Today’s financial press is dominated by the historical decision of the European Commission, according to which 10 candidate countries – including Cyprus - are expected to join EU by 2004.
Although temperate in their reactions, the country’s leaders welcomed this historical fact.
In addition, the issue that dominates economic insets today is the corporate scandal in the US which invollves a Cypriot registered company audited by BDO Cyprus,brought into light by Stockwatch yesterday.
The “Economy” inset of newspaper “Simerini” under the title “Fraud in New York” mentions that the Cypriot audit firm BDO Cyprus has been brought to American justice due to its involvement in corporate scandals where its client, ACLN, boosted its accounts in the years from 1998-2000.
The President of the Association of Cyprus Accountants, Doros Filippou, has stated that the issue demands automatic investigation and that “being aware of what is going on, this fact could have happened to any audit firm”.
Elsewhere, the newspaper mentions that the Minister of Finance declines all responsibility over the debt of the Social Security Fund.
The “Economic” inset of newspaper “Alithia” refers to BDO Cyprus and the accusations on behalf of the American SEC for not maintaining the basic audit procedures in the audit of ACLN’s financial statements. ACLN's directors took advantage of the boosted results to sell stocks $80 million during its presence at the New York Stock Exchange.
According to the report, a BDO official refused to make any comments. However, the reports supports that BDO has agreed with SEC to return the amount of $62.196 received as audit fees. It also highlights that SEC expresses its gratitude to BDO Cyprus for its cooperation.
Elsewhere, the newspaper mentions that the abolition of the 3% charge for CTO will be discussed at the end of the month.
The “Economy” inset of newspaper “Phileleftheros” under the title “Solvency ratio improved” quotes that according to Institutional Investor, the solvency ratio of Cyprus economy has improved by 3.3 points on six-month basis and 3.9 points on annual basis ranking Cyprus 35th out of 151 countries.
Although temperate in their reactions, the country’s leaders welcomed this historical fact.
In addition, the issue that dominates economic insets today is the corporate scandal in the US which invollves a Cypriot registered company audited by BDO Cyprus,brought into light by Stockwatch yesterday.
The “Economy” inset of newspaper “Simerini” under the title “Fraud in New York” mentions that the Cypriot audit firm BDO Cyprus has been brought to American justice due to its involvement in corporate scandals where its client, ACLN, boosted its accounts in the years from 1998-2000.
The President of the Association of Cyprus Accountants, Doros Filippou, has stated that the issue demands automatic investigation and that “being aware of what is going on, this fact could have happened to any audit firm”.
Elsewhere, the newspaper mentions that the Minister of Finance declines all responsibility over the debt of the Social Security Fund.
The “Economic” inset of newspaper “Alithia” refers to BDO Cyprus and the accusations on behalf of the American SEC for not maintaining the basic audit procedures in the audit of ACLN’s financial statements. ACLN's directors took advantage of the boosted results to sell stocks $80 million during its presence at the New York Stock Exchange.
According to the report, a BDO official refused to make any comments. However, the reports supports that BDO has agreed with SEC to return the amount of $62.196 received as audit fees. It also highlights that SEC expresses its gratitude to BDO Cyprus for its cooperation.
Elsewhere, the newspaper mentions that the abolition of the 3% charge for CTO will be discussed at the end of the month.
The “Economy” inset of newspaper “Phileleftheros” under the title “Solvency ratio improved” quotes that according to Institutional Investor, the solvency ratio of Cyprus economy has improved by 3.3 points on six-month basis and 3.9 points on annual basis ranking Cyprus 35th out of 151 countries.
3287.99
1275.09
