Latest news with #audit
Khaleej Times
10 hours ago
- Business
- Khaleej Times
BMS Auditing unveils new Dubai headquarters and launches global audit literacy campaign
BMS Auditing LLC, a leading audit and consulting firm headquartered in Dubai with fully owned offices across all six GCC countries, the UK, and the USA, has announced major strategic initiatives aimed at enhancing audit transparency and strengthening financial competence on a global scale. Recognised as one of only 25 ICV-certified audit bodies by the UAE Ministry of Industry & Advanced Technology and among the exclusive 20 firms approved by the UAE Central Bank for official audit reportage — BMS continues to set new benchmarks in the industry. The announcement was made during a high-profile press conference at the Crowne Plaza Hotel, Deira, where senior executives revealed the near-completion of BMS's new, state-of-the-art corporate headquarters in Dubai. Expected to be fully operational within a month, the office will feature cutting-edge infrastructure and connectivity, underlining the company's steadfast commitment to advancing audit literacy and corporate governance. "Our new Dubai hub, supported by a team of 400 professionals, marks a transformative step in advancing audit education across regions," said CA Shehinsha K P, CEO of BMS Auditing. "This is part of our broader campaign comprising seminars and interactive workshops across the GCC, UK, and USA to elevate corporate governance standards globally." He also unveiled an ambitious hiring plan, stating that the company is actively recruiting over 100 professionals to support growth across the GCC and Western markets. Selvan Dharmaraj, senior director, added: "Our ICV and Central Bank credentials empower our clients with competitive leverage, enabling them to secure high-value contracts and benefit from streamlined financial services." Panelists at the event highlighted BMS's regional agility and international reach: Paul Gillies, Partner (UK), emphasised the firm's East-West integration model, delivering cohesive services across jurisdictions. Badar Saif Al Kindi, Partner (Oman), spoke on 'context-sensitive delivery, rooted in local laws, cultural nuances, and diverse tax environments. Musthafa Pallikkalakath, global advisor, reaffirmed the firm's ethical foundation: 'Our strong ethical framework is the bedrock of client trust and long-term accountability.' During an engaging Q&A session, the panel fielded questions on compliance standards, the deployment of digital audit tools, seminar content, and strategies for expanding audit literacy among SMEs and corporations.
Malay Mail
2 days ago
- Malay Mail
Safety audit 15 deaths too late — Hafiz Hassan
JUNE 19 — The word audit comes from the Latin word 'audire' which means to hear. According to the American Society for Quality, an audit is an on-site verification activity, such as an inspection or examination, of a process or quality system to ensure compliance to requirements. An audit can apply to an entire company or may be specific to a function, process or production step. Some audits have special administrative purposes, such as auditing documents, risk or performance, or following up on completed corrective actions. Some audits are to comply with statutory requirements and therefore must be conducted in accordance with relevant legislation. Failure to comply with audit requirements and failure to take corrective actions following an audit can lead to penalties or legal action. Transport Minister Anthony Loke wants an audit of the bus firm whose bus carried 42 UPSI students from Jerteh, Terengganu, to the university's main campus in Tanjung Malim, Perak, on June 9 and collided into an MPV killing 15 of the students. — Bernama pic Where audits are non-statutory—that is, not required by legislation—they are conducted at the behest of directors, trustees or shareholders of companies or institutions. If you have your annual physical or medical check-up, then an audit is similar. A health check is advisable even if not mandatory. Now, Transport Minister Anthony Loke wants an audit of the bus firm whose bus carried 42 UPSI students from Jerteh, Terengganu, to the university's main campus in Tanjung Malim, Perak, on June 9 and collided into an MPV killing 15 of the students. Shouldn't the bus firm, the bus and the driver be audited before the tragic accident? It's never too late, but it's 15 deaths late. *This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.
