1. PwC’s advisory arm released their Annual Global Economic Crime survey and noted that South Africa is still at the top of the list for global crime list.
The survey came with warnings over the growing prevalence and sophistication of cyber crime. PwC warned that only 29% of company boards in SA said they requested frequent reports on capacity to deal with such incidents, calling for a more proactive approach to this issue as well to corporate governance in general. Globally, PwC surveyed more than 6,000 firms for its survey. Of the 232 South African respondents, 83% were in the private sector. Asset misappropriation was the most prevalent form of crime reported, followed by fraud and bribery. While SA remained at the top of the list, new entrants in the top 10 were France and the UK. This was attributable to the continuing prevalence of cyber crime, PwC SA partner in forensic services Trevor White said at a briefing in Johannesburg.
Sounds like it’s tough sledding running a business in South Africa.
2. Deloitte purchased a consutling firm to help bolster its advisory practice. All big 4 accounting firms are trying to expand their consulting arms to pre-Enron levels as regulation trends downwards.
Deloitte Consulting has purchased a suburban firm to improve its position in the rapidly heating market for higher-education technology consulting.The consulting arm of the New York-based professional services firm acquired Higher Technology Solutions in Bartlett, which helps colleges implement and upgrade information systems that manage student data. The systems handle everything from class registration to documenting test scores and transcripts.
3. KPMG (PR Newsire) – Students from the University of Michigan won KPMG’s annual US international case competition.
4. EY UK likely will not be liable after large Slater and Gordon (lawfirm in the UK) write-down. Slater and Gordon recently had a large write-down of goodwill from an acquisition. The Australian branch of EY reviewed the work previously done by EY UK and another accounting firm to check whether a restatement was needed. They determined that no restatement was needed. AFR
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