Audit & Accounting

The Public Company Accounting Oversight Board could begin requiring public companies to rotate their auditing firms on a regular basis to reduce conflicts of interest.

The Financial Accounting Standards Board has begun a new educational webcast series that will provide continuing professional education credit to those who participate in the live broadcasts

The U.S. Small Business Administration has introduced a smart phone app to help people who are interested in starting or growing a small business.

AICPA SPOTLIGHTS LATEST M&A GUIDANCE

Norwalk, Conn.

Despite tens of billions of dollars in abandoned property that has been reported to states, businesses and, yes, CPAs continue to struggle with the many complexities related to unclaimed property. Believe it or not, it is estimated that less than 25 percent of companies in the United States are in full compliance with UP reporting laws.

We were taken aback by an op-ed written by Bob Kueppers and D.J. Gannon that appeared in the April 2011 issue of Accounting Today ("The Journey to convergence," page 12). We're surprised they continue to tout vague generalities about the benefits of international standards and hopelessly cling to optimistic (but naive) interpretations of the Securities and Exchange Commission's announcements. They refer to the commission's "Work Plan" as supporting convergence, when it actually lays out impossible goals for proving that the costs of achieving convergence are less than the benefits.

POTENTIAL CHANGES

The California Board of Accountancy’s Accounting Education Committee and Ethics Curriculum Committee plan to hold a joint meeting to unveil their proposals for the 30 additional hours of education necessary for CPA licensure in California, beginning Jan. 1, 2014.

Thomson Reuters has launched ONESOURCE Audit Manager, an online global application that helps companies address the rising number of tax audits and documentation requirements.