Audit & Accounting

Akebono Brake Industry Co. has become the latest addition to a series of corporate scandals in Japan, cutting earnings forecasts and executive pay after confirming problematic accounting of sales to distributors.

Robert Stewart, senior vice president of public affairs at the Financial Accounting Foundation, died unexpectedly early last Saturday in his sleep at the age of 62.

The American Institute of CPAs’ Accounting and Review Services Committee has issued three proposed Statements on Standards for Accounting and Review Services, or SSARS, related to prospective and pro forma financial information.

The U.K. accounting regulator should re-examine its decision not to investigate the auditing of now-defunct HBOS Plc by KPMG if it wants to restore public confidence in the audit process, according to U.K. lawmaker and Treasury Committee Chair Andrew Tyrie.

Bloomberg BNA has released two new reports on the Financial Accounting Standards Board’s and the International Accounting Standards Board’s revenue recognition standard.

The Governmental Accounting Standards Board has issued new guidance on its pension accounting standards to help state and local governments that participate in some private or federally sponsored multiple-employer defined benefit pension plans, such as Taft-Hartley plans and plans with similar characteristics.

The Public Company Accounting Oversight Board has scheduled a meeting for next Tuesday to vote on new rules that would require auditing firms to disclose the name of the engagement partner and other accounting firms that participated in an audit.

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.