News in brief

Protecting the term 'accountant'?

The Consultative Committee of Accountancy Bodies (CCAB) is involved in a survey that is considering whether the term 'accountant' should be a protected profession, backed by legal recognition. The CCAB – made up of ACCA and the five other UK accountancy institutes – believes the move would protect clients from people calling themselves accountants who have weak or no qualifications. ACCA members strongly backed action and across the CCAB membership, 93% supported legal protection.

BHP drills for Olympic glory

Resource-hungry China is the biggest market for Australian-based BHP Billiton, the world's second largest mining company. In August, the company will be giving something back, providing the gold, bronze, and silver medals for the 2008 Olympic Games and Paralympics in Beijing. CEO Chip Goodyear said the games presented BHP Billiton with many opportunities, 'including the chance to showcase our position as the world’s largest diversified minerals company, our continued support for China's long-term development, and its emerging role in the international community.'

SFC tightens up

Hong Kong Securities & Futures Commission (SFC) is reviewing its regulations and processes to reduce red tape and bureaucracy, its chairman Eddy Fong claims. Fong said Hong Kong must remain vigilant to identify areas where it is not competitive. As such, the commission will deregulate rules, processes, or regulations which create structural barriers to efficiency and competition. He added it is also necessary for the commission to tighten regulation to close any loopholes resulting from the changing environment. He called on directors to instil a culture of discipline and integrity in their organisations to contribute to the continued success of Hong Kong’s financial markets.

E&Y appointed for Shanghai Expo

Ernst & Young Hua Ming, part of the China practice of Ernst & Young, has been appointed as financial advisor for the World Expo 2010 in Shanghai. 'It will be a prodigious event of major global significance,' said Zhong Yanqun, executive deputy director of the World Expo Executive Committee and party secretary of the Bureau of Shanghai World Expo. On choosing Ernst & Young, Zhong said it was important for the organisers to seek the latest methodology and tools available internationally and domestically for the Expo’s financial management in order to mitigate financial risks, control costs, and to ensure processes are compatible with international best practices.

Women 'put off audit roles in banks'

City internal audit roles in the UK are overwhelmingly going to men, according to a survey conducted by specialist recruitment agency Longbridge - which suggests that women are put off by the 'City boy' culture of banks and the 5% lower average pay women auditors get than their male peers. Only one in four City auditors is a woman, the survey found. The average male salary for City junior auditors is just over £50,000, while that for women is 9% less at £45,509.

Storm in a teacake

UK retailer, Marks & Spencer (M&S) may be able to recover the VAT element of its teacakes, following a European Court of Justice ruling. M&S is now potentially entitled to a refund of £3.5m from the UK's HM Revenue & Customs (HMRC), which had wrongly instructed M&S to levy VAT on the products. HMRC accepts that it made a mistake in ordering the teacakes to be treated as biscuits, which are standard rated, rather than as cakes, which are zero rated. HMRC is now arguing that repayment is unnecessary because it would 'unjustly enrich' the company, as the refund would not be passed on to customers.