This was not good news for the government. At the same time as the story broke, Melanie Johnson was flying off to the US to urge the Securities & Exchange Commission to ensure that UK audit firms are not subject to regulation by the new US accounting watchdog.
On the practice front, after almost a year and a half of promises, the Chartered Institute of Management Accountants finally held its first open disciplinary hearings.
And chancellor Gordon Brown was reported as saying he wants to postpone his Spring Budget in the hope the pending Iraq war is over before he has to deliver it.
Wednesday saw a Labour dominated committee of MPs brand Customs and Excise as one of the worst offenders in providing information to the Ombudsman, as it launched a bitter attack on government IT system failures.
Our central news team reported that workers who help themselves to software, computer hardware and other office equipment are costing UK small businesses £1.2bn a year, according to new research.
Also on the day, the Dutch equivalent of the ICAEW refuted a report by the Financial Times that it intends to look at Deloitte & Touche’s audit work at Dutch super grocer Ahold, after a $500m hole in the accounts was uncovered.
Friday saw a landmark court battle begin, as a former policeman took on the Inland Revenue in the High Court over the controversial tax law, IR35, with the backing of the Professional Contractors’ Group.
And, surprise surprise, the week rounded off with more criticism for the beleagured Inland Revenue, as it was told to shore up its efforts to tackle the threat of tax fraud by increasing prosecution levels and educating the public.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements