No end of a lesson

Article Abstract:

The failures of the former firm of Coopers and Lybrand in the Robert Maxwell affair provide ample lessons for auditors. The UK Joint Disciplinary Scheme censured the firm over its performance as auditor to Robert Maxwell and several of his companies. Along with four partners involved with the audits, it admitted wrongdoing in 57 complaints regarding the quality of its audit work. The complaints focused on failure to comply with Investment Management Regulatory Organization, deficient work in gathering primary audit facts, undue recognition of management representations, and deficient examination of the interests of third parties and others with fiduciary duties. It was ordered to pay fines of 1.2 million pounds sterling and 2.1 million pounds in costs. The four partners involved with the audits were disciplined and also mandated to pay costs. Vigilance, diligence and a healthy dose of skepticism are needed to avoid similar problems \.

Investigations, Discipline, Accounting and auditing, Auditing, Malpractice, Auditors, Coopers & Lybrand L.L.P., Robert Maxwell Group PLC

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Deloitte loses Touche

Article Abstract:

The reasons associated with the move of the Deloitte & Touche of changing its name to just Deloitte, full stop, are detailed. It states that the new brand name is a reflection of the greater capability and array of services that they can offer to clients as a multidisciplinary firm.

Sweden, Services information, Organizational nomenclature, Services, Names, Deloitte & Touche AB

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