Audit & Accounting

Switching to International Financial Reporting Standards could prove to be a costly move for many companies’ IT departments, according to a new report by Ernst & Young.

The push for a “lowest common denominator” set of international accounting standards, along with the failure of Sarbanes-Oxley reforms to curb last year’s financial meltdown, are among the factors contributing to the ongoing global recession, experts in corporate governance told Congress.

IMGCAP(1)]It is widely believed that the U.S. financial system needs asystemic risk regulator to help prevent future financial crises. Thedebate is centered not on whether we should have such a regulator, butwhich agency should be anointed and what powers it should have.

BDO Seidman said its revenue for the fiscal year ended June 30 fell 5.9 percent to $620 million from last year’s revenue of $659 million.

The U.S. Small Business Administration needs to take additional steps to reform its disaster loan program and improve the application process, recommends a new report.

House Committee on Small Business chairwoman Nydia Velázquez, D-N.Y., has written to the chairmen of two other House committees asking for changes in health care reform legislation to reduce the burden on small businesses.

The Public Company Accounting Oversight Board has voted to adopt a new auditing standard on engagement quality review and to issue a concept release on requiring the engagement partner to sign the audit report.

The Financial Crisis Advisory Group has published a report concluding that accounting standards are not to blame for the economic crisis.

IMGCAP(1)] As a new or young accountant there are a number of responsibilities and challenges on your plate.

Daniel L. Goelzer was named acting chairman of the Public Company Accounting Oversight Board and will take office August 1.