Audit & Accounting

Rep. John Hall, D-N.Y., has proposed a new bill that would allow the Small Business Administration to offer its own loans to small businesses and increase tax deductions for small businesses.

The trustees of the International Accounting Standards Committee Foundation, which oversees the International Accounting Standards Board, have announced a series of changes to their constitution, including an emphasis on adoption of International Financial Reporting Standards over convergence.

SEC APPROVES ENGAGEMENT REVIEW STANDARD

More than half the respondents in a recent survey said they are confident their board would be prepared to disclose how it oversees risk in order to address the SEC’s new disclosure requirements.

At least a dozen major nations – including several of the USA’s top international trading partners – are continuing to slam the door on efforts by the Public Company Accounting Oversight Board to conduct cross-border inspections of non-U.S. audit firms as required by the Sarbanes-Oxley Act.

President Barack Obama has called for expanding the size of loans made through the Small Business Administration’s SBA Express program from $350,000 to $1 million.

iia, auditors, sec, proxy, disclosure

The Financial Accounting Foundation has a new responsibility: ongoing maintenance of the U.S. GAAP Financial Reporting Taxonomy in the new data-tagging format mandated by the SEC.

The National Notary Association has published a much-anticipated revision of its Model Notary Act with fraud deterrence, identity theft, and electronic document protection rules, to improve the standards of care for notaries.

Fraudulent acts by employees and outsiders have risen since the beginning of the recession, and internal auditors predict the trend will continue through the rest of the year, according to a new poll of nearly 300 chief audit executives by the Institute of Internal Auditors.