Financial Daily from THE HINDU group of publications
Thursday, Jul 08, 2004
Columns - Globe Trot
Call an auditor to blow the whistle
The advantages are: speed of processing complaints, else whistleblowers lose confidence and may resort to contacting the press; and confidence for employees that anonymity will be safe. A statistic that is cited is that "about one-third of corporate frauds are brought to light by a whistleblower."
Here is a break-up of 150 calls received by KPMG over a four-month period at one company: "Two-thirds were either malicious or unfounded and were handled quickly. Of the one-third that required more work be done, two were about genuine issues of serious wrongdoing that required attention." Here, we may need whistling booths, at least as many as there are for STD, to trap irregularities.
From accounting to Nobel
Something that fills the lacuna of there being no Nobel for accounting.
Number crunching to video streaming
"Gilbert Associates Inc., recently announced the launch of their redesigned Web site at www.gilbertcpa.com. With the use of streaming video, the firm's Web site now has the impact of a successful television and print campaign online," according to AccountingWeb. Check it out, though I'm sure the Institute would not okay all those jazzy things on your site.
More workaholics than sick
The following questions crop up: "Are we impressed by accountants' devotion to duty? Or is it the case that financial professionals are working in a culture dominated by performance anxiety in response to staff cuts over the past couple of years?" Any answers?
Yet, the FATF wants the Cook Islands to implement anti money laundering legislation. Ditto with Nigeria and Indonesia. "Egypt and Ukraine were removed from the blacklist in February. Originally the FATF identified 23 non-cooperative countries and territories, of which 17 are now seen by the body as compliant." The Task Force shares space with the Organisation for Economic Co-operation and Development (OECD) in Paris. The OECD has also been against harmful tax practices, and published a similar blacklist. "The OECD has persuaded 33 jurisdictions to sign up for co-operation on this process. Five jurisdictions remain non-cooperative. These are: Andorra, Liberia, Liechtenstein, the Marshall Islands and Monaco," reports Accountancy. See if you can find them in your atlas.
The LLP lollipop
A consequence of the new law on limited liability partnership. "LLPs are required to produce annual accounts and there is a penalty and disqualification scheme for LLP members that is broadly equivalent to the one for company directors." Won't the Indian CAs too like the LLP lollipop?
Stories in this Section
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line