Accounting roundup: Kingman on the FRC; Carillion audit report

first_imgHe said: “I have had very positive engagement with the Secretary of State in particular. He took a very close interest in the review as it progressed… The sense I have from him is that he wants to make really serious progress in this area; he wants to see a new and more effective regulator.”Quizzed about the future regulation of the audit profession following the Carillion collapse, Sir John said any new regulator must have the power to “go in and have a look” where there were concerns about the financial health of a company. Sir John KingmanHe said: “If it discovers things that are concerning about the running of the company, first of all it should recommend changes to the company, but it should have the power to issue a public report to say, ‘this is what we have found’ – and in the worst case to make a recommendation to shareholders that they do something.”The call for a more proactive regulator effectively signals the end of the era of self-regulation by the audit and accounting profession in the UK.Sir John’s comments follow the publication in December of his strongly worded assessment of the FRC’s performance over the past three decades.The FRC’s chair, Sir Win Bischoff, said in a statement that it welcomed the report and its recommendations, which he said “have the potential to bring about significant improvements to the work we do in protecting the interests of investors and the wider public”.In a series of recommendations, Sir John criticised the audit and corporate governance watchdog for failing in its oversight of the audit profession and its corporate culture.He went on to accuse the FRC of lacking accountability to the public through its failure to implement fully UK freedom of information legislation as well as UK government public procurement rules in certain areas.FRC’s update on Carillion investigation The former senior civil servant responsible for reviewing the performance of the UK’s Financial Reporting Council (FRC) has told lawmakers that the body should be wound up and replaced with new regulator led by a “credible” leadership team. Sir John Kingman said in front of a parliamentary inquiry last week: “We need this regulator to have a chief executive and a board who are capable of establishing that credibility.“It will take time… because building credibility does take time, but we have seen other regulators in this country come on that journey, so I see no reason why this one cannot.”Sir John added that the political appetite to deal with the issues highlighted in his report at the FRC was strong.center_img Carillion collapsed into administration in January 2018Separately, the FRC has released an update on its investigation into the audit issues surrounding the collapse of the outsourcing company a year ago.The watchdog is looking into KPMG’s audits of Carillion between 2014 and 2017, as well as probing the conduct of its two of its former finance directors.In a parallel development, the FRC said in November that it was to assess “the provision of materials to the FRC by KPMG in connection with the FRC’s audit quality review into aspects of the audit of Carillion for the year end 2016”.The existence of this second line of inquiry was only made public last week.The investigation is looking into the financial performance of Carillion’s major contracts in both its construction and services divisions, and whether its management and auditors took sufficient steps to ensure that the firm’s financial statements were reliable in those areas.The investigations are also looking into Carillion’s accounting for pension liabilities, goodwill, cash disclosures, as well as its going-concern assessment.Last year, IPE highlighted how the FRC had singled out Carillion’s dividend disclosure as one of several leading examples of good practice in an FRC-backed Financial Reporting Lab study.Artificial intelligence in accountingFinally, the FRC’s Financial Reporting Lab has released a report into how artificial intelligence (AI) could be deployed in financial reporting.The report examined three possible scenarios for AI: recording and aggregating transactions; internal and external assurance; and the analysis of data by end users.It concluded that “it is not a question of whether AI will become important for corporate reporting, but when”.last_img read more

