDO International CEO or email us at [email protected] to find out more. Jean stephens, RSM International CEO Robert tautges, HLB International CEO Pauline wallace, PwC head of public policy and regulatory affairs www.vrl-financial-news.com www.InternationalAccountingBulletin.com March 2012 y 1 news analysis PcaoB HeaRing International Accounting Bulletin audit Follow IAB Stakeholders oppose firm rotation A majority of stakeholders have opposed cost and affect audit quality, and the deci- mandatory audit firm rotation during a sion should not be taken away from audit US Public Company Accounting Oversight committees. Board (PCAOB) hearing into rotation and On the flip side, investment groups were the role of the auditor. adamant rotation should be adopted. While investors, regulators and some aca- “Unless, the PCAOB takes the regulatory linkedin – Search for the demics backed rotation, audit firms, large action to require auditor rotation, the status group ‘World Accounting corporates and a majority of comment letters quo, which encourages audit firm for life, or Intelligence’ received by the audit watchdog are against forever, whichever comes first, will continue swapping audit firms after a predefined peri- and investor concerns about audit firm inde- od of time. pendence will persist,” said Peter Clapman, Audit firms and corporates fear that regu- US chairman of investor group Governance lar rotation will not only increase costs but for Owners. could decrease audit quality, especially for The main arguments supporting rotation larger and more complex companies. were building on SOX, increasing independ- KPMG US chairman and chief executive ence, providing a fresh set of eyes on an audit John Veihmeyer said mandatory rotation in order to improved prudence and scepti- would create a sales culture at the firm, cism. Supporters also dismissed concerns twitter – Search for WAI_News decrease audit quality and make it harder to over increased cost. attract and retain talent. Academics were split over their support Grant Thornton US chief executive Ste- of rotation.
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