HK regulator in Ernst and Young China secrecy row
BBC News Online, 29 August 2012
Hong Kong's market regulator the Securities and Futures Commission is taking Ernst & Young (E&Y) to court to force it to reveal information on a former China-based client, Standard Water, in an unprecedented move. E&Y has said if it complies it could be in violation of China's state secrecy laws as Chinese company records can be claimed as state secrets.
Regulators to clear up advisors’ whistleblowing rules
Accountancy Age, 23 August 2012
Instances where accountants should override confidentiality and disclose a suspected illegal act committed by a client or employer will be revised as part of changes to the code of ethics governing the profession.
HMRC probes £11bn tax owed by foreign companies
Accountancy, 28 August 2012
Big foreign-owned companies are being targeted by HMRC for up to £11bn in underpaid taxes. Under a Freedom of Information request, HMRC’s Large Business Service, responsible for the taxes paid by the 770 largest businesses in the UK, revealed it was probing around £25bn in potentially unpaid tax revenues.
Councils could save £300m on social care reviews
Public Finance, 23 August 2012
Local government could release £300m to spend on elderly care by improving social care assessments and reviews, the Audit Commission has said. The watchdog found that the number and cost of assessments and reviews had increased significantly with the shift towards personalised care.