Audit & Accounting

The Tennessee State Board of Accountancy has adopted a resolution officially recognizing the American Institute of CPAs’ recently issued Financial Reporting Framework for Small and Medium-sized Entities, apparently the first state board to do so.

The Public Company Accounting Oversight Board posted an updated list of firms Monday that have registered with the PCAOB, but have not yet been inspected, even though four or more years have passed since they issued an audit report while registered.

The International Accounting Standards Board has published for public comment a discussion paper exploring possible changes to the IASB’s Conceptual Framework for Financial Reporting.

The United Kingdom’s Competition Commission has issued a provisional decision recommending that companies put their auditing work out for bid every five years to promote competition in the audit profession.

Internal auditors around the world are bearing the brunt of a quickly changing regulatory landscape, especially in financial services, according to a new survey by Thomson Reuters.

ALABAMA

The Institute of Internal Auditors wrapped up its annual conference in Orlando this week, featuring prominent keynote speakers including former Secretary of State Madeleine Albright and best-selling business writer Tom Peters.

The proposed changes in lease accounting standards described in the recent exposure draft from the Financial Accounting Standards Board and the International Accounting Standards Board will significantly alter financial reporting standards for both lessors and lessees, according to Fitch Ratings.

The Public Company Accounting Oversight Board is taking a close look at the nearly 1,000 accounting firms that have registered with the PCAOB even though they do not audit public companies and may decide to drop many of them.

The International Federation of Accountants and the Institute of Internal Auditors said Wednesday they have signed a memorandum of understanding to create a formal basis for the advancement of risk management and internal controls toward a common goal of enhanced governance.