The use of underlying profit as an indicator of corporate performance risks misleading investors, according to a recent study conducted by Deloitte. The firm surveyed the 2010 annual reports of 100 publicly listed and other large New Zealand companies, finding that in 92% of the filings, the …… continue reading >>
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Advocates for audit and accounting reform made great strides this week. Although much of the attention will be directed at the OFT’s conclusion that the audit market isn’t working, a slightly less well covered but equally welcome development emerged from the back benches of the House of Commons. New Conservative member for Wycombe, …… continue reading >> The UK’s competition watchdog, the Office of Fair Trading (OFT) has concluded that the audit market is not competing effectvely and is now considering a referal to the Competition Commission. Taking a lead from the House of Lords Economic Affairs select Committee’s work on audit, the OFT has decided that there are …… continue reading >> “The Big Four’s domination of the large firm audit market in the UK is almost complete: in 2010 they audited 99 of the FTSE 100 largest listed firms, which change auditors every 48 years on average. It is clearly an oligopoly with all the attendant concerns about competition, choice, quality and conflict …… continue reading >> The carbon footprint reporting of the UK’s top 100 listed companies is highly variable claims Deloitte and only a handful of companies come close to complying with current UK government guidance [1]. According to Deloitte’s analysis, published today, many companies failed to make basic disclosures around the reporting methodology used, or accounting …… continue reading >> The BBC’s Robert Peston has picked up on founding FSA chairman, Howard Davies’ critique on the causes of the Crash. According to Davies there were a total of 38 reasons. Peston goes on to argue that there were probably 39 if you take into account the proposition …… continue reading >> Next week’s vote on the appointment of KPMG plc at Rentokil (15 May) looks to be more than usually interesting. While the cut price deal struck by KPMG offers a 30% headline discount, concerned investors are questioning the real hidden costs of blurring lines of accountability to management on the one hand and …… continue reading >> The increasing foreign ownership of UK companies is forcing the UK’s reporting watchdog the FRC rethink the role of audit and market oversight. Stephen Haddrill, chief executive of the Financial Reporting Council, speaking to senior finance figures this week said that he would canvass opinion on the adequacy of the audit report, whether there …… continue reading >> |
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© 2012 Manifest - The Proxy Voting Agency | ISSN 1745 - 1132 | |
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