Audit & Accounting

IRS criminal investigation chief announces retirement; Connecticut Society of CPAs and FEI install new boards of directors; and more CPA news.

The American Institute of CPAs’ Auditing Standards Board has released a new standard for audit evidence for private companies, updating the existing standards in recognition of the increasing role that technology plays in audit procedures.

The Financial Accounting Standards Board released a proposed accounting standards update to help insurance companies adversely affected by the COVID-19 pandemic by giving them an extra year to implement the long-duration insurance accounting standard.

The Association of Chartered Certified Accountants and the PrimeGlobal association of accounting firms have signed an agreement to work together on several projects.

The Institute of Internal Auditors and the International Federation of Accountants are calling on audit committees to be vigilant about risk management, performance, controls and processes during the COVID-19 pandemic.

The Financial Reporting Council fined Grant Thornton UK LLP and sanctioned two of the auditor’s former executives for failing to maintain ethical standards, in the latest critique by regulators of accounting firms’ shortcomings.

Prices have risen significantly in the past two years, preparers report.

Deloitte is helping its corporate clients get ready to prepare their quarterly financial statements in the midst of the novel coronavirus pandemic, as its own employees grow more accustomed to doing remote audits while working from home.

Your clients don’t want to have to pick up the phone and wait four days for an answer.

KPMG appointed new leaders in the U.S. of its audit, tax and advisory businesses as the Big Four firm tries to regain trust after a bruising series of scandals.