Audit & Accounting

Lee Klumpp of BDO USA discusses in this video some of FASB's proposed changes in not-for-profit accounting standards.

The Institute of Internal Auditors Research Foundation has issued a new report offering strategies for motivating internal audit staff, including dealing with generational differences.

The Financial Accounting Standards Board’s Emerging Issues Task Force has issued an accounting standards update to address the extinguishment of liabilities and recognition of breakage for prepaid stored-value products, such as gift cards, telephone cards and traveler’s checks.

The Financial Accounting Standards Board’s Emerging Issues Task Force has issued an accounting standards update on the effect of derivative contract novations on existing hedge accounting relationships.

A former accounting manager at air conditioning maker Carrier Corporation was sentenced to 12 months in prison for his role in an insider embezzlement scheme.

The Securities and Exchange Commission charged California’s largest agricultural water district Wednesday with misleading investors about its financial condition as it issued a $77 million bond offering, with one of its managers bragging about using “a little Enron accounting.”

John Raspante of NAPLIA explains in this video why failing to detect fraud is such a common claim in malpractice lawsuits against accountants and how to protect your firm against it.

The following is a short story I distribute to my beginning undergraduate accounting students and those graduate students who are finishing their master’s degrees. It is intended to stimulate their reading comprehension and ignite their critical thinking as to how numbers play such an important role in business as in life. It was influenced by a sermon a priest delivered many years ago at a service I once attended:

Mergers and deregistrations spark many moves.

The internal audit function is increasingly providing significant value, according to a new report by PricewaterhouseCoopers.