Audit & Accounting

An accountant who helped Bernard Madoff fudge trading records to cover up fraudulent transactions in the biggest Ponzi scheme in U.S. history won’t be going to prison.

Over the years there has been no lack of TV series about the legal and medical professions, but for some reason the accounting profession has received relatively little attention. We think that should change and we have a few suggestions.

No doubt there are many fans of science fiction and fantasy among accountants, but what’s surprising is how many accountant characters there are in the genre.

The Financial Accounting Standards Board has voted to defer the effective date of the revenue recognition standard for one year.

The Public Company Accounting Oversight Board has sanctioned seven audit firms for violating independence requirements in connection with audits of brokers and dealers, and sanctioned engagement partners at two of the firms for causing the violations.

The Institute of Internal Auditors and the Auditing Roundtable, Inc. have signed a merger agreement after more than a year of negotiations.

Mary Schapiro, the former chair of the Securities and Exchange Commission has joined the governing board of the Center for Audit Quality.

The consulting and internal audit firm Protiviti has released its annual Internal Audit around the World outlook.

The American Institute of CPAs has posted new information on its Web site for auditors who are asking for further information from attorneys.

The Securities and Exchange Commission is increasingly relying on administrative hearings for its enforcement actions, according to a new report.