House values in Gold Coast hinterland suburb skyrocket

first_imgThis Tallebudgera Valley home on Trees Rd sold for $2.45 million last month.HOMEOWNERS in Tallebudgera Valley are sitting on real estate gold mines with house values in the suburb skyrocketing over the past year.A Real Estate Institute of Queensland market monitor report released today shows the southern hinterland suburb’s median house price jumped 30.9 per cent to $1.08 million over 12 months.It was the Gold Coast’s strongest performing suburb in the past year.Ray White Tugun agent Ken Jacob, who lived and specialised in selling in Tallebudgera Valley, said demand for the area’s lifestyle was boosting house values.With the beach and airport a short drive away and much less traffic on the western side of the M1, Mr Jacob said it was an appealing suburb to many house hunters.“About 95 per cent of all our sales in Tallebudgera Valley, they come from the suburbs around the beach … because they just want to come out and have more space,” he said.“As people’s lives get busier and busier … they just want the peace. This Tallebudgera Valley property is one of few on the market at the moment.“There’s a massive amount to offer in (terms of) lifestyle but not a lot of properties.”He said there were about 500 homes in Tallebudgera Valley with up to 25 selling each year, which meant many people had to offer higher prices to get what they wanted.While the area offered plenty of more affordable homes from $600,000, Mr Jacob said it was the multimillion-dollar sales that lifted the median price.In the unit market, Coomera was the best performing suburb with the median price climbing 24.5 per cent to $440,000.The REIQ report showed that while the pace of growth had slowed as sales volumes eased, the Gold Coast as a whole was still seeing growth.The annual median house price increased 4.5 per cent to the year ended June, setting a new record of $622,031, while the median unit price was up 0.9 per cent to $429,000.The best performer on the Gold Coast during the past quarter was Hope Island where the median house price increased by 38.2 per cent to $950,000. In the unit market, Helensvale was the best performer during the quarter with its median unit price up 24.8 per cent to $600,500.The Glitter Strip was one of few local government areas in Queensland to report a larger number of unit sales over the year compared to houses.REIQ Gold Coast zone chair Andrew Henderson said it was reassuring to see the market remained stable. More from news02:37International architect Desmond Brooks selling luxury beach villa15 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoThe Gold Coast’s annual median house price increased 4.5 per cent to the year ended June, setting a new record of $622.031.“It’s good that it’s positive considering what we read in the media in Sydney and Melbourne,” he said.He said the State Government’s $690 million investment in infrastructure development on the Coast in 2018/19 would help build on the growth, particularly because it was expected to create 2300 jobs in the region.“The continued State Government allocation for infrastructure is good for jobs, which is always good for property … because people obviously need places to buy or rent,” he said.While the report showed the prestige market continued to grow, Mr Henderson said there were still plenty of affordable options for residents close to infrastructure and the beach.“In capital cities, that’s potentially unachievable,” he said.Ray White Surfers Paradise chief executive Andrew Bell said the spring selling season was already off to a solid start despite just coming out of the quieter winter period.“With our amazing run of gorgeous weather, it has brought buyers out earlier than usual for the spring season, which has proven to be an advantage for our sellers,” he said.“It’s a promising start to the spring season and we expect to see further sales secured in the coming days.” Top 5 highest house growth suburbs (year to June) – Tallebudgera Valley 30.9 per cent– Hollywell 30.5 per cent– Wongawallan 16.6 per cent– Hope Island 15.7 per cent– Tallebudgera 12.9 per cent Top 5 highest unit growth suburbs (year to June) – Coomera 24.5 per cent– Pimpama 17.6 per cent– Main Beach 14.7 per cent– Hope Island 14.5 per cent– Bilinga 11 per centlast_img read more

Youth Council calls for investigation at Buff Bay High School

first_img Tweet Share Share 38 Views   no discussions NewsRegional Youth Council calls for investigation at Buff Bay High School by: – September 22, 2011center_img Sharing is caring! Share Kingston, September 22, 2011: President of the National Youth Council of Jamaica (NYCJ) Ryan Small is calling on the Health Ministry Regional Authority to conduct a thorough investigation and assessment of the School environment in light of the mysterious illness that affected 40 students from the institution yesterday who had to seek medical attention at the town‟s health clinic and the Annotto Bay Hospital respectively. This assessment and investigation must be done at earliest in an effort to ascertain the root cause of the illness so that the necessary measures can be implemented to remedy the situation.Principal Nadine Molloy Young assessment of the situation in my view is “illogical and contradictory” has she stated that “We took three students to the clinic,” said Molloy Young. “I am aware that one of the students is asthmatic, while another is epileptic. To say 50 or more students were rushed to hospital is not true and unrealistic. Two-thirds of my staff are trained medically to deal with situations like these. As a result, most of the students were not taken to hospital. I heard that some students were taken to the Annotto Bay Hospital, and I will be visiting that facility.” Ms. Molloy Young stated that they took “three students” to the clinic and that “most” were not taken to hospital, but „most‟ indicates that there is more than three. She needs to be truthful about the situation at hand.On the other hand, Ms. Molloy Young stated that “classrooms were overcrowded and that children had been fainting since the beginning of this year”. This in my view is not grounded and could not have been so as based on reports the mysterious illness started about lunchtime, and affected mostly students from grade seven who were either having their lunches or were studying at the library and further seek to cast blame on the Education budget cut that will postpone the construction of two new schools for this financial year. This is of great concern to us and should be treated accordingly forthwith.Press ReleaseNational Youth Council of Jamaicalast_img read more