Daily Mail
2 days ago
- Entertainment
- Daily Mail
Justin Bieber and Scooter Braun's feud over alleged unpaid MILLIONS takes dramatic new turn after falling out
Justin Bieber and his former manager are reportedly closing in on a deal to settle their years-long feud over millions Bieber allegedly owes. The 31-year-old pop superstar is said to be negotiating the terms of a settlement with Scooter Braun, TMZ reported on Tuesday. Bieber and Braun could have the details hashed out within a matter of weeks — and possibly even by next week — sources with 'direct knowledge' told the publication. The new development comes a month after the results of an independent audit were revealed, suggesting that Bieber owed his former manager several million dollars in unpaid commissions, though the singer's camp disputed those figures at the time. Representatives for Bieber and Braun haven't yet responded to request for comment. Last month, TMZ revealed the alleged results of an independent audit performed by PricewaterhouseCoopers (PwC) that was commissioned by Braun's entertainment company, Hybe America. The 31-year-old pop superstar is said to be negotiating the terms of a settlement with Scooter Braun (L), and sources told TMZ on Tuesday that it could be hashed out within weeks; pictured in January 2020 in LA The investigation, which last for six months, culminated in April with the determination that Bieber allegedly owed Braun $8,806,000. Although Bieber's team didn't publicly dispute the results of the PwC audit, they announced that they had conducted their own audit of his business dealings with Braun. However, they didn't share how its results compared to the independent audit. Despite the determination of Bieber's alleged debts from a third party, Braun was reportedly will to forgive the $8 million entirely. However, TMZ's sources claimed there were still two major stumbling blocks in the way of an agreement between the two. Anschutz Entertainment Group (AEG) had given Bieber an impressive $40 million advance for his Justice World Tour, which commenced in February 2022, after it was twice postponed — from 2020, and then 2021 — due to the coronavirus pandemic. After it finally got under way, Bieber ending up cancelling 14 concerts scheduled for June and July 2022 when he suffered temporary facial paralysis as a result of Ramsay Hunt syndrome. He resumed touring for a short stint from late April 2022 through early September 2022 in Europe, the Nordic countries and Brazil, before canceling the remainder of the tour. Bieber announced to fans that he was 'exhausted' and had to ' make [his] health the priority ' at the recommendation of his doctors. In response to the cancellation, AEG reportedly tried to claw back $24 million of Bieber's original advance, but Braun's company Hybe agreed to step in and front the money for the repayment. In response, Bieber was allegedly required to pay back Hybe in installments spread out over 10 years, but he allegedly stopped paying after just a single installment. Sources claimed that the advance repayment was a major sticking point for Braun, and they alleged that Bieber has finally agreed to repay the amount. According to them, after his wife Hailey Bieber's windfall profit from the sale of her cosmetics company Rhode, Justin was now willing to settle up. Ironically, Hailey's loved ones previously told that they feared that Justin would 'take advantage of her kindness' and use the payout to cover his debts. On social media, fans even urged the model to divorce her husband in hopes of protecting her new fortune. However, a prominent LA-based divorce attorney recently explained to how Justin could end up walking away with half of Hailey's Rhode money if they should divorce, as they reportedly never signed a prenuptial agreement. Another reported requirement from Braun is that Bieber pay back $11 million he allegedly owes from commissions that were never paid, which was outside the scope of the PwC audit. However, TMZ's sources say Braun is willing to settle the debt for 'pennies on the dollar,' which could be a major break for Bieber. TMZ previously reported that Bieber was 'broke' at the time that AEG came knocking for its $24 million repayment, leading Braun's company to cover the full amount while Bieber signed an agreement to repay Hybe over 10 years. But the payments reportedly ceased after just one installment, and sources close to Braun claimed to TMZ that the singer said he simply couldn't afford to keep paying. But sources close to Bieber alleged that he stopped paying because his business manager had dug through old transactions and determined that the singer had overpaid Hybe by $26 million. In response to that claim, Hybe reportedly performed an internal audit, which came to a drastically different conclusion: that Bieber owed $1 million even before his agreement to pay back the $24 million. Bieber's team disputed the internal audit over fears that it could have been influenced to come out in Hybe's favor, which led the company to commission the independent audit from PwC that determined Bieber owed even more money, to the tune of $8 million. Braun was once best known as the manager for major artists — including Justin, Ariana Grande (pictured) and Kanye West — before he announced last year that he was retiring from managing Braun was recently in the news after his years-long feud with Taylor Swift — which resulted from his purchase of her master recordings — reached a conclusion of sorts when the singer was finally able to buy back all of her early recordings for an unreported price. But Braun was recently swept into more drama involving the country singer–turned–pop star, as her former friend Blake Lively has subpoenaed him as part of her sexual harassment lawsuit against her It Ends With Us costar and director, Justin Baldoni. The subpoenas seek documents regarding the crisis PR manager Melissa Nathan — who was named in Lively's bombshell suit against Baldoni — as well as information on work she did for Baldoni. Braun was once best known as the manager for major artists — including Justin, Ariana Grande, Kanye West and more — before he announced last year that he would no longer be managing artists.
