JICPA releases audit

SEC chooses six fellows…

POB chair retires…

Women recruits exceed men…

JICPA releases audit review

The Japanese Institute of Certified Public Accountants (JICPA) has
published its audit quality review for the six months to 30
September 2007. The report identifies deficiencies in specific
files of audit firms relating to risk assessment and resulting
audit procedures, such as those pertaining to certain accounting
estimates and engagement quality control reviews. There was also
one instance relating to the impairment of auditor independence.

IASB debates financial instruments

The International Accounting Standards Board (IASB) has published a
discussion paper on the distinction between equity and non-equity
financial instruments. The paper is the first stage of the IASB’s
joint project with the US Financial Accounting Standards Board to
improve and simplify the requirements in IAS 32 Financial
Instruments: Presentation. According to the IASB, stakeholders have
criticised the current requirements, complaining that the
principles in IAS 32 are difficult to apply and can result in an
inappropriate classification of some financial instruments.
Comments are invited by 5 September 2008.

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SEC chooses six fellows

The US Securities and Exchange Commission (SEC) has selected six
professional accounting fellows for two-year terms beginning in
2008. Douglas Besch, Brian Fields, Douglas Parker, Allison Patti,
Evan Sussholz and Arie Wilgenburg will join the current fellows and
be involved in the study and development of rule proposals under
the federal securities laws. They will also liaise with accounting,
auditing, registrants and other professional standard-setting
bodies on reporting matters.

CIMA names Ireland leader

The Chartered Institute of Management Accountants (CIMA) has
appointed Denis McCarthy as divisional director of CIMA Ireland.
McCarthy joins the institute from the MBA Association of Ireland,
where he has been chief executive since 2001. He will focus on
promoting the CIMA qualification to stakeholders and building
relationships with education partners and employers. CIMA chief
executive Charles Tilley noted that the professional body has
almost 7,000 members and students in Ireland.

POB chair retires

The former head of the UK National Audit Office has announced his
retirement as chair of the UK Financial Reporting Council’s (FRC)
Professional Oversight Board (POB). John Bourn said he did not wish
to be considered for another three-year term after serving more
than two full terms. He has agreed to continue as an adviser to the
FRC and will commit two days a week to the role. Bourn, 73, was
comptroller and auditor general of the UK until his retirement from
that position in January this year.

Ireland forms tax commission

PricewaterhouseCoopers Ireland partners Fergal O’Rourke and Tom
Donohue, and a senior tax partner with Leading Edge Alliance
member, Russell Brennan Keane, are among 18 members of Ireland’s
new Commission on Taxation. The commission has been established by
Irish Minister for Finance Brian Cowen to review the structure,
efficiency and appropriateness of the Irish taxation system. The 18
members include the chair, Frank Daly, who is chairman of Ireland’s
Office of the Revenue Commissioners, and 17 other representatives
from the wider community.

Women recruits exceed men

The number of woman signing up to CPA Australia’s entry programme
is exceeding that of men, according to research by the professional
body. In 2007, 14,062 women enrolled compared with 10,150 men, a 16
percent difference. Women now account for 41 percent of CPA
Australia’s 117,000 membership. Ten years ago, women accounted for
29 percent of the overall membership. CPA Australia president Alex
Malley said: “‘These days men and women are looking for a career
that offers a work/life balance, so they find the flexibility that
accounting offers very attractive.”

AUASB issues exposure draft

The Australian Auditing and Assurance Standards Board (AUASB) has
issued for public comment the exposure draft Standard on Assurance
Engagements (ASAE) 3500, Performance Engagements. The standard
establishes mandatory requirements and provides explanatory
guidance for undertaking and reporting on performance engagements.
It is intended that the proposed ASAE 3500 will be effective in
July 2008.