Audit & Accounting

The Securities and Exchange Commission, which polices public companies’ financial reports, lacks internal controls over its own accounting, a government watchdog said Thursday.

Thomson Reuters has introduced PPC’s Guide to SSARS Preparation Engagements to explain the new financial statement preparation service introduced by the American Institute of CPAs’ Accounting and Review Services Committee.

PricewaterhouseCoopers’ latest Trendsetter Barometer—a quarterly survey of top executive officers at privately held U.S. businesses—has something positive in it for everyone, according to Ken Esch, the PwC Private Company Services partner who conducted the survey.

Check out the digital edition of the May 2015 issue of Accounting Today.

The lease accounting industry desperately needs disruption

Many large privately held companies are more profitable and are growing revenues faster than publicly traded companies in the U.S., according to new data.

The Securities and Exchange Commission voted Wednesday to propose rules to require companies to disclose the relationship between executive compensation and the financial performance of a company.

The International Federation of Accountants has convened the first meeting of a coalition of major accounting firms, civil society groups and international organizations to develop strategies to encourage high-quality public sector financial reporting, greater government transparency and accountability, and empowered citizen engagement.

The requirements in the Sarbanes-Oxley Act for outside audits of internal control may actually be penalizing companies that reveal problems with their controls, according to a new study.

The Financial Accounting Standards Board issued for public comment Wednesday a proposed accounting standards update that would defer the effective date of its new revenue recognition standard by one year.