Audit & Accounting

The Securities and Exchange Commission has proposed new rules aimed at safeguarding investors from identity theft by requiring broker-dealers, mutual funds and other SEC-regulated entities create programs to detect and respond to “red flags” indicating possible identity theft.

The Public Company Accounting Oversight Board voted Tuesday to issue for public comment a proposed auditing standard on related-party transactions, and to amend standards on significant unusual transactions and auditors of broker-dealers.

The Big Four global audit firms, which dominate the Chinese market, are negotiating with Beijing to lessen the impact of forced changes that could mean only accountants with Chinese qualifications can be partners in their audit practices.

The International Valuation Standards Council has begun a project with the goal of bringing greater consistency to how financial derivatives should be valued, even as the International Accounting Standards Board and the Financial Accounting Standards Board continue to tinker with their financial instruments accounting standards project.

The Public Company Accounting Oversight Board plans to hold an open meeting on Tuesday to consider issuing a proposed auditing standard on related parties and to amend other auditing standards to address significant unusual transactions and broker-dealer auditors.

Firm News -- February 24

What is the meaning of art? The IRS may have the answer.

A senior U.S. regulator was "optimistic" on Monday about finding a framework for the world's top economy to use global book keeping rules for investors to compare cross-border companies.

The Financial Accounting Standards Board and the International Accounting Standards Board are planning to host a series of outreach meetings around the world on their latest proposals for changes in the standards for revenue recognition.

The Public Company Accounting Oversight Board has revoked the registration for a firm for failing to file an annual report or pay its annual fee for 2011 and ordered the firm to pay a $5,000 penalty.