Finance – Page 7 – Deuts.NET

Further Relief From Section 404

Published in http://www.sec.gov/news/press/2006/2006-136.htm:

SEC Offers Further Relief From Section 404 Compliance for Smaller Public Companies and Many Foreign Private Issuers

FOR IMMEDIATE RELEASE
2006-136

Washington D.C., Aug. 9, 2006 – The Securities and Exchange Commission today issued two releases to grant smaller public companies and many foreign private issuers further relief from compliance with Section 404 of the Sarbanes-Oxley Act of 2002. The relief is in furtherance of the “next steps for Sarbanes-Oxley implementation” (SEC Press Release 2006-75) announced on May 17, 2006, and includes some new initiatives not previously announced.

Today’s releases follow the July 11, 2006, publication of a Concept Release soliciting public comment on guidance for management the SEC plans to issue to assist companies in assessing their internal controls over financial reporting.

Continue reading Further Relief From Section 404

The Topnotcher

The pictures below were taken in front of a store along Tejeron Street in Makati. I’m not exactly sure what type of business this store offers. Maybe some appliance repair shop, or a salon, I don’t know. But what actually struck me were the signboards in front of the store.

Continue reading The Topnotcher

Total Damage

What more inflicting propaganda can someone (or maybe a group) do against one’s professional accountant’s career than this?

I only received this document by email. I have nothing to do with this, and I’m never the author of this. I just want to post this because I know this surely is already a general discussion among the professionals in the Philippine accounting world. I don’t claim that the information contained therein are true or are lies, and I’m never in the position to comment on the issue.

DOCUMENTS REMOVED

deuts.net Accounting Profile

I’ve searched in the internet for a site or blog that discusses, or at least able to discuss, about accounting and audit, especially as may be applicable to the Philippine settings. And my search failed.

Philippine accounting organizations and institutions like the Philippine Institute of Certified Public Accountants (PICPA) and the Board of Accountancy failed to provide for a specific field in the internet for accountants to converge and share ideas regarding their thoughts about the standards and the accounting and auditing practice in the Philippines. Even Philippine accounting and auditing firms like SGV & Co. (Ernst & Young), Isla Lipana & Co.(formerly Joaquin Cunanan & Co.) (PriceWaterHouse Coopers), Laya Manangyahaya (KPMG), Punongbayan & Araullo (Grant Thornton International), C.L. Manabat & Co. (Deloitte), don’t really have a dedicated page or site to discuss issues related to accounting and auditing issues, especially as regards gray areas of Philippine and international accounting.

Continue reading deuts.net Accounting Profile

Business Blogs

In The Undersigned, there is a discussion about maintaining a business/corporate blog. The author offered some advantages such a move could make should a company decide to create a business blog.

Actually, I like that idea. Continue reading Business Blogs

Auditor and Technology; Importance of Data Security

deuts.net

As auditors, we gather information from the client by conducting interviews, obtaining schedules and documents. Oftentimes, these information are sensitive in a manner by which it can prejudice the position of the client/company should these fall into the hands of the wrong parties. Auditors are expected to handle these information in a professional fashion.

Client information or data (other than those obtained through interviews) usually come in the form of physical documents or electronic files. Electronic files are normally transferred between terminals via electronic media like floppy disks, CD’s, and USB flash drives.

Continue reading Auditor and Technology; Importance of Data Security

Financial Accounting I 2006 Edition

A new version of “Financial Accounting I” has already been released by Atty. Conrado T. Valix and Jose Peralta. It incorporates the new standards: Philippine Accounting Standards, Philippine Financial Reporting Standards, International Accounting Standards, and International Financial Reporting Standards.

The book has a whole new different look.

Continue reading Financial Accounting I 2006 Edition

Basic Controls for Preventing Fraud

Internal controls are designed to protect a company from loss or misuse of its assets. Internal controls also ensure that all transactions are properly authorized and that the information contained in financial reports are reliable.

The degree of internal control that a company needs to employ Continue reading Basic Controls for Preventing Fraud

San Miguel to change auditor

That is the news, ok. According to money.inquirer.net, the San Miguel group changed auditors from SGV & Co. to Laya Mananghaya & Co. Starting 2006, Laya Mananghaya (KPMG) will be auditing SMC. SGV was the appointed auditor since 1997.

Inq7 offered to report the following reasons for the change in auditor:

Continue reading San Miguel to change auditor

Consolidation of Indirect Subsidiaries

Let’s take for example a Parent Company owning 100% interest in Company A, which in turn owns 100% interest in Company B. Here, clearly the Parent Company owns indirectly through Subsidiary A 100% of Company B. Hence, clearly the Parent Company should incorporate the operations of Company B in its consolidated financial statements.

Now, let’s take another example. Say, the Parent Company owns 70% interest in Company C, which in turn owns 80% interest in Company D. In this example, Continue reading Consolidation of Indirect Subsidiaries