Audit & Accounting

Governance, risk and compliance software developer MEGA has combined the internal audit management functions of its MEGA Suite with industry best practices in a pre-packaged offering.

Public Company Accounting Oversight Board chairman James Doty said Monday the board plans to issue a proposed standard on changes in the auditor’s reporting model in the third quarter, with other standards making progress this year as well.

Accounting firm Mayer Hoffman McCann has agreed to pay a $300,000 penalty to the California Board of Accountancy, plus investigation costs of up to $50,000, and be subject to two years’ probation, for its audits of the California city of Bell, where a number of officials have been accused of fraud and public corruption.

International Accounting Standards Board chairman Hans Hoogervorst said the IASB and the U.S. Financial Accounting Standards Board are making progress on an expected loss model for banking assets that will provide a more forward-looking model than the incurred loss model.

Deloitte has begun adjusting salaries to offset the income taxes paid by Deloitte professionals who provide coverage to their domestic partners—both same sex and opposite sex—on their medical or dental plans, effective June 3.

Final statements and certain other pronouncements issued by the Governmental Accounting Standards Board will now be available for downloading at no cost on the GASB Web site.

The Financial Accounting Foundation has issued a request for nominations for candidates to serve on its newly created Private Company Council.

Check out the digital edition of the June 2012 issue of Accounting Today.

The relatively new knowledge-based audit offers benefits in streamlining, efficiency and accuracy to firms of all sizes.

Do you have the right players? Are they willing to play as a team? These are questions that successful coaches must answer.