South Ripley announces new high school principal

first_imgSouth Ripley School Board President Tim Taylor welcomes the Hite family back to South Ripley at the March 20, 2017, school board meeting.VERSAILLES, Ind. — The South Ripley Community School Corporation announced that beginning July 1, Rod Hite will be the new principal of the high school.Hite replaces David Wintin who resigned effective at the end of the current school year, after serving as the high school principal for the last four years.Hite returns to South Ripley from the Richland-Bean Blossom School Corporation near Bloomington where he served as Principal of Edgewood Junior High School for two years and is currently serving as Assistant Superintendent.Before his time at Richland Bean-Blossom, Hite spent four years as the Principal of South Ripley Junior High School.last_img

Thompson tops nailbiter in Dawson County opener

first_imgBy Kelly NinasLEXINGTON, Neb. (May 4) – Getting their 2014 season at Dawson County Raceway started off right with Sunday trips to the winner’s circle were Colton Osborn, Jamey Kennicutt, Mike Nichols and Dillon Thompson. In the closest finish of the night, Thompson was the victor by the slimmest of margins over Kyle Bond in the IMCA Sunoco Hobby Stock feature. Thompson led the first 13 laps and then led the lap that matters the most by less than the width of a fender.Bond led the white flag lap and for many laps prior had turned circuits with Thompson in his crosshairs. Osborn led the final ten laps of the IMCA Xtreme Motor Sports Modified feature to cruise to the victory. Osborn started in the inside of row four and showed great patience and prospered with a car that handled quite well from the top to the bottom of the track. In a very competitive race, Kennicutt was able to stay near the front throughout the Karl Chevrolet Northern SportMod main and led the most important laps. He started in the fourth row and worked his way into the lead on lap six, as he was dueling with Denny Egge throughout the contest.Egge led the first five laps and the four laps just prior to the white flag being waved.No stranger to victory lane, Nichols started on the pole and never trailed in the IMCA Sunoco Stock Car feature.last_img read more

Matuidi joins David Beckham’s Inter Miami

first_imgRelatedPosts Pirlo not out to copy anyone after Juventus’ comfortable opening win Higuain joins Inter Miami after Juventus exit Juve’s Pirlo gamble makes new Serie A season the most open for years Blaise Matuidi has signed for Inter Miami – the MLS side co-owned by his former teammate David Beckham – after leaving Juventus.The 33-year-old midfielder left the Serie A champions this month after three years in Turin. Confirming the move on Twitter, Matuidi wrote: “I made my decision a few weeks ago to join @intermiamicf, rise to my friend David Beckham’s challenge and win new trophies there. My family and I can’t wait.”Matuidi – who won the World Cup with France in 2018 – played with Beckham during the former England captain’s spell with PSG during the second half of the 2012/13 season.Beckham said: “I couldn’t be happier to welcome my friend Blaise to Inter Miami. He is an exciting and gifted player and a great person.“To have a World Cup winner of Blaise’s quality in our new team is such a proud moment – for us as owners and for our fans.“For me personally to have a former team-mate joining our club is very special and I can’t wait to welcome him and his beautiful family to South Florida.” Matuidi won three Serie A titles during his time at Juventus as well as four Ligue 1 crowns with PSG.He will wear the No 8 shirt with Inter Miami and will be the only World Cup-winner currently playing in MLS.Inter Miami were just two matches into their inaugural MLS campaign when the coronavirus pandemic shutdown the league.They are due to resume their season on August 22.Tags: Blaise MatuidiDavid BeckhamInter MiamiJuventusMLSlast_img read more

