Audit & Accounting

PCAOB Expands Standing Advisory Group

Accounting firm Clifton Gunderson said Tuesday it is intensifying its efforts to persuade the Financial Accounting Foundation to set up an independent board to set accounting standards for privately held companies.

International Accounting Standards Board chairman Hans Hoogervorst said that regardless of which way the Securities and Exchange Commission decides to go on supporting International Financial Reporting Standards, the main thing that is needed from the U.S. right now is “clarity.”

Trilogy Software Inc. has completed its first-round equity offering of $3.3 million, which will be used to launch the company’s DoxCycle intelligent tax source document management software and to explore opportunities in the professional tax and accounting industry.

The American Institute of CPAs settled its copyright infringement lawsuit Tuesday with KAPLI Inc., a provider of review course materials, over the company’s alleged use of some of the questions and test items from the AICPA’s Uniform CPA Exam that had not previously been made public.

The International Accounting Standards Board and the International Federation of Accountants agreed Tuesday to strengthen their cooperation on developing accounting standards for both the private and public sectors.

The Public Company Accounting Oversight Board has entered into an agreement with the Financial Supervisory Commission of Taiwan to cooperate on oversight of auditors who practice in either the U.S. or Taiwan.

The Private Company Financial Reporting Committee held what is likely to be one of its final meetings last week as the PCFRC gets ready to disband.

The Financial Accounting Foundation’s board of trustees has appointed 13 new members to the Financial Accounting Standards Advisory Council and five new members to the Governmental Accounting Standards Advisory Council, effective January 1.

A bipartisan pair of influential senators introduced legislation Friday that would make disciplinary hearings against auditing firms public.