Week in review: 6 – 10 January


saw ICAEW president Peter Wyman say that while Enron was a wake-up call for ‘boards, investors and auditors’, the UK house is ‘largely in order’.

Amazingly, a jobs survey revealed that more than half of those people who change jobs regret doing so, while one-in-four leave the new position within a month.

On Tuesday, Peter Wyman was again in the news, when he called for for a three year moratorium on tough new US auditor independence rules for non-US companies and their auditors.

Also on Tuesday, Gerald Waterworth, the former finance director of Scarborough Building Society who pled guilty to theft and false accounting, started an 18-month jail sentence

Wednesday, sister title Financial Director revealed the level of non-audit fees paid to auditors by FTSE-100 companies has fallen for the first time in six years.

Meanwhile, charity finance directors hit out at the government for failing to address the vast sum of irrecoverable VAT in new legislation currently under consultation.

On Thursday a slowing economy, possible property price falls and the threat of war may not seem the ideal way to start the new year but finance directors were still confident of their companies’ prospects for the coming 12 months.

In this week’s issue the UK’s biggest audit firms rejected en masse the notion that auditors should face mandatory rotation

Friday, our parliamentary staff revealed that the Labour Party is to overhaul is central accounting procedures and improve training in such matters for local party treasurers after an internal audit showed that 120 separate constituency parties have broken the law on gifts.

And Accenture, the world’s largest consulting firm, reported a drop in its revenues and issued a warning of the speed of any recovery in the consultancy market.

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