This week, the Financial Accounting Standards Board approved a new rule, which will be released today. The rule is designed to restrict the use of off-balance-sheet entities and force companies to consolidate them in their books.
Enron had set up hundreds of SPEs on the Cayman isles, and channelled loans from Citibank via the entities to present them as revenue to the energy company.
The new FASB rule will apply to new SPEs immediately, while existing entities need to be consolidated in company books by 1 July 2003.
Simon Wright of CareersinAudit.com discusses how an effective cyber defence force is critical to businesses worldwide and how internal auditors can make the transition to a new career in cyber security
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
Craig Maxwell joins the audit and assurance team in Scotland
Stephen Grayson to join the audit department in Manchester