Новости

FRC issues revised auditing standard: making auditors’ work more transparent to investors

The FRC has today (4 June 2013) made a significant change to the UK’s corporate governance regime with the issue of its revised auditing standard enhancing the transparency of the auditor’s report with the aim of better communication to investors.

Barclays indirectly involved in yet another scandal

British bank Barclays may be affected by another money laundering scandal with the payment system Liberty Reserve. Prosecutors from New York found out that in the Spanish office of the bank there had been opened an account at the name of Arthur Budovsky, the founder of the system. Arthur Budovsky was arrested in Spain several days ago. The account is now being examined by investigators.

Russian auditors will pay for breaking ethical standards

For breaking professional ethical standards auditors will pay up to 700 thousand roubles, and their guilt is to be judged upon by self-regulatory organizations they belong to. The corresponding amendments to the Code of Administrative Violations were already developed by the largest audit companies of Russia. Smaller entities don’t like the idea though, because they think this is all aimed against them.

LIBOR scandal affects Russia

The loud scandal with the London Interbank Offered Rate has reached Russia, although indirectly. Facing accusations in manipulating the LIBOR rate, non-residential banks (represented by their Russian subsidiaries) just refuse to participate in calculation of most important financial indicators and indexes. The situation is serious enough to make the Central Bank worry because further development of the derivatives market – which is of key importance for accomplishment of the CB’s price stabilization plans – is now under question.

Most liquid Russian securities get a separate index

At the end of May the Moscow Stock Exchange started to conduct a separate index for “blue chips” – the most liquid financial securities. The new indicator reflects 15 most liquid and most capitalized financial instruments of the Russian market. However, one can’t say that improved investors’ attitude much: the market continued to decline.

New guidance from SEC covers common conflict minerals questions

With a year to go until the first disclosure reports on the use of “conflict minerals” are due on May 31, 2014, the Securities and Exchange Commission has issued fresh guidance.

EU-wide accounting standards “could be introduced in stages”

European Union-wide public sector accounting standards could be introduced in stages, according to a Eurostat official. Speaking at a Brussels conference on Thursday, François Lequiller, director for government finance statistics, also revealed that a framework for the standards could be published as early as next year..

Auditors of Russia see state regulation as excess

Russian auditors today tell more often that the government regulator’s intervention in the field of auditing is undesired.

Minfin of Russia participated in the meeting of the Emerging Economies Group

Delegates from the Ministry of Finance and the NOFA Foundation participated in the 5th meeting of the IASB’s Emerging Economies Group which took place on May 30-31 2013 in Seoul (South Korea). The meeting was also attended by representatives of the Group from China, India, Indonesia, South Korea, Malaysia, Saudi Arabia, Turkey, and South Africa.

Global Witness says closing offshores is vital to end money laundering and tax evasion

Money laundering, tax evasion and various other types of economic crime may be prevented if offshore jurisdictions are closed - think experts from Global Witness - but it won’t be enough.