Audit & Accounting

The Center for Audit Quality capped a 10-city tour focusing on the modernization of financial information with a stop in the nation’s capital.

The Securities and Exchange Commission has settled accounting fraud charges with ProQuest, a company that produces databases of archived information, and its former CFO.

The Social Security Administration unveiled a new online calculator to help people plan for their retirement.

Inflation at its highest levels in 27 years, screams one headline. Manufacturers pass price increases along to consumers, screams another. “Consumers make changes – but will they last?” asks another recent headline.

Ernst & Young renewed a multi-year licensing agreement with software developer Approva to offer risk controls analytics to clients.

The trustees of the International Accounting Standards Committee have proposed changes in the International Accounting Standards Board that would expand the number of members, alter its geographic composition, and impose new oversight from government regulators.

More than 28 percent of large public companies are not fully meeting disclosure requirements for tax reserve estimates, according to a new report.

The Governmental Accounting Standards Board issued for comment a proposed technical bulletin to help government accountants determine the annual required contribution for post-employment benefits.

While in India with an accountant and his client, I observed a classic “trusted advisor” moment. The client is the chief executive of one of the largest family-owned businesses in India. As an aside during our meeting, the CEO mentioned to his accountant that he would be going to Tokyo on a Thursday for some negotiations with the company’s most important potential business partner. The CEO would then be returning on Friday morning, little more than 24 hours after his arrival. The accountant listened carefully to the plan and said simply: “No. You will not come home Friday. You will instead spend the weekend in Tokyo with the executives of the other business.”Without hesitation, the CEO lifted his cell phone and said to his secretary: “Please change my return flight to Monday morning.”

Grant Thornton took first place in Public Accounting Report's second-quarter audit rankings, the first time one of the Big Four audit firms didn't get the top spot for the quarterly rankings.