2 days ago

Association of International Certified Professional Accountants Urges South Africas Audit Regulator to Reject Mandatory Audit Firm Rotation

NEW YORK & LONDON--(BUSINESS WIRE)--The Association of International Certified Professional Accountants (the

Association) has voiced its strong opposition to a plan by South

Africa's Independent Regulatory Board for Auditors (IRBA) to implement

mandatory audit firm rotation (MAFR).

In a written

response to IRBA's Consultation Paper, the Association, which has

offices in locations including Johannesburg, Colombo, Kuala Lumpur,

London, New York and Shanghai, wrote that MAFR "may have a negative

impact on audit quality, increase market concentration to a more limited

number of auditing firms, and will hinder, rather than promote,

transformation of the profession."

The letter, signed by Association CEO Barry C. Melancon, CPA, CGMA,

includes analysis of the most significant factors supporting the

profession's longstanding position. It notes that mandatory audit firm


Negatively impacts audit quality

Causes loss of institutional knowledge and experience

Limits auditor specialization

Creates resource strains

Could increase audit market concentration

May result in unintended costs

Limits the audit committee's ability to determine the best audit firm

for the company

Limits ability to attract and retain talent

"The Association believes that each of these factors demonstrates that

MAFR should be rejected," the letter stated. "It is clear from at least

some of the regulatory regimes that have adopted it that MAFR has not

had the intended benefits and its continuation is either being

questioned or discontinued. MAFR takes away the key responsibility of

audit committees which, along with the board of directors, are in the

best position to watch management actions and ensure that companies are

obtaining high quality audits to protect the investing public."

Concluding that MAFR is not in the public interest, risks harm to audit

quality, would impose significant costs on businesses and shareholders

without commensurate benefit, would be economically disruptive and

create other negative consequences, the Association asks that IRBA

reject a move to require it.

About the Association of International Certified Professional


The Association of International Certified Professional Accountants (the

Association) combines the strengths of the American Institute of CPAs

(AICPA) and The Chartered Institute of Management Accountants (CIMA) to

power opportunity, trust and prosperity for people, businesses and

economies worldwide. It represents 650,000 members and students in

public and management accounting and advocates for the public interest

and business sustainability on current and emerging issues. With broad

reach, rigor and resources, the Association advances the reputation,

employability and quality of CPAs, CGMAs and accounting and finance

professionals globally.


3 days ago

Desert Winds Blow Poisonous Mine Debris Into California Towns

RANDSBURG, Calif - Heaps of toxic mine waste rise like church steeples over this wind-swept desert town, threatening the health of residents and of thousands of off-road bikers.

Tests on dust samples have revealed some of the highest arsenic levels in the country -- as much as 460,000 times the level deemed safe by the federal government.

But while the poison can cause cancer in people and harm wildlife, little has been done to remove the costly waste here or similar hazardous waste at thousands of other abandoned mines around the nation.

"Worst case scenario, we'll have to clean up everything, which could do more environmental damage than leaving it and monitoring it,"

3 days ago

Real News Articles about TVI Express: tviexpress.com reps arrested in South Africa, China, India, Indonesia

2010??TVI???? ????

2010 UK TVI Express Cheats Elderly

2010-10-15 14:32:27

??:???????/?? source: Chu-Tien Jin News / Gau Bing

??:????? (???)editor: Hao Jing Travel Network (Cui Haojing)


Chu-Tien Jin New Yichang Xiling Public Security Bureau yesterday reported that they have destroyed a group flying the banner of "UK TVI Express" pretext, conduct illegal pyramid scheme selling activitiesm, criminal gang, the suspected group leader of this illegal pyramid scheme, Ms. Liu, has been issued a warrant for his arrest.

??10?23?,?????????????,????????"??TVI????"??????,?????????????????,??? ?,??????????????????????????????,????"??????????????"??????

