In this issue, I would like to touch on InConsult's recruitment services because of the excellent response we've had from the market and our clients.  I also present a number of Candidates and employment opportunities below.

We established InConsult recruitment early this year to help meet the specialist needs of Chief Risk Officers, Audit Managers and Financial Controllers for the growing demand for quality people.   Besides specialising in risk, audit, compliance, actuarial and insurance related roles, the key difference between InConsult Recruitment and other recruiters is that we offer Candidates specialist mentoring and training (at no cost) in areas they want to strengthen. 

From Candidates looking for new positions to our risk consulting and technology clients, going the extra mile in everything that we do is important to us.  It's what sets us apart from other firms and it's the foundation of our commitment to all our clients.

Enjoy this issue of InTouch.

Tony Harb

Director, InConsult

• Prosecutors have charged the former Refco Inc CEO with securities fraud over hundreds of millions of dollars in transactions owed to the company by an entity he controlled.  When those related party transactions were disclosed to the market ... the stock price plummeted, leading to a loss to investors of over a billion dollars.

• Former WorldCom controller  who admitted to playing a pivotal role in the $US11B accounting fraud gets a four year jail sentence.

• A report by the ACCC has found that public liability and personal injury writs declined after restrictions on people's right to sue.  In addition, insurance premiums have fallen.

• According to Communications, Electrical and Plumbing Union (CEPU), Australia's communication network is vulnerable to terrorist attacks because workers without clearance have full access to the system.  However, Telstra has stated that these claims are inaccurate.

• The ACCC has issued new rules to encourage more cartel members to inform on others to avoid criminal prosecution.  Rules could also impose jail sentences on executives found guilty of price-fixing or other cartel conduct and .provide whistleblowers more favourable terms.

• The federal government is considering repealing unnecessary red tape to tackle a "regulatory blow-out" that is costing business billions of dollars and hindering economic growth.  The government is also considering mandatory and detailed cost-benefit analyses before any new business regulation is approved by cabinet.

• 9 former KPMG executives were charged with conspiring to defraud the US tax office (IRS) by designing and marketing fraudulent tax shelters for wealthy individuals between 1996 and 2002.

• A court has found that PriceWaterhouse Coopers negligently breached its auditors duty by approving a misleading set of accounts for a subsidiary of defense electronic manufacturer Stanilite Pacific.  PWC must now pay $1.6 million plus interest to the liquidators.

• The Australian government will help Indonesia regain the confidence of international investors by working with authorities in Jakarta to improve governance of the country's financial and business sectors.  Australian officials will work with their Indonesian counterparts on various initiatives to improve regulation of companies and the banking and financial sectors.

• According to experts, disaster planners and engineers had warned for decades that New Orleans needed a better response plan for a catastrophic hurricane. Years of conferences, computer models, animated simulations and disaster drills had shown what could happen if a major storm struck, but little was done.

• A former CEO of financial services company Skandia  was charged on 2 counts of fraud and risks a 6 year sentence if convicted after handing out bonuses worth some $US25 million ($32.8 million) without approval from the board.

• According to the Chartered Secretaries Australia (CSA), senior managers making important decisions should be held liable for any wrongdoing under the corporations law.  According to CSA, a corporations' risk management and compliance systems would be far more robust if managers with hands-on responsibility for implementing the systems were personally held accountable for their actions.

• APRA has banned former HIH chief financial officer from acting as a director or senior manager of a general insurer.

• Following an 18 month investigation, 5 people will be charged with an attempted $150-million fraud against the Commonwealth Superannuation Scheme.  Police  considered the scheme to be highly sophisticated and well organised.

• AMP has set an ambitious 5 year growth plan for its life insurance and funds management group to capitalise on the turnaround achieved through cost improvements and the strong recovery in equity markets.

• IAG Australia's largest general insurance group, has reported a 14.3% increase in net profit to $760M. Deputy Chief Executive Ian Brown advises that it will apply for a General Insurance license in China.

• QBE announces a 43% jump in first half net profit after unveiling a $491million net profit for the six months to June 30. Net earned premium, a key measure of a performance, jumped 13% in the first 6 months.

• Suncorp exceeded the highest market expectations with a 33% rise in 2004-05 profit to $821million.

• According to an article in the AFR, the National Australia Bank might scrap its listing of American depository receipts on the New York Stock Exchange, due to the high cost of compliance.

• APRA has released the second of two discussion papers setting out its proposed prudential response to the adoption of International Financial Reporting Standards by APRA regulated institutions.

• Continual delays in implementing Anti-money Laundering legislation may result in Australia being classified as non-compliant and local banks will probably be forced to take extra steps to reassure US counterparts that standards are being maintained.
  The government is unlikely to introduce laws until early next year. 

WORKING TOGETHER

 Corporate Governance,

Compliance, Risk Management

and Internal Audit.

InConsult Pty Ltd · L12, 35 Pitt Street · Sydney NSW 2000
Tel: (+612) 9241 1344  · Fax: (+612) 9253 3001
© 2005 All rights reserved

Email Us  |  Unsubscribe