Audit & Accounting

The receipt of a comment letter from the Securities and Exchange Commission induces many top executives to start selling shares in their companies before the letters are released to the public, according to a new study.

The Securities and Exchange Commission said Friday it has issued a whistleblower award of more than $300,000 to a company employee who performed audit and compliance functions and reported wrongdoing to the SEC after the company failed to take action when the employee reported it internally.

Adding a set of simple sentences to your firm’s engagement letters could go a long way to making your firm safer from lawsuits, a legal expert told accountants at the Midwest Accounting Show.

Many of the biggest concerns for accounting firms in the future relate to people issues, according to Illinois CPA Society president and CEO Todd Shapiro.

New Mexico State University revealed a $15K accounting scholarship courtesy of CliftonLarsonAllen LLP, according to a recent online statement from the school.

Deloitte Analytics has announced a collaborative agreement with the University of Virginia's McIntire School of Commerce, under which it will serve a three-year term as an advisory board member for the school's Center for Business Analytics.

The Financial Accounting Standards Board has issued a new accounting standards update to provide guidance on disclosing uncertainties about a business’s ability to continue as a going concern, while further distancing U.S. GAAP from International Financial Reporting Standards.

The Center for Audit Quality has created an online document to help auditors with the decision-making process so they can form auditing and accounting judgments with the appropriate professional skepticism.

The Securities and Exchange Commission has named James Schnurr, a former vice chairman at Deloitte, as chief accountant.

A post-implementation review of an accounting standard for state and local governments on the impairment of capital assets and insurance recoveries found that it provides important information to users, but does not resolve all the issues it was meant to address.