Mario Christodoulou, Accountancy Age, Monday 8 February 2010 at 14:10:00

Police arrest Wales' recently-resigned first auditor general

The former Auditor General of Wales has been arrested on suspicion of possessing indecent images, The BBC reports.

Jeremy Colman, 61, stood down from the Wales Audit Office last Wednesday following an internal review ?around matters of personal conduct?, confirmed the office in a statement.

South Wales Police was called in the following day to investigate allegations of pornography on a work laptop.

Colman was the first full time auditor general for Wales, where he oversaw the annual audit of some £20bn of taxpayers? money.

He has been bailed until March 3.

Read the BBC story:

Wales' ex-auditor Jeremy Colman arrested on porn charge

Read the Wales Audit Office statement:

Auditor General for Wales resigns

Raghavendra Verma, in New Delhi, Accountancy Age, Monday 8 February 2010 at 10:36:00

PwC auditor released after a year in jail

Talluri Srinivas, one of the PricewaterhouseCoopers auditors arrested more than a year ago in connection with the US$1 billion Satyam Computer Services scandal has at last been granted bail by India?s Supreme Court.

Srinivas' lawyer had contended that he audited Satyam accounts only after 2007, while the inflated profits at the heart of the scandal date back many years.

The court decided in his favour on Thursday (4 February), despite opposition from lawyers for India?s Central Bureau of Investigation (CBI). They referred to a report by the Institute of Chartered Accountants of India (ICAI), saying that he had signed on the audit reports on behalf of Price Waterhouse India (PwC?s name in India) deliberately with the knowledge of its implications and consequences. This violated the requirements of the Auditing & Assurance Standards 28 (AAS-28), argued CBI lawyers, which establishes standards on the form and content of auditors? reports on financial statements.

Srinivas is, however, not allowed to leave Hyderabad city without the CBI?s permission, and has had his passport confiscated. The court has also directed him not to tamper with any evidence associated with the case or influence witnesses.

The other PriceWaterhouse auditor involved in the scandal, Subramani Gopalakrishnan, remains in prison in connection with the Satyam fraud.

Read more:

Satyam fraud methodology revealed

Paul Grant, Accountancy Age, Monday 8 February 2010 at 10:04:00

Collapse in carbon prices threatens green investment

Tax on carbon emissions needs to rise significantly in order to offset a collapse in the price of carbon, parliament?s environmental audit committee has said.

The recession has caused many big companies to be left with more carbon allowances than they need, resulting in a dramatic drop in the price of carbon and threatening the success of Europe?s Emissions Trading Scheme.

The committee is calling for the government to introduce new measures such as a new carbon tax to raise the price of carbon from its current level of ?15 a tonne to around ?100, reports the Guardian.

"If the government wants to kick-start serious green investment, it must step in to stop the price of carbon flatlining," said committee chairman Tim Yeo.

Kevin Reed, Accountancy Age, Monday 8 February 2010 at 09:59:00

Graeme Harris to step down as FD of Tangent

Graeme Harris is stepping down as FD of Tangent Comms, with Kevin Cameron promoted to group financial controller and company secretary.

Harris joined the marketing business in 2005.

"I would like to thank him for his hard work and support and on behalf of the board and all his colleagues; I would like to wish Graeme every success," said joint CEO Nicholas Green.

The board will appoint an executive FD in the near future.

Cameron had served as finance director of Tangent acquisition Ravensworth Digital Services.

Further reading:

M &S' Dyson joins Betfair board

Mario Christodoulou, Accountancy Age, Monday 8 February 2010 at 09:20:00

Government auditor to replace GT

The UK?s financial watchdog is being forced to change its auditor in a move which will save £100,000 a year, The Independent reports.

The Financial Services Authority will switch auditor from mid-tier firm Grant Thornton (GT) to the National Audit Office (NAO), the government auditor.

The NAO does not charge for the audit of government departments. Grant Thornton will finish its present audit before handing over to the NAO.

A GT spokesman said the decision was announced to Parliament in October 2009 on the grounds that it would enable the Public Accounts Committee to receive and investigate reports into aspects of the economy, efficiency and effectiveness of the FSA?s performance.

"There was no competitive tender."

Read the full story:

FSA switches auditors