Audit & Accounting

The former CFO of the American Cancer Society has formed her own CPA firm.

The International Accounting Standards Board has published a new standard on classifying and measuring financial assets to determine whether an asset should be measured at amortized cost or fair value.

Grant Thornton’s national managing partner of professional standards, John Archambault, has been appointed to the Public Company Accounting Oversight Board’s Standing Advisory Group.

IMGCAP(1)]Opaque financial instruments that banks and insurance companies have created and misrepresented, and that were blamed for the current recession, seem to call for greater transparency. But what exactly is transparency? How is it done? Does it work?

A measure approved last week by the House Financial Services Committee to change Sarbanes-Oxley audit rules would lead to a higher incidence of fraud and an increase in the amount of fraud losses, said the Association of Certified Fraud Examiners.

A new audit practice alert from the International Auditing and Assurance Standards Board aims to help auditors plan more effective use of external confirmations.

The American Institute of CPAs and Financial Executives International have written to Congress to express their objections to proposed legislation that would displace the SEC from its role of overseeing the Financial Accounting Standards Board.

The International Accounting Standards Board has proposed new standards for measuring the impairment of financial instruments and assets using amortized cost, taking a different tack than the U.S. Financial Accounting Standards Board.

A malpractice lawsuit against Deloitte that was filed by Holtsville, N.Y.-based Symbol Technologies can proceed, an appeals court in New York has ruled.