Audit & Accounting

The Securities and Exchange Commission has imposed sanctions against Baker Tilly Hong Kong Limited and two of its accountants for failing to properly audit year-end financial statements of a company that the SEC has charged with fraud.

The shakeup at the top of American Realty Capital Properties Inc. has left a void in leadership as the landlord tries to recover from accounting errors, leaving investors with more questions about the company’s future.

With the holidays upon us, many firms and businesses are feeling charitable and giving what they can in the spirit of the season. One such organization, Legacy Professionals LLP, has implemented "Wear-It-Wednesdays" this year, in which staff can pay $5 each to wear jeans to the office, with collected donations put into the “Employees of Legacy Making a Difference Fund.” The money is then put towards local organizations nominated by Legacy's staff.

U.S. regulators and Chinese affiliates of the four largest accounting firms said they can probably reach an agreement within a few months to end a standoff over access to audit documents belonging to the firms’ clients.

Members of the Institute of Financial Accountants in the United Kingdom have voted to amalgamate with Australia’s Institute of Public Accountants to form one of the largest international organizations of accountants who focus on small and midsize enterprises and accounting practices.

Global Upside released their holiday card this past week, featuring worldwide staff of the global services company taking part in the holiday favorite, "Let It Snow."

On Monday, the American Women's Society of Certified Public Accountants (AWSCPA) of Georgia announced their Legacies, Leaders & Luminaries Celebration Dinner to be held on January 8, 2015 at the National Center for Civil & Human Rights. The AWSCPA will honor Johnnie L. Clark, CPA, MBA, Ph.D. and other rising stars in the profession.

The AICPA issued a concept paper on Monday concerning the future of peer review, seeking input on the CPA profession’s practice monitoring of the future. The paper, “Evolving the CPA Profession’s Peer Review Program for the Future,” explains how the current peer review program for firms’ accounting and auditing engagements could be changed into a technology-driven, quasi-real time practice monitoring process.

The American Institute of CPAs is looking for advice on ways to revamp its peer review program for the future to leverage technology to do continuous monitoring of how CPA firms perform audit and accounting work.

Firm awards, relocation and more…