CBC
2 days ago
- Business
- CBC
Halifax auditor general says 'no way to know' if winter crews are doing good job
Halifax's auditor general says the city is not properly managing its winter operations, with no evidence to show how things are going. A report looking at the two winter seasons across 2022-23 and 2023-24 was released to Halifax's audit and finance committee Wednesday. "I don't understand how some basic questions either aren't being asked, or certainly aren't being answered," Andrew Atherton told reporters after the meeting. Municipal crews clear the downtown cores of Halifax and Dartmouth, while the city spent about $30 million annually for those budget years on private contractors that handle the rest of the region. The audit said public works staff could not say how much Halifax Regional Municipality spends on its in-house winter operations crews. Atherton said staff have told him it's difficult to keep track of internal spending because multiple departments are involved during winter storms. But he said it's important to track that money so council and staff can see trends over time, and compare what's spent in-house to what Halifax is paying its contractors. "What if council wants to have a discussion — 'Well, should this new subdivision be in-house, should it be contractor? Which one's the most effective? Do we have excess capacity with our in-house teams?' We have no idea. There's no way to know if we don't start to collect some more information on it," he said. "And it would make me very uncomfortable to be in that position as a manager." The audit showed staff did not monitor whether any crews were meeting the municipality's service standards. These standards outline when roads and sidewalks are expected to be clear, ranging from 12 to 36 hours depending on the type of street and how much snow has fallen. Although public works supervisors complete reports after every weather event, they are simply given a blank text box to fill out with no specific questions about how crews handled their duties. "Each time, the supervisor is saying, yeah, everything was done great and that's the … extent of the information," he said. The audit showed public works management said they can't measure whether the standards are being met because they don't have the "required technology." While Atherton said it would be ideal to have tracking technology in the future on plows, like the province uses, it is very possible now to take a sample of roads and sidewalks to check how quickly they were cleared across each storm. The audit also said that when residents call 311 to report property damage from any crews, Halifax doesn't track when or if the repairs are ever done. Atherton said staff have told him there are informal conversations with contractors on most of these topics, and it's very possible that all crews are doing a great job. But he said it's important to record everything so staff and councillors can see if there are patterns, like a certain neighbourhood being cleared late in every storm. The city has not penalized any companies for not fulfilling their contracts since 2019, and each year Halifax staff gave the private contractors positive evaluations. "I'm at a loss as to understand what information was used to do so," Atherton said. Councillors hope report brings change Coun. Shawn Cleary said he was expecting this outcome based on complaints from residents, especially about property damage not being promptly addressed. "It is damning, but it's also heartwarming in the sense that maybe we can actually change some things," he said during the meeting. "I hope the result of everything that you're suggesting here will wind up actually moving the needle forward so that we can ensure that we're getting the best value for our residents," said Coun. Jean St-Amand. Halifax staff have accepted all 13 recommendations from the audit. The audit and finance committee asked for a plan to address the recommendations within three months.
CTV News
2 days ago
- Business
- CTV News
HRM isn't effectively managing its winter operations: auditor general
A pedestrian makes their way through a winter storm as high winds and heavy snow blanket Halifax, Wednesday, Jan. 29, 2025. THE CANADIAN PRESS/Darren Calabrese The Halifax Regional Municipality is not managing the winter well, according to a Management of Winter Operations Audit. In a news release Wednesday, HRM's auditor general said Public Works relies on informal monitoring in its assessment of municipal performance. 'Without adequate monitoring it is impossible to know what value HRM is getting for its winter service delivery,' said Andrew Atherton. The audit found snow-clearing contract terms were acceptable, but without accurate monitoring, management cannot assess compliance, said the release. It found public complaints about snow-clearing were closed without analyzing performance trends. The audit showed management does not know the cost of winter operations since some of them are 'captured' in other HRM business units. 'Not knowing the total costs may limit HRM's ability to make appropriate resource allocation decisions,' Atherton said. The report included recommendations to improve seasonal planning, hazard assessment and training, so the city can identify and manage snow-clearing risks. HRM management has agreed to implement the 13 recommendations in the report, said the release. For more Nova Scotia news, visit our dedicated provincial page
