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Myanmar Earthquake: Death Toll Climbs to 3,145 Amid Ongoing Rescue Efforts

The devastating earthquake that struck Myanmar nearly a week ago has claimed at least 3,145 lives, with search and rescue teams continuing to recover bodies from the rubble. The 7.7 magnitude quake, which had its epicenter near Mandalay, Myanmar's second-largest city, caused widespread destruction, including collapsed buildings, damaged roads, and destroyed bridges.  Humanitarian aid groups are working tirelessly to provide survivors with medical care and shelter, as thousands remain homeless and vulnerable to disease outbreaks. The United Nations estimates that over 17 million people have been affected by the disaster, with more than 9 million severely impacted.  In response to the crisis, Myanmar's military government has declared a temporary ceasefire to facilitate relief efforts. However, ongoing challenges, including communication blackouts and difficult-to-reach areas, have hindered the full assessment of the disaster's impact.  The coming days will be critical in d...
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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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