Last year (2009), 23-October, Xiling Public Security Bureau received a citizen report that he was invited to join a "TVI Express" e-commerce seminar, paid various joining fees, but did not received promised benefits, and believe he was defrauded, and wish police invetigation. The local Bureau, after investigation, realized in this complaint is a serious clue leading to a major pyramid scheme, thus formulated a plan: follow the link, gather the evidence, grab the leader.


This year (2010) 26-AUGUST, Xiling Police detained the suspected organizer and leader of this so-called new e-commerce opportunity "TVI Express", Ms. Liu. Ms. Liu quickly confessed to running a pyramid scheme, holding nothing back. Recently, through prosecutor's office of Yichung City, Xiling Region, arrest warrant was issued for Ms. Liu and she had been taken into custody.

??,???4??,??(??:??,?,39?,??,???)????(?,27?,???,???)??,????1897????"?? TVI??????"????????

According to investigation, since April 2009, Ms. Liu (alias: Lu Liu, female, 39 years old, ethnic Han, citizen of Yichan), through Mr. Lin (male, 27 yeas old, citizen of Zhejiang, fugitive) as a sponsor, paid 1897 (RMB) and joined TVI Express pyramid scheme organization.

??,??????????603???????,?1897?????????"??TVI????"???,? ????????????????????????????,??????????500??????????15000??????,????????????????????,?????????658?,?????6????

Later, Ms. Liu was heavily promoting the pyramid scheme in Yichan City Huachiang Building #603, promising that just pay $1897 (RMB) for travel card (membership) and register to become member of "TVI Express', can get free accommodation in domestic 5-star hotels for 7-day 6-night and enjoy global travel discount benefits. If you sponsor and develop downlines you can earn 500 and up to 15000 USD as bait, quickly gotten herself in just over two months up to "gold level" associate, with 658 downlines, with illegal profit of over 6 million RMB.


Based on police information, this case has huge amount of victims and huge amount of money involved. Most victims are elderly, over 60. Many victims, entranced by Ms. Liu's scam, were swindled out of their life savings, and is currently the most devastating pyramid scheme thus far in Yichan city.


Currently police is still processing the case.

3 days ago

The Mayor of Mogadishu: A Story of Chaos and Redemption in the Ruins of Somalia


By Andrew Harding

Abdirizak Fartaag is a Canadian Somali who returned to Mogadishu in 2009 and worked in the prime minister's office in charge of public finances. He was the man who had authorized Tarzan's first official check in 2010.

In 2011, Fartaag was quietly relieved of his duties. He left Somalia in a hurry and proceeded to publish, in forensic detail, allegations of grotesque corruption that he said he'd uncovered during the years he'd worked at the heart of gover

4 days ago

Most Lucrative Careers

The health care sector seems to have the best paying jobs. Alongside this, the information and technology sector also has many lucrative career options for qualified employment seekers.

Who wouldn't want to have a career which is in demand, pays well, and provides a great deal

4 days ago

Sol Kerzner profile - CNN.com

Sol Kerzner is the founder, CEO and chairman of the board of Kerzner International Holdings Limited (formerly Sun International). Mr. Kerzner has gained international acclaim for his imaginatively designed, high-quality resorts and business acumen.

His career spans some 40 years in the hotel/resort and casino industries. He founded both of Southern Africa's largest hotel groups, played a pivotal role in the development of the tourism industries in Mauritius and The Bahamas, and continues to develop industry leading projects in unique destinations throughout the world.

Sol Kerzner, the youngest of four children, was born on August 23, 1935 in a lower-class suburb of Johannesburg

2 weeks ago

Divorce Costs: 10 Things Lawyers Don't Want You To Know


Our heart-to-heart on why it costs so much and takes so long to get out of wedlock.

1. You'll pay more than the advertised rate -- way more.

The U.S. divorce rate has nearly doubled since 1960, according to the National Marriage Project at the University of Virginia, and the number of divorce lawyers has grown apace. Though divorce rates leveled off during the recession, competition among divorce lawyers has increased -- and billboards flashing "Quick and Easy Divorce for $299" reveal how desperate for business they've become. Those teaser prices aren't a scam, says Randy Kessler, chair of the American Bar Association's family law section, but they usually ap