Audit & Accounting

XBRL US and the Financial Accounting Foundation have inked a three-year agreement to conduct joint research on further developing interactive data tags for financial statements.

The Center for Audit Quality, the CFA Institute, and the Council of Institutional Investors have written to leaders of the Senate Banking Committee asking them not to exempt smaller public companies from Sarbanes-Oxley internal controls audit requirements in the financial regulatory reform legislation.

New research has raised doubts about the ability of auditors to ferret out earnings management.

The Institute of Internal Auditors’ Internal Audit Standards Board has proposed several changes to the standards for internal auditors, including what should happen when giving an opinion on an audit, and the role of outsourced service providers.

The American Institute of CPAs is keeping a close watch on financial reform legislation as the Senate is expected to begin debate on the bill within the next week.

Americans seem to hold a generally favorable view of accountants, according to a new survey.

SEC APPROVES PCAOB FOREIGN INSPECTION DELAY

Our most recent column ("To the SEC: Forget the timetable and stop the runaway train," March 15-April 18) reported that the Financial Accounting Standards Board and the International Accounting Standards Board are racing to complete a long list of major projects. We warned that this dash will produce less than the best standards, and promised to describe some specifics, leases in particular.

Washington, D.C.-A series of freshly reconstituted riskassessment audit standards proposed by the Public Company Accounting Oversight Board have come under fire from the Government Accountability Office.

Chief audit executives and internal audit directors and managers are noticing improvements in staffing and budgets this year after a brutal 2009, according to a new survey.