Redknapp – I came close to quitting

first_img “I wouldn’t have missed the Championship. I didn’t fancy it. I would have said ‘let somebody else have a go for a year’ because I like the people here – I like the chairman, I genuinely look forward to seeing him. “My leg is a lot better. I was struggling last year. I didn’t need an operation in the end, I just got on the bike and strengthened it. “I thought I would be out for three months with an operation – but the Premier League is exciting and I am looking forward to it.” With former England and Manchester United captain Rio Ferdinand the only new recruit so far, Redknapp will be wanting to add more to his squad before the season opener at home to Hull. “We’ll get them in, we know that,” he said. “I’m not making it up. A couple of boys are training with us who are not with us and we have Adel (Taarabt), who looks like he’s going to go. “I’ve got a couple of kids playing with us to make up the numbers. We’ve got around 12, with a couple to come back. We’ll be a maximum of 13 or 14.” The 67-year-old took over at Loftus Road in 2012 but could not prevent the west London club sliding to Barclays Premier League relegation. Although they were installed as favourites to seal an immediate return, poor form around Christmas saw Redknapp’s side having to negotiate the play-offs to gain promotion. Press Association And it was during the play-off final win over Derby when Redknapp started to face the prospect of walking away – only for Bobby Zamora to score a last-gasp winner. “If we hadn’t gone up this year I would have turned it in,” he conceded. “I would have definitely packed up. I wouldn’t have gone back and done another year in the Championship, it didn’t appeal to me any more. “If we had got beat I would have turned it in, definitely. “With 10 minutes to go I was thinking ‘what golf club should I join this year – should I play here or there?’ and then suddenly Bobby ruined it all.” Zamora’s strike secured a top-flight return and Redknapp is glad to still be at the helm as he looks to help the R’s flourish in the Premier League this time around – with a troublesome knee also no longer causing him problems. “Now I am excited again,” he said. “To go to Anfield and Old Trafford is fantastic, I am so lucky to be able to do that. Harry Redknapp has revealed how close he came to leaving QPR and retiring from football management last season.last_img read more

‘Billy’ Braithwaite has moved on to the land beyond

first_img…ex-Pele FC and GFL president dies in NY By Ras WadadaTHE Sports fraternities in Guyana and New York are in a state of mourning as past outstanding football administrator, William ‘Billy’ Braithwaite, transitioned to ‘the land beyond’ early yesterday morning at the NY Presbyterian Hospital where he was hospitalised for just over a week.Braithwaite, a former president of Pele FC and the Georgetown Football League (GFL), now Georgetown Football Association (GFA), during the 70s and early 80s, migrated with his family to the USA in 1981. He was the first elected secretary of the GFL, headed by former City Mayor, Kenneth Shortt, whom Braithwaite replaced as president in 1978.The former Area Manager of BWIA, now Caribbean Airlines, is remembered by his very close friend and secretary during his leadership of the GFL, Ivor O’Brien, “The world has lost a very nice person. There is nothing bad about Billy I can recall over the decades we have been very close friends, almost like brothers.“He is the one who encouraged me to be part of the GFL in its infancy years. In fact, I was elected secretary at the first AGM of the GFL in 1974. As an administrator in football he brought a lot to the table and is a man of class. He always showed great respect to people and had a real charming personality.” Also paying tribute to the 74-year-old Braithwaite was his cousin Terry Braithwaite, former Guyana and Caribbean Rugby captain now domiciled in the USA, “My first recollection of him was as a young teenaged teacher at St Ambrose Primary. He was always well dressed and very articulate.“He displayed leadership qualities at an early age and was very popular among friends and peers. His aggressiveness in getting things done had more to do with his influence and smooth manner in making things happen. Definitely, he was charismatic, well loved and admired and had an eye for beauty. A very loving and caring soul has departed but his legacy will live forever. The news of his death has saddened me.”It is reported that Braithwaite became another NY fatality of COVID-19 currently on a global destructive path. He leaves to mourn his wife Cicely, two daughters Michelle (Petal) and Billie as well as son Stokley.last_img read more

