Nepal Auditor General Office audits its local governments

Failure to ensure proper billing of income or expenses. differences between banking transactions and accounting of those, lack of maintaining details of assets, are some of the issues the Nepalese Office of Auditor General (OAG) found as it audits financials...

International Accounting Day

On November 10,1494, the first book about double entry systems was published by the Italian mathematician, Lua Pacioli, also known as the father of accounting. In his honor the day is celebrated as the International Accountants Day! To all fellow accountants, keep up...

Big 4 collusion conspiracy

Italy’s Antitrust authority fined the big 4 (Ernst & Young, Deloitte, KPMG and PWC) a total of 23 million euros for allegedly conspiring and colluding to divvy up large public consultancy contracts. Looks like the Big 4 need to revise their Ethics...

Embezzlement report by Hiscox

According to a recent study by global specialty insurer Hiscox, in 2016, workplace embezzlement cases cost companies an average of $1.13million. Some very interesting facts from the report- 55% of cases occurred at companies with fewer than 100 employees 37% of cases...

Making the audit report more useful

The Public Company Accounting and Oversight Board (PCOAB) adopted a new auditing standard with a goal to enhance the usefulness of the auditor’s report to investors by providing additional and important information. The US Securities and Exchange Commission (SEC)...

Deloitte hacked

One of the big 4 accountancy firms, Deloitte is one of the victims of the hacker attacks of the recent times. The attack that dates back to November 2016, was a breach of Deloitte’s email systems that gave the hackers access to all the areas of the firm. What is...