The nation's certified public accountants and underwriters are now held legally accountable for ensuring the accuracy of listed companies' financial reports they have certified following the emergence of several corporate scandals since late June, 2004.
"In order to maintain order in the market, all accountants will be held responsible for their duties in conducting checks into the finances of listed companies," Financial Supervisory Commission vice chairman Lu Daung-yen (
PHOTO: TAIPEI TIMES FILE PHOTO
To safeguard investors' rights, the commission imposed penalties on a total of 15 certified public accountants for their professional negligence in certifying financial documents of such companies as Procomp Informatics Co (
The 15 accountants, who are mostly from well-known accounting firms including KPMG Certified Public Accountants, Deloitte Touche Tohmatsu and the Lan Jai Certified Public Accountants, were given punishments ranging from verbal warnings to a two-year suspension.
Among them, KPMG's Tsai Tien-yuan (
For violating Article 39 of the Securities and Exchange Law (
Despite complaints from accountants, the private sector lauded the financial regulator's move to put the onus on accountants, who will now have to take a more prudent attitude in reviewing listed companies' finances, including asset quality, cash flow and business performance.
"If financial reports certified by accountants aren't trustworthy, the nation's capital markets could collapse," said Liu Jen (
Aftershocks from a magnitude 6.2 earthquake that struck off Yilan County at 3:45pm yesterday could reach a magnitude of 5 to 5.5, the Central Weather Administration (CWA) said. Seismological Center technical officer Chiu Chun-ta (邱俊達) told a news conference that the epicenter of the temblor was more than 100km from Taiwan. Although predicted to measure between magnitude 5 and 5.5, the aftershocks would reach an intensity of 1 on Taiwan’s 7-tier scale, which gauges the actual effect of an earthquake, he said. The earthquake lasted longer in Taipei because the city is in a basin, he said. The quake’s epicenter was about 128.9km east-southeast
The Taipei Summer Festival is to begin tomorrow at Dadaocheng Wharf (大稻埕), featuring four themed firework shows and five live music performances throughout the month, the Taipei Department of Information and Tourism said today. The festival in the city’s Datong District (大同) is to run until Aug. 30, holding firework displays on Wednesdays and the final Saturday of the event. The first show is scheduled for tomorrow, followed by Aug. 13, 20 and 30. To celebrate the 30th anniversary of Disney Pixar's movie Toy Story, the festival has partnered with Walt Disney Co (Taiwan) to host a special themed area on
BE CAREFUL: The virus rarely causes severe illness or death, but newborns, older people and those with medical conditions are at risk of more severe illness As more than 7,000 cases of chikungunya fever have been reported in China’s Guangdong Province this year, including 2,892 new cases last week, the Centers for Disease Control (CDC) yesterday said it is monitoring the situation and considering raising the travel notice level, which might be announced today. The CDC issued a level 1 travel notice, or “watch,” for Guangdong Province on July 22, citing an outbreak in Foshan, a manufacturing hub in the south of the province, that was reported early last month. Between July 27 and Saturday, the province reported 2,892 new cases of chikungunya, reaching a total of 7,716
The New Taipei City Government today warned about the often-overlooked dangers of playing in water, and recommended safe swimming destinations to cool off from the summer heat. The following locations in the city as safe and fun for those looking to enjoy the water: Chienshuiwan (淺水灣), Baishawan (白沙灣), Jhongjiao Bay (中角灣), Fulong Beach Resort (福隆海水浴場) and Sansia District’s (三峽) Dabao River (大豹溪), New Taipei City Tourism and Travel Department Director-General Yang Tsung-min (楊宗珉) said. Outdoor bodies of water have variables outside of human control, such as changing currents, differing elevations and environmental hazards, all of which can lead to accidents, Yang said. Sudden
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