5 CHARGED WITH CONSPIRACY TO DEFRAUD

5 Charged with conspiracy to defraud
Info - Prod Research (Middle East). Ramat-Gan: Jan 18, 2006. pg. 1

Abstract (Summary)

According to news.gov.hk: Four men and a woman in connection with a false accounting case involving an ex-listed company have been charged with conspiracy to defraud. They will appear in Eastern Magistrates' Courts this afternoon. Among the five, two men, aged53 and 51, were the company's chairman and deputy chairman.

According to news.gov.hk: Four men and a woman in connection with a false accounting case involving an ex-listed company have been charged with conspiracy to defraud. They will appear in Eastern Magistrates' Courts this afternoon. Among the five, two men, aged53 and 51, were the company's chairman and deputy chairman. In January 2001, through a series of bank transactions, the pair fraudulently generated a $100 million loan from them to the subject company. They thenreceived the repayment of the said loans purportedly financed to the subject company,in$55 million cashand $45 million worth of ordinary sharesissued by the subject company. Among the other arrestees, a 47-year-old man wasa director of the subject company at the time whilea40-year-old man and 44-year-old woman were allegedly involved in the fund circulations. The case was referred to the Commercial Crime Bureau in June 2003 and Police officers arrested the five people in May last year.

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Professors Give Thoughts on Firms Best Recruiting Moves
Anonymous. CPA Practice Management Forum. Riverwoods: Nov 2006. Vol. 2, Iss. 11; pg. 20, 1 pgs

Abstract (Summary)

According to many professors that responded to PAR's 25th Annual Professors Survey, accounting students want interaction with firm partners and staff during recruiting-type events, and the largest accounting firms have obviously listened. One way to maximize that interaction between accounting firm personnel and students is through case competitions, according to survey respondents. Professors cited PricewaterhouseCoopers xTax Challenge, Deloitte's case Study Competition, Deloitte's Tax Case Competition, KPMG's NABA Accounting Case Competition and the KPMG/ALPFA business case competition as being great programs. Outside of case competitions and team building, many professors said the best way to recruit the top students was to offer internships and give financial help to students interested in getting a master's of accountancy degree.

Many professors favor case competitions and team building events.

Amounting students want interaction with firm partners and staff during recruiting-type events, and the largest accounting firms have obviously listened, according to many professors that responded to PAR's 25th Annual Professors Survey.

"Students want to interact with the actual people they would be working with," said University of Louisville Associate Professor of Accountancy, Bill Stout.

Many professors echoed those thoughts, saying the more partner/professional to student interaction the better.

One way maximize that interaction between accounting firm personnel and students is through case competitions, according to survey respondents.

"Case competitions are great because you have professor participation combined with students using classroom learning to solve real-life accounting and tax problems and they interact with firm personnel," said University of Wisconsin Associate Professor of Accounting and Information Systems, Terry Warfield. "It is great for everyone."

Dr. James Benjamin, head of Texas A&M's Department of Accounting, said the focus on substantial events, instead of just social events, is better for everyone.

"Students that participate in case competitions get a lot out of them," he said. "They are a very positive experience for them."

Professors cited PricewaterhouseCoopers xTax Challenge, Deloitte's case Study Competition, Deloitte's Tax Case Competition, KPMG's NABA Accounting Case Competition and the KPMG/ALPFA business case competition as being great programs.

Case competitions weren't the only programs identified by professors as being a great experience for the students.

Deloitte and KPMG were singled out for their leadership conferences and professors also mentioned Ernst & Young's Summer Leadership program.

Several professors said PwC's Pit Crew Challenge was a great team-building event for the students. Crowe/Indianapolis, got several mentions for its use of a scavenger hunt with students.

Professors didn't restrict their comments to the profession's largest firms.

Two professors commended Green & Seifter CPAs/Syracuse, N.Y. (Eight partners, 38 total staff), for its version of Jeopardy. The firm invites accounting students from four local colleges to participate in the event. A firm partner, Terry McCarthy, serves as "Alex Trebeck" while teams try to answer accounting- and taxrelated questions.

Outside of case competitions and team building, many professors said the best way to recruit the top students was to offer internships and give financial help to students interested in getting a master's of accountancy degree.

"Internships aren't innovative just effective," said one survey respondent.

Professors acknowledged the Grant Thornton Footsteps Experience.

EY's Your Master Plan proe gram was tabbed by professors as a great program, offered through the University of Notre Dame and the University of Virginia that gives participants the chance to earn a master's of accountancy degree.

Several professors applauded Dixon Hughes/High Point, N.C., for its use of internships with students that have completed their junior year, along with making a commitment to the student to support them through the masters program.

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Creative accounting cases decline by half
Nuntawun Polkuamdee. Knight Ridder Tribune Business News. Washington: Apr 19, 2007. pg. 1

Abstract (Summary)

Tawatchai Kiatkawanakul, am assistant director for the SEC's accounting supervision department, said accounting abuses covered a broad range of areas, including misreporting to avoid taxes, failure to accurately reflect a company's financial position or obligations and misrepresentation of key information.

Still, the SEC noted that out of the 517 listed companies submitting financial statements for 2006, only five were singled out for special monitoring for possible accounting or governance violations, compared with 10 the year before.

Amendments included directives to recalculate amounts booked for doubtful debt, accrued revenues, revenues booked from property sales and funds invested in subsidiaries. In contrast to 2005, no listed company last year was ordered to revise their accounting for asset depreciation or liabilities.
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Apr. 19--A number of listed companies continue to rely on "creative accounting" to dress up their financial statements, according to the Securities and Exchange Commission.

Tawatchai Kiatkawanakul, am assistant director for the SEC's accounting supervision department, said accounting abuses covered a broad range of areas, including misreporting to avoid taxes, failure to accurately reflect a company's financial position or obligations and misrepresentation of key information.

More serious cases include siphoning of assets and funds from a company by management, the use of funds to prop up the company's share price and other abuses to avoid a company's transfer into the Stock Exchange of Thailand's rehabco sector.

Still, the SEC noted that out of the 517 listed companies submitting financial statements for 2006, only five were singled out for special monitoring for possible accounting or governance violations, compared with 10 the year before.

The SEC has directed two companies to undergo special audits, compared with four the previous year, while seven companies were ordered to amend their 2006 financial statements, down from eight in 2006.

Amendments included directives to recalculate amounts booked for doubtful debt, accrued revenues, revenues booked from property sales and funds invested in subsidiaries. In contrast to 2005, no listed company last year was ordered to revise their accounting for asset depreciation or liabilities.

But the SEC noted that 22 companies were ordered to clarify connected transactions last year, while three companies decided to void questionable transactions altogether.

Mr Tawatchai said in some cases, depreciation charges were booked for unreasonably long times, to help minimise the impact on a company's accounts.

Medical firms, for instance, might book depreciation for medical equipment over a 15 to 20 year period and computer equipment for 15 years, a lengthy period of time considering the rapid changes in technology in both fields.

In other cases, companies will over- or under-value property and assets to manipulate their accounts.

"Most companies are managing their accounts in line with generally accepted accounting standards. Only a few are trying to evade the rules and dress up their books," Mr Tawatchai said.

"Creative accounting defrauds investors, who deserve to see accurate information about their companies. Investors should consider carefully the notes of the auditors, and avoid companies that have disclaimers or notes listing areas that could not be confirmed."

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