US audit watchdog head resigns

Public Company Accounting Oversight
Board (PCAOB) chairman Mark Olson will stand down from the US
accounting watchdog from 31 July 2009. He was originally appointed
to serve until 2010. Olson said the decision was personal and
reflected his desire to establish new priorities. During Olson’s
time as chairman, the PCAOB was involved with implementing a new
standard on internal control over financial reporting and wrangling
over co-operation between international oversight bodies. US Center
of Audit Quality executive director Cindy Fornelli commended Olson
for his dedication to quality audits.

Accountancy G20 summit

The International Federation of
Accountants is to hold a G20 accountancy summit in London next
month in order to help strengthen the global financial system. The
goal of the summit will be to obtain the perspectives of
accountancy bodies in G20 countries and submit them to the G20
working groups prior to their September 2009 meeting. The summit
will be held from 23-24 July.

Canadian and Irish
institutes form strategic partnership

The Certified General Accountants
Association of Canada has entered a mutual recognition agreement
with the Institute of Certified Public Accountants in Ireland (CPA
Ireland). The agreement establishes a strategic partnership and
allows members the opportunity to qualify for the other
designation. Members in ‘good standing’ of either body will be
considered for membership by the other. CPA Ireland chief executive
Eamonn Siggins said the agreement will open up more career
opportunities to members of both professional bodies.

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ACCA produces water accounting discussion paper

The Association of Chartered Certified
Accountants has produced a discussion paper on water footprinting.
The accounting body said water use and requirements, government and
business management, security of supply and accounting will only
increase in profile as sustainability issues become a major
business issue. The guidance addresses water as a business issue
and suggests actions for business including the calculation of
water footprint to ascertain where material water impacts originate
and how they can be managed.