Audit & Accounting

A subcommittee of the House of Representatives’ Committee on Small Business held a hearing today to discuss the value of using the cash basis of accounting in small businesses, and whether they should be required to use the accrual basis.

The Institute of Management Accountants and the American Accounting Association’s Management Accounting Section have released a new framework intended to broaden the scope of accounting education.

The Institute of Internal Auditors has elected PricewaterhouseCoopers partner Anton van Wyk, a native of South Africa, as chairman of the IIA’s 2014-2015 Global Board of Directors.

Wholesale adoption in the U.S. of International Financial Reporting Standards seems unlikely to occur in the near future as the Financial Accounting Standards Board and the International Accounting Standards Board continue to move away from full convergence of their standards, according to a Fitch Ratings report.

Protiviti has released the 10th anniversary edition of its Internal Auditing around the World publication, examining the pressing issues, new challenges and evolution of internal audit that affect global companies.

The Institute of Internal Auditors has introduced a new Qualification in Internal Audit Leadership program to identify and nurture the internal audit profession’s next generation of leaders.

The Public Company Accounting Oversight Board announced a settled disciplinary order Monday against Randall A. Stone, CPA, of Austin, Texas, a former PricewaterhouseCoopers LLP partner, for violating PCAOB rules and standards in PwC's 2007 audit of the medical device company ArthroCare Corporation.

The Institute of Cost Accountants of India recently celebrated the first anniversary of the founding of the American Center of Cost Accountants of India.

The Institute of Internal Auditors released a new report at its international conference in London calling on internal auditors to add more value to stakeholders by enhancing their services.

JPMorgan Chase & Co. and Danske Bank A/S funds are among investors exposed to Let’s Gowex SA, the Spanish Internet startup that’s filing for insolvency after saying it falsified accounts for at least four years.