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In the Line of Fire Leaked: Who Are the Winners and Losers of Barnier’S Vision for Audit?

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In the Line of Fire Leaked: Who Are the Winners and Losers of Barnier’S Vision for Audit? September 2011 Issue 495-496 www.InternationalAccountingBulletin.com In the line of fire Leaked: who are the winners and losers of Barnier’s vision for audit? ● Deloitte Global reports record annual revenue ● Exclusive research: how diversity varies in firms ● India survey: strong growth despite Satyam hangover ● Japan survey: firms back on track New industry report Gauging the effectiveness of social media in financial services The use of social media has changed the way consumers interact with their service providers. A more personal and targeted approach is preferred to traditional advertising and direct marketing. In the financial services industry however, social media presents a minefield of risk factors and it is difficult to measure return on investment. Written specifically for the communications, sales, and customer services departments in financial organisations, this report provides expert advice on using social media to increase customer acquisition and loyalty and will enable you to reduce the risks associated with its use in financial services. Read this report to: < Estimate the ROI of your social media strategy < Create a business case for social media in your organisation < Understand which is the most appropriate social media platform < Use social media to increase customer acquisition and retention for your customers < Minimise the risks associated with social media For full details visit www.vrl-financial-news.com Please quote reference code: APC2/Ad Asia orders EMEA orders [email protected] [email protected] + 65 6383 4688 +44 (0) 20 7563 5605 International Accounting Bulletin coMMeNt: ec draft proposals coNteNts edITOR’s letter 02-03 NeWs • Deloitte US sued for billions Barnier’s vision good and bad • PKF Denmark merges with Grant Thornton f there were ever any doubts about Michel ticularly unpopu- • Nusbaum says C-suite pay IBarnier’s conviction to revolutionise the lar, it will have an should match performance audit industry they have now been put to affect on the audit 04 aNalYsIs bed. procedure and pro- Deloitte global chief executive Leaked draft proposals on audit industry ductive auditor/cli- Barry Salzberg discusses reform could threaten the Big Four business ent relationships, performance and strategy after model while provide mid-tier firms with which take many the global network reported greater opportunities. years to build in revenue of $28.8bn The proposals recommend mandatory the largest compa- 09-13 INdUSTRY cHalleNGe: audit firm rotation, the banning of non-audit nies. Research on dIVersItY services, joint audits, audit quality certifica- mandatory firm The accounting profession is breaking free from stereotypes tion, expanded audit reports and EU over- rotation shows it undermines audit quality. that have surrounded it sight reform. There’s nothing wrong with exploring a for years as firms strive to Although more hard-hitting than first mechanism to shorten audit engagements that diversify their workforce. ana anticipated, it is important to remember that span many decades but firm rotation must be Gyorkos analyses how diversity has been addressed across the these are draft proposals and are still being considered in the context of current policies world drawing on exclusive IAB worked on before they are made public in on partner rotation and retendering. research November. Too much change too soon in the name of 14-18 COUNtrY sUrVeY: JAPAN After this stage, the regulation must then independence will affect quality and compro- As Japan rebuilds following the navigate a path through the EU’s council and mise the role of the auditor. March earthquake, accounting parliament, where further horse trading is firms are under immense fee likely to take place before a watered down Non-audit ban makes no sense pressure and IFRS adoption is in limbo. david Hayes and ana version becomes law. In other words, it’s still Barnier is planning to abolish a broad range Gyorkos report early days. of non-audit services on tax, consulting, actu- Some of the proposals will be welcomed by ary, risk management, valuations and book- 19-24 COUNtrY sUrVeY: INdIa mid-tier firms, such as the abolition of restric- keeping for networks that generate a signifi- Regulations in audit, accounting and tax have led tive lending clauses and joint audits. But the cant proportion of their European audit rev- to increased opportunities in major reforms strike at the heart of the four enue from large public companies or ‘public India as firms enjoy bumper largest networks – Deloitte, PwC, Ernst & interest entities’ (PIEs). growth on the back of a strong economy. Despite Young and KPMG. Let’s not kid ourselves, this is a direct attack this, there is Proposals on the provision of non-audit on the Big Four and it is unwarranted. still