Cempaka Business and Economy: Bapepam Plans to Boost Oversight of Accounting at Listed Companies

"A Summary" – Apr 2, 2011 (Kryon channelled by Lee Carroll) (Subjects: Religion, Shift of Human Consciousness, 2012, Intelligent/Benevolent Design, EU, South America, 5 Currencies, Water Cycle (Heat up, Mini Ice Ace, Oceans, Fish, Earthquakes ..), Middle East, Internet, Israel, Dictators, Palestine, US, Japan (Quake/Tsunami Disasters , People, Society ...), Nuclear Power Revealed, Hydro Power, Geothermal Power, Moon, Financial Institutes (Recession, Realign integrity values ..) , China, North Korea, Global Unity,..... etc.) - (Text version)

"The Timing of the Great Shift" – Mar 21, 2009 (Kryon channelled by Lee Carroll) - (Text version)

“ … Here is another one. A change in what Human nature will allow for government. "Careful, Kryon, don't talk about politics. You'll get in trouble." I won't get in trouble. I'm going to tell you to watch for leadership that cares about you. "You mean politics is going to change?" It already has. It's beginning. Watch for it. You're going to see a total phase-out of old energy dictatorships eventually. The potential is that you're going to see that before 2013.
They're going to fall over, you know, because the energy of the population will not sustain an old energy leader ..."

"Update on Current Events" – Jul 23, 2011 (Kryon channelled by Lee Carroll) - (Subjects: The Humanization of God, Gaia, Shift of Human Consciousness, 2012, Benevolent Design, Financial Institutes (Recession, System to Change ...), Water Cycle (Heat up, Mini Ice Ace, Oceans, Fish, Earthquakes ..), Nuclear Power Revealed, Geothermal Power, Hydro Power, Drinking Water from Seawater, No need for Oil as Much, Middle East in Peace, Persia/Iran Uprising, Muhammad, Israel, DNA, Two Dictators to fall soon, Africa, China, (Old) Souls, Species to go, Whales to Humans, Global Unity,..... etc.)

"The Recalibration of Awareness – Apr 20/21, 2012 (Kryon channeled by Lee Carroll) (Subjects: Old Energy, Recalibration Lectures, God / Creator, Religions/Spiritual systems (Catholic Church, Priests/Nun’s, Worship, John Paul Pope, Women in the Church otherwise church will go, Current Pope won’t do it), Middle East, Jews, Governments will change (Internet, Media, Democracies, Dictators, North Korea, Nations voted at once), Integrity (Businesses, Tobacco Companies, Bankers/ Financial Institutes, Pharmaceutical company to collapse), Illuminati (Started in Greece, with Shipping, Financial markets, Stock markets, Pharmaceutical money (fund to build Africa, to develop)), Shift of Human Consciousness, (Old) Souls, Women, Masters to/already come back, Global Unity.... etc.) - (Text version)

“… The Shift in Human Nature

You're starting to see integrity change. Awareness recalibrates integrity, and the Human Being who would sit there and take advantage of another Human Being in an old energy would never do it in a new energy. The reason? It will become intuitive, so this is a shift in Human Nature as well, for in the past you have assumed that people take advantage of people first and integrity comes later. That's just ordinary Human nature.

In the past, Human nature expressed within governments worked like this: If you were stronger than the other one, you simply conquered them. If you were strong, it was an invitation to conquer. If you were weak, it was an invitation to be conquered. No one even thought about it. It was the way of things. The bigger you could have your armies, the better they would do when you sent them out to conquer. That's not how you think today. Did you notice?

Any country that thinks this way today will not survive, for humanity has discovered that the world goes far better by putting things together instead of tearing them apart. The new energy puts the weak and strong together in ways that make sense and that have integrity. Take a look at what happened to some of the businesses in this great land (USA). Up to 30 years ago, when you started realizing some of them didn't have integrity, you eliminated them. What happened to the tobacco companies when you realized they were knowingly addicting your children? Today, they still sell their products to less-aware countries, but that will also change.

What did you do a few years ago when you realized that your bankers were actually selling you homes that they knew you couldn't pay for later? They were walking away, smiling greedily, not thinking about the heartbreak that was to follow when a life's dream would be lost. Dear American, you are in a recession. However, this is like when you prune a tree and cut back the branches. When the tree grows back, you've got control and the branches will grow bigger and stronger than they were before, without the greed factor. Then, if you don't like the way it grows back, you'll prune it again! I tell you this because awareness is now in control of big money. It's right before your eyes, what you're doing. But fear often rules. …”

Thursday, April 08, 2010

Bapepam Plans to Boost Oversight of Accounting at Listed Companies

Jakarta Globe, Yohanes Obor, April 08, 2010

In a bid to boost the integrity of the country’s markets, the Capital Market and Financial Institutions Supervisory Agency plans to create an inspection team to regulate the accountancy firms that audit the financial reports of listed companies.

“We’ll set up an oversight committee and also revise existing regulations on accounting practices,” said Anis Baridwan, head of surveillance for real sector firms at the market regulator, also known as Bapepam-LK. “With the inspection, we hope the quality and credibility of financial reports will improve and then increase investors’ confidence toward investing their funds in Indonesia.”

He said it was important to have inspections because some auditors had breached accounting standards, either intentionally or out of ignorance.

Anis said Bapepam-LK was ready to adjust its accounting rulings in line with the new standards, which will ensure that companies follow international best practices.

The central bank has insisted that banks begin adopting the new standards this year, with full implementation by 2012. Anis said the new oversight unit will monitor and inspect public accounting firms to ensure they implement the new standards properly.

Lily Widjaja, president director of PT Merrill Lynch Indonesia, said she welcomed Bapepam-LK’s plan, saying other countries have such oversight boards.

She noted that the United States has its Public Company Accounting Oversight Board and the United Kingdom has its Financial Reporting Council. Hong Kong and Australia also have oversight boards.

Laksmi Prasvita, marketing manager at French accounting firm Mazars Indonesia, said her firm also welcomed Bapepam’s initiative to create an independent oversight team, saying the quality of financial reports must be improved.

She said that unlike the United States and the United Kingdom, France has no independent oversight board, but since 1966 has insisted on joint auditing for listed companies.

“With joint audits, the competition between accounting firms in France becomes healthy and more attractive and it benefits companies because of the lower fees,” Laksmi said.

The so-called Big Four accounting firms dominate the auditing market for listed companies in Indonesia, as they do in many countries. They are Ernst & Young, PricewaterhouseCoopers, KPMG and Deloitte.

An independent research report in the United Kingdom, published by trade magazine Accountancy Age in February, found that smaller firms offer the best audit services in England, with the Big Four lagging far behind.

Mazars ranked first, with Horwath Clark Whitehill and Grant Thornton coming in second and third, respectively.

Anis said that as a member of the Group of 20, Indonesia has undertaken the financial sector assessment program, which looked into the observance of accountancy standards and codes to anticipate the future challenges that will be faced by public accountants and the capital market regulator.

Cempaka Business and Economy

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Thursday, April 08, 2010

Bapepam Plans to Boost Oversight of Accounting at Listed Companies

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