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June 29, 2009

News Briefs

PEOPLE 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.

EVENTS 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.

STRATEGYCanadian 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.

SUSTAINABILITY 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.

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