Kellas is appointed IAASB chair

Also the chair of KPMG’s assurance technical committee, Kellas has served on the IAASB and its predecessor since October 2000. He also co-chaired a taskforce of the IAASB and US Auditing Standards Board. ‘Kellas has the experience and integrity to chair the IAASB,’ said IFAC president Rene Ricol.

  • Hollinger International has asked auditor KPMG to assess the proper accounting treatment of repayments to the group to be made next year by board directors. Lord Black, former CEO of Hollinger, along with other directors, received non-competition payments totalling £19m. According to a statement by Hollinger, the payments had not been approved by the group’s board or audit committee and had not been properly disclosed to investors. Hollinger’s audit committee and ‘special committee’ have determined £19m in unauthorised ‘non-competition payments’ were made during 1999 to 2001.

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