Codestone

Category: Accounting software

The numerous benefits of accounting software could include its ability to raise levels of reliability and accuracy, potentially leading to the eradication of costly errors.

One such mistake has hit the headlines today (January 6th), as auditing company PricewaterhouseCoopers has been fined £1.4 million.

It was found to have spent the last seven years wrongly informing industry regulators that its client money was being kept safe by JPMorgan Securities.

The Accountancy and Actuarial Discipline Board revealed the firm has admitted it did not take appropriate action to ensure JPMorgan had complied with the strict regulations that govern this part of the sector.

"When this issue was identified, and before any complaint had arisen, we took action to ensure that staff received additional training in the client monies area," PricewaterhouseCoopers stated.

The use of accounting software could help businesses meet regulations and achieve high standards.

Another firm that may have failed to meet accounting standards is Diamond Foods, which is being investigated over payments it made to walnut growers, Bloomberg Business Week recently reported.

Posted by Victoria Browne