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Russia’s Use of INF-Banned Missiles in Ukraine Sparks Global Alarm

                                                      File photo: The two leaders met in Alaska earlier this year Russia has reportedly deployed the 9M729 ground-launched cruise missile —a weapon once banned under the Intermediate-Range Nuclear Forces (INF) Treaty —against Ukraine, marking its first confirmed use in combat. The missile, capable of carrying either nuclear or conventional warheads, has an estimated range of up to 2,500 kilometers , far exceeding the 500 km limit once imposed by the treaty. Background The INF Treaty , signed in 1987 by U.S. President Ronald Reagan and Soviet leader Mikhail Gorbachev, prohibited ground-launched missiles with ranges between 500 and 5,500 kilometers. However, U.S. officials accused Russia of secretly developing the 9M729 in violation of the pact. This dispute ultimately led Presiden...
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How Deloitte's audit work was backdated and why CPA Ontario fined them $1.59-million

 


Deloitte is one of the Big Four accounting firms that provide audit, tax, consulting and financial advisory services to clients worldwide. As a professional service provider, Deloitte is expected to adhere to high standards of quality, ethics and integrity in its work. However, in a recent disciplinary case, Deloitte admitted that it had violated several rules and regulations of the Chartered Professional Accountants of Ontario (CPA Ontario), the regulatory body that oversees the accounting profession in the province.

According to CPA Ontario, Deloitte and some of its partners and staff engaged in improper conduct in relation to the audits of two public companies, identified as Company A and Company B, for the fiscal years 2014 to 2016. The improper conduct included backdating audit workpapers, altering or deleting audit evidence, failing to obtain sufficient and appropriate audit evidence, failing to exercise professional skepticism and due care, and failing to comply with the Canadian Auditing Standards.

CPA Ontario also found that Deloitte failed to report the improper conduct to the regulator, as required by the bylaws, and failed to cooperate fully with the regulator's investigation. Deloitte also failed to implement adequate quality control policies and procedures to prevent or detect such improper conduct.

As a result of these findings, CPA Ontario imposed a total of $1.59-million in penalties on Deloitte and its partners and staff involved in the case. The penalties included fines, costs, reprimands, suspensions and restrictions on practice. Deloitte agreed to pay the penalties and admitted to the facts and liability in a settlement agreement with CPA Ontario.

The disciplinary case is a serious blow to Deloitte's reputation and credibility as an auditor. It also raises questions about the quality and reliability of the audits performed by Deloitte for other clients. The case also highlights the importance of having effective oversight and enforcement mechanisms for the accounting profession, to protect the public interest and maintain trust in the financial reporting system.


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