Audit & Accounting

Koss released restated earnings for 2008 and 2009 after the headphone manufacturer’s vice president of finance was found to have embezzled about $31.5 million.

Even though the Public Company Accounting Oversight Board technically lost a Supreme Court ruling Monday, the board is likely to emerge stronger now that the element of uncertainty has been removed.

The Financial Accounting Standards Board and the International Accounting Standards Board have issued exposure drafts proposing changes in the standards for fair value measurement and disclosure in U.S. GAAP and International Financial Reporting Standards.

The Governmental Accounting Standards Board has updated its standards for the reporting of certain financial instruments and external investment pools by government entities.

The Private Company Financial Reporting Committee met last week to discuss some of the standards that the Financial Accounting Standards Board has been proposing and postponing.

The Supreme Court ruled against the Public Company Accounting Oversight Board in a 5-4 decision, finding that the way board members are removed by the SEC is unconstitutional.

The International Federation of Accountants has written an open letter to the G-20 nations in advance of this weekend’s summit in Toronto calling on governments to fix public sector accounting.

The Institute of Internal Auditors has released new guidance to help internal auditors assess the risks related to spreadsheets, databases and information systems in their organizations.

The median fraud loss for U.S. organizations is $105,000, according to a new study, with billing and corruption schemes the most common types of fraud reported.

The Financial Accounting Standards Board and the International Accounting Standards Board have jointly published a draft standard to improve and align the financial reporting of revenue from contracts with customers and the related costs.