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Showing posts from September, 2013

Ethical Threats in Deloitte (UK)

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- relevant to F8, P7 students and to some extend P1.
IFAC requires all Accounting professionals to adhere to ethical principles of objectivity, professional due care & competence, confidentiality and integrity when dealing with audit clients. Primary reason is to act as Independent Corporate Governance tool so as to protect shareholders' confidence when they read Auditors' Report. 
When failure to comply this is a serious professional negligence that UK court will not hesitate to punish.
Accountancy giant Deloitte has been fined £14m over "persistent" failings in its dealings with collapsed car manufacturer MG Rover.

Financial watchdog says the global accountancy firm repeatedly failed to spot conflicts of interest during consultations.The Financial Reporting Council (FRC) ruled both Deloitte and former Deloitte partner Maghsoud Einollahi had displayed a "persistent and deliberate disregard" of accountancy ethics by failing to spot conflicts of inte…