Audit & Accounting

Paul Pacter speaks up for IFRS

Accounting Today editor-in-chief Dan Hood is haunted by some scary Halloween spirits while previewing the October issue.

The Securities and Exchange Commission has charged Grant Thornton India LLP and Australia-based Grant Thornton Audit Pty Limited with auditor independence violations.

Mike Lynch, the founder of U.K. software company Autonomy, accused Hewlett-Packard Co. of damaging his career with false statements in the fallout from the two companies’ $10-billion merger that has been marred by a massive writedown and allegations of accounting fraud.

Toshiba Corp. said it has identified 30 more executives involved in an accounting scandal that has already led to resignations of three former presidents and reduced reported profit by about $1.3 billion.

The Public Company Accounting Oversight Board released a document Thursday describing its main objectives, focus and scope when inspecting audit firms this year.

Changing timeliness from a black mark to a hallmark

The Governmental Accounting Standards Board has issued a proposed Implementation Guide containing questions and answers aimed at clarifying, explaining and elaborating on recent GASB standards.

The Securities and Exchange Commission has charged five Florida residents—including an accountant and two lawyers—with insider trading ahead of the acquisition of Pharmasset by Gilead Sciences.

The Financial Accounting Standards Board has issued a proposed accounting standards update to improve the guidance on collectibility, noncash consideration, and completed contracts at transition in the new revenue recognition standard.