Syracuse’s strength of schedule turns into familiar tournament field

first_img Facebook Twitter Google+ Published on May 5, 2014 at 4:06 pm Contact Jesse: jcdoug01@syr.edu | @dougherty_jesse When the 18-team NCAA tournament field was announced Sunday night, Syracuse saw familiar opponents in all portions of the bracket.Syracuse has already faced nine of the 18 teams — the second most of any school after Virginia, which faced 10 — including the five other Atlantic Coast Conference teams. “There’s a sense of familiarity there,” SU attack Kevin Rice said. “But at the same time, that means that some interesting things can happen.”No. 2-seed Syracuse (11-4, 2-3 ACC) finished the season with the nation’s highest RPI, and that translated to the NCAA tournament bracket. The Orange will kick off its tournament run against Bryant or Siena — which will be determined in one of the tourney’s two play-in games at 4 p.m. Wednesday. If Siena wins that game, SU’s first opponent will be one it beat 19-7 in its home opener on Feb. 10. Beyond that, Syracuse beat Albany, Johns Hopkins, Cornell and North Carolina, split two games with Notre Dame and Duke, and lost to Maryland and Virginia. AdvertisementThis is placeholder text“As much as we know about them, they know about us,” senior goalie Dominic Lamolinara said. “That in itself can be an issue especially with the kind of offense we have.“But as long we go out and get the ball to our offense, we’ll be fine.”Rice, Lamolinara and SU head coach John Desko were not at all surprised that the ACC, which was touted from the beginning of the season as the nation’s best conference, had all six teams make the tournament. Duke grabbed the tournament’s No. 1 seed, Syracuse No. 2, Notre Dame No. 6, Maryland No. 7 and Virginia No. 8. North Carolina was the only ACC team to not garner one of the eight seeds, and will play No. 5-seed Denver in the first round. Syracuse has been discussing its rigorous schedule from the start of the season, and the tournament will offer more of the same. Said Desko: “A lot of those first-round games sound like final four games.” Commentslast_img read more