much soul services could lead to Big Four firms being To fall under the non-audit ban, firms must searching in the wake of forced to shed audit clients or risk losing their generate a third of their audit revenue from the Satyam consultancy businesses, which after years of large public companies and belong to net- fraud and signs building (and re-building in some cases) is a works that have revenue in excess of €1.5bn of a divided huge blow. ($2bn). profession. swati prasad reports The Big Four certainly fall into the latter Mandatory rotation not the answer but where it is hazy is how much audit rev- Barnier’s proposal on mandatory firm rota- enue they receive from large PIEs – defined tion is an attempt to improve auditor inde- as the 10 largest public companies in country pendence and scepticism. It’s due to a percep- by market capitalisation and PIEs that have tion that some audit firms are too cosy with market capitalisation of more than €1bn. management. Just this week, the world’s largest network When you consider some firms have audit Deloitte announced its global revenues soared relationships with companies for more than by more than 8% to a record $28.8bn, with editorial advisory Board 100 years, it is easy to see why capital market nearly 38% of revenue in consulting and frank arford, Crowe Horwath International CEO Geoff Barnes, Baker Tilly International president stakeholders could form that view. financial advisory services (see p4). and CEO However, mandatory audit firm rotation If Barnier’s proposals are passed, it would Jon lisby, Kreston International executive every nine years and mandatory re-tendering threaten the growth of Deloitte and its director James Mendelssohn, MSI Global Alliance CEO every five years, in addition to current rules rivals. christian Mouillon, Ernst & Young global vice- on mandatory partner rotation, could prove a If Big Four firms were to be affected by this chair, assurance Jeremy Newman, BDO International CEO real headache for firms and companies. regulation they would mostly likely need to ed Nusbaum, Grant Thornton International CEO This proposal sounds unlikely to navigate assess whether to drop audit clients in order liza robbins, Morison International CEO a path through EU council and parliament to redress the amount of revenue they obtain Jean stephens, RSM International CEO robert tautges, HLB International CEO because it’s not practical. from large public companies or split their pauline Wallace, PwC head of public policy and Not only will it place a huge cost burden on operations altogether. regulatory affairs companies, which in times of recession is par- Importantly, having ‘audit only’ firms 4p5 www.InternationalAccountingBulletin.com September 2011 y 1 NeWs: dIGest International Accounting Bulletin leGal ted to building our presence in consideration interest and excep- “We have passed on the SEC’s Copenhagen to 125 people with- tional items, increased by 14% requests to the regulators in KPMG to investigate in the next 12 months and will to £30m. China, as we are required to, but $2bn UBS fraud expand in other locations over The firm’s operating profit so far the China regulators have KPMG has been appointed the next three years.” rose 57% to £14m. not given us permission to pro- by the UK Financial Services In the coming year, the firm vide papers to the SEC,” Deloitte Authority and Swiss Financial fINaNcIal resULTS plans to focus on driving organic said. Market Supervisory Author- PwC UK increases development after a couple of “We hope that a mechanism ity to investigate the events that revenue 6% years of significant acquisitions, will be found shortly so that the lead to rogue trader Kweku Ado- including Bentley Jennison and matter can be resolved in compli- boli losing $2bn in unauthorised PwC UK has reported 6% parts of the former consolidator ance with the laws in both juris- trading at the Swiss investment growth in revenue to £2.46bn Vantis. dictions.” bank UBS. ($3.79bn) in the year to 30 June Authorities of the two coun- KPMG will investigate the 2011. This follows solid 7% leGal tries have been at loggerheads details of the unauthorised growth by Deloitte UK, indicat- Deloitte US sued over cross-border inspections trading and the control failures ing some positive results for the for billions because US regulators are not which permitted the activity to Big Four. allowed to inspect China-based remain undetected. The investi- Elsewhere in the market, fiscal Deloitte US is being sued for firms. gation will also assess the overall 2011 results have been mixed $7.6bn by investors who have In a fresh court application to strength of UBS’s controls to pre- with Grant Thornton and Baker alleged the firm failed to detect try and force Deloitte’s compli- vent unauthorised or fraudulent Tilly reporting contractions fraud at defunct Florida mort- ance, the SEC said: “Although trading activity in its investment while RSM Tenon and Smith & gage company, Taylor Bean & D&T Shanghai is in possession bank.
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