If it comes to control of foreign currency operation, banking secrecy will no longer be an obstacle for tax services and customs officers. Bankers, however, already got used to provide officials with commercial secrets on demand, and are now even happier with certain official rules to regulate this process.
The Institute of Internal Auditors’ Internal Audit Standards Board has proposed several changes to the standards for internal auditors, including what should happen when giving an opinion on an audit, and the role of outsourced service providers.
This new standard will aim to ensure that management and governing bodies of insurers can rely on the information supplied by their actuaries, and understand its limitations.
Auditors’ skills remain highly respected, but audit reports are not deemed to be relevant for “providing useful information to users”, according to research by the ICAEW.
According to the rating “Paying Taxes 2010” prepared by the World Bank and PricewaterhouseCoopers, Ukrainian entrepreneurs face the necessity to pay 147 different taxes and to spend approximately 736 hours on that each year. The country occupies 181st position out of 183, and only Belorussia and Venezuela are worse in that respect.
The FOREX market may be seen as a subject for regulation similar to derivative instruments – thinks chairman of the Federal Financial Markets Service (FFMS) Vladimir Milovidov.
Yesterday Russia finished its “road show” that commenced one week ago in Europe and went on to Asia. By the end of the day, there still wasn’t any official information. However, “Reuters” informs that foreign investors showed interest for Russian securities, which even exceeds 16 billion USD.
The US Financial Accounting Standards Board has established a Valuation Resource Group (VRG) to provide the FASB staff with information about implementation issues regarding fair value measurements used in financial reporting.
British Prime Minister Gordon Brown has joined the fight against Goldman Suchs which is becoming a “moral bankrupt” now. In his interview to BBC he said that the Financial Services Authority should initiate a joint investigation together with American financial regulators. According to Brown, this case with the US largest bank demonstrates the necessity for further reformation of the international banking system. “I am shocked at this moral bankruptcy. This is probably one of the worst cases that we have seen”, - he said.
