Latest newsfeed from PQ Magazine
PQ magazine
Newsfeed October
The latest newsfeed from PQ Magazine. For further information please visit http://www.pqaccountant.com/
PQ is simply the best
PQ magazine is the best Business Media trade journal for accountants, so says the IFA. Your magazine beat off the likes of Accountancy, Accountancy Age and Financial Management to the title. PQ’s magazine’s Graham Hambly picked up the award from Dragon’s Den online star Julie Meyer (chief executive of Ariadne Capital) and even got to chat to Theo Paphitis. The judges said it wasn’t a hard choice - PQ was simply the best read around – honest, thoughtful and forward-thinking. There was no other choice said David Hunt, president of the IFA. Other winners on the day were Lisa Dendle of Walker Dendle – top recruitment consultant and LondonSam’s Tony Surridge – who won top lecturer. Even Tony had to agree; “PQ is just the best mag by a country mile”. Now PQ loved it’s day in the sun at the Kensington Roof Gardens. But don’t forget you still have your own chance to be a PQ winner. Nominations are now open for the PQ awards. In all there are 12 categories up for grabs and the deadline is looming. To enter send 150-250 words on why your entry should win to awards@pqmagazine.com:
The PQ magazine categories for 2010
- PQ of the Year
- NQ of the Year
- Distance Learning Student of the Year
- Student Body of the Year
- College of the Year
- Lecturer of the Year
- Accountancy Team of the Year
- Boss of the Year
- Website of the Year
- Accountancy Body of the Year
- Personality of the Year
- Lifetime Achievement Award
No protection needed
The UK’s Big 4 have been left feeling somewhat exposed after the Labour Government refused to limit litigation damages. The firms lobbied hard for a cap on payments, to no avail. Some of the firms are now facing massive lawsuits relating to the Bernard Madoff $65bn fraud. Auditors can be held liable for the full amount of losses when a company collapses, even when they are only ‘partly’ to blame.
Accountancy representative met with Lord Mandelson recently in the hope of making him introduce a new capped liability system. The firms apparently warned there was a real possibility that another big firm could go bankrupt (after all it happened to Arthur Andersen).
A Department of Business, Innovation and Skills has said that the 2006 Companies Act already allows auditor liability limitations ‘where companies and their auditors want to take this course’. However while in theory directors can agree to restrict their auditors’ liability if shareholders approve no blue chip company has gone down this route, What would be the benefits to any company agreeing such a move!
The US Securities and Exchange Commission also opposes caps as they believe it could lead to secret deals that would compromise the oversight of company accounts.
New examiners x3
The ACCA has now appointed three new examiners – for papers F5, F8, and P4. The new Performance Management examiner is Ann Irons. The old examiner Geoff Cordwell was pilloried for pass rates of 28% and 30%, yet tutors almost to a man/woman told PQ at the recent teachers conference that the examiner couldn’t be blamed for students ‘ignorance’. The ACCA obviously felt differently and CAT examiner Irons has stepped up to the mark.
F8’s new quiz master is Pami Bahl (replacing Alan Lewin) and the Advanced FM paper examiner is Shishir Malde. The ACCA says that these new faces have reviewed, but not written the exam paper for the December session. So you should still be thinking old examiner. However, a quick look on the Nottingham Trent University site shows you that the new P4 examiner is a principal lecturer in accounting and finance. They teach FM, corporate finance and investment strategy, and currently they are researching the application of stakeholder theory to risk management decisions on organisations.
* Examiners might moan about it but it is what you love us for – find your ACCA exam tips on page 28.
Student expelled
CIPFA PQ Robert McCarthy has been ‘expelled from student membership of the institute’ by the disciplinary committee. It appears the PQ falsely indicated (is that lied?) that he has obtained a BA accounting degree when in fact it was just a diploma in higher education.
The former trainee accountant at Argyll & Bute Council also provided his employers with fabricated degree certificates, academic transcripts and CIPFA correspondence about his exemptions. McCarthy admitted the facts of the case against him and that his actions were ‘dishonest and intended to deceive’.
Despite the guilty claim the committee concluded that no sanction less than expulsion was appropriate. PQ magazine understands that this is the only student case to come before the disciplinary committee this year. There were no disciplinary committee cases involving students in 2008.
*The articles featured on this site are from a variety of independent media sources and do not represent the views of Michael Page.
