Audit & Accounting

The International Integrated Reporting Council has signed a memorandum of understanding with