Audit & Accounting

Half the companies in a recent survey are still using some type of manual system to process their expense reports, according to a new survey.

The Securities and Exchange Commission suspended five accountants and two audit firms Thursday from practicing or appearing before the SEC after they violated rules designed to preserve the integrity of the financial reporting system.

BDO said Thursday that worldwide revenue for all BDO network’s member firms (including members of BDO firm alliances) totaled $7.3 billion for the fiscal year ended Sept. 30, 2015, a 12.95 percent increase year over year, at constant exchange rates.

Financial reporting is increasingly complex, and many companies find it challenging to comply with the disclosure requirements of the standards while providing readers with information that is meaningful and understandable.

The Public Company Accounting and Oversight Board is continuing to encounter resistance from Chinese authorities in its efforts to gain access to inspecting audit firms in China.

Securities and Exchange Commission chair Mary Jo White said the SEC is considering a recommendation from SEC chief accountant James Schnurr that would allow for the supplemental use of International Financial Reporting Standards by U.S. companies in addition to their U.S. GAAP financials.

The International Public Sector Accounting Standards Board has established a consultative group that will offer advice to the board on setting financial reporting standards for government entities.

The Financial Accounting Foundation, the parent organization of the Financial Accounting Standards Board, the Governmental Accounting Standards Board and the Private Company Council, has elected Charles H. Noski as its new chairman, succeeding Jeffrey J. Diermeier, whose term ends on December 31.

The Private Company Council is calling for the removal of the effective dates of four accounting standards updates.

Japan’s Securities and Exchange Surveillance Commission recommended fining Toshiba Corp. about 7.37 billion yen ($60 million) for falsifying earnings, the largest financial penalty ever sought by the watchdog.