USC’s swim and dive teams step up in joint fashion

first_imgWomen of Troy win pair of eventsThe Women of Troy split their team for two simultaneous events, but there was no impact on their success, as they beat San Diego 157.5-125.5 at USC on Friday and won the 2012 SMU Women’s Swimming and Diving Classic in Dallas on Saturday.“Against USD, the women stepped up in the void of eight of our very best and came away with some outstanding early season performances,” USC coach Dave Salo said. “The women swimming at the SMU Classic are the core of our NCAA championship team and sent a message to the country that we will have a strong yet very young team competing this season.”USC took five of nine events and led from start to finish in the 2012 SMU Women’s Swimming and Diving Classic. The event featured six teams with eight swimmers each, and only one swimmer was allowed for each ‘A’ and ‘B’ heat. USC finished the event with 366 points, followed by North Carolina (292.5), Florida (289), Texas (268), Louisville (236) and SMU (209.5).The quartet of junior Kasey Carlson and freshmen Jasmine Tosky, Kendyl Stewart, and Kasia Wilk started the day off by winning the 200y medley relay in 1:39.83, beating second-place Texas by more than two seconds.Tosky also won the 200y fly in 1:55.12, while senior Haley Anderson won the ‘B’ final in 2:00.62, and junior Meghan Hawthorne followed with a win in the 200y IM in 1:58.80, with junior Stina Gardell winning the ‘B’ final in 1:59.15.Anderson, last year’s NCAA 500y free champion, finished second in the 500y free in 4:46.46 — UNC’s Stephanie Peacock won the event with a 4:38.39.Gardell took second in the 200y breast (2:12.81), and Tosky won the ‘B’ final. Stewart won the 200y back in 1:54.11, which was one second better than USC’s best time in the event last year and three seconds faster than second place. Junior Meghan Hawthorne took the ‘B’ final in 1:57.86.Carlson beat out her best time from last year in the 100y free by 0.05, winning the event in 49.05, and Wilk took the ‘B’ final in 50.51.USC’s 200y free relay team finished a mere 0.25 out of first, with Carlson, Stewart, Stenkvist and Wilk taking third in 1:33.09.Finally, freshman Sam Adams scored 252.10 points on the 3-meter springboard to finish fifth.Against USD, sophomore Andrea Kropp led USC with three wins, and sophomore Lynette Lim added two more against the Toreros to help the Women of Troy improve to 2-0 on the year.USC started the event with a win in the 200y medley relay, followed by a sweep in the 1,000y free. Freshman Nikki Chang took first for USC’s first individual win in the meet in 10:09.52, followed by junior Andrea Basaraba (10:13.32) and senior Chelsea Wild (10:30.47).Lim, who earned All-American honors as a freshman, led another USC sweep in the 200y free, taking first in 1:49.97. Senior All-American Christel Simms took second in 1:52.91, and senior Kate Shumway finished in third in 1:53.00.Senior All-American Yumi So then took the 100y back in 56.16, with sophomore Ashley Brewer finishing in second in 57.82, and San Diego’s Sarah Reirson took third in 59.79.Kropp, who transferred to USC last year and was a 2012 Olympic Trials finalist in the 200y breast, won her first event of the day by finishing the 100y breast in 1:02.32. Senior Jordan Danny finished second in 1:05.34, while San Diego’s Sammi Cohn took third in 1:06.54.USD won the next two races, with Keenan Lineback and Jacquie Kimmel taking the 200y fly (2:05.54) and 50y free (24.25), respectively. Wild finished second in the 200y fly in 2:08.53, and senior All-American Lindsay Parrish finished tied for second in the 50y free with USD’s Francesca Finucane (24.66).Simms won her third event of the day, the 100y free, in 51.06, leading another USC sweep with Shumway in second (52.65) and Kimmel in third (52.68). Brewer would then take the 200y back in 2:02.90. So finished second in 2:05.79, while Rierson took third in 2:06.15.Kropp earned her second and third wins of the meet in the 200y breast and 400y IM, with senior Jessica Schmitt finishing second in both events. Kropp beat out Schmitt 2:10.98 to 2:12.20 in the 200y breast and 4:13.44 to 4:14.09 in the 400y IM.Lim won the 500y free, her second win of the day, in 4:55.30. Chang took second in 5:01.06, with Lineback taking third in 5:05.93. The event ended with San Diego winning the 400y free relay, beating out USC 3:31.26 to 3:33.27.Trojans take season openerThe USC men’s swimming team also won its season opener at home against North Carolina State 173-119 on Saturday.The Trojans were led by sophomore Cristian Quintero’s three freestyle wins. Quintero, an All-American as a freshman and a Venezuelan Olympian, swept the 100y (44.66), 200y (1:37.52) and 500y free (4:31.77), with the 500y free win leading a sweep. Sophomore Chad Bobrosky finished just behind Quintero in 4:31.88, while junior Nick Johnson took third in 4:33.64.Freshman Ted Singley and sophomore Cary Wright spearheaded a 1-2-3-4 finish in the 1000y free, finishing in 9:18.98 and 9:20.53, respectively.Senior Alex Lendrum, a 2012 All-American, won both the 100y back (48.57) and 200y back (1:45.44). Sophomore Luca Spinazzola took second in the 100y back in 49.54, while junior Chase Bloch finished second in the 200y back in 1:46.04.Freshman Morten Klarskov followed with wins in the 100y breast (55.66) and 200y breast (1:59.01).Senior Justin DiFederico, sophomore transfer Dakota Hodgson, and Wright completed a 1-2-3 sweep of the 200y fly, finishing with times of 1:47.90, 1:48.11 and 1:50.53, respectively. DiFederico then won the 400y IM in 3:58.41, with junior Sean Mulroy finishing in second in 4:00.47.The 200y medley relay of Lendrum, Klarskov, Block and Quintero gave USC a win in the 200y medley relay in 1:28.98. The 200y free relay team of freshman Fred Abramyan, Bloch, freshman Zach Wagner and junior Jack Wagner took second in 1:21.78.When asked about the performance of the men’s team, coach Salo said: “Motivated by the challenge to turn things around from the subpar performances on Friday, the men dominated nearly every event on Saturday morning.”last_img read more