PracticeAccounting FirmsThis week’s blogs: new year, new start

This week's blogs: new year, new start

This week our bloggers concentrate on fraud, regulations and a refreshing change at the MoD

It would be unfair on the basis of what I am sure will be only a handful at
most – and hopefully less – of significant undetected accounting frauds to
suggest that there is an underlying issue with the audit profession but I am
sure that will not stop people raising this suggestion and we need to be
prepared for it now.

This means, in particular, that the profession needs to deal with any
concerns on a responsible basis and we all need to think about the collective
interests of the profession and not just the interests of our own firms.

Jeremy Newman, CEO, BDO International
blog.e-bdo.com

Congratulations to Jon Thompson, newly installed FD of the Ministry of
Defence and the first qualified accountant to hold the post.

Interviewing him a few years ago I found him a refreshing and engaging
character and not another chip of the old public sector block.

He’s young – early forties – and has a healthy appetite for Tom Peters
management tomes. But it was his willingness to express ambition that most
endeared him to me.

Too many FDs on being asked where they would like their careers to take them
deliver typical I’m-just-happy-where-I am stock responses. Thompson, in no
uncertain terms, said he would like to be FD of a large Whitehall spending
department.

Damian Wild, editor-in-chief and publisher, Accountancy
Age

accountancymatters.accountancyage.com

As we enter the second year of the financial crisis manufactured in corporate
boardrooms, there
is hardly any sign of major reforms.

Short-selling of securities was considered to be a major blot on the
financial landscape, but is apparently OK now.

The blinkered Financial Services Authority (FSA) is still wielding its blunt
regulatory instruments.

The corporate-controlled Financial Reporting Council (FRC), which did not
monitor
the accounts of any bank and had no idea of their off balance sheet accounting
games, is still
in place.

Prem Sikka, professor of accounting at the University of
Essex

guardian.co.uk/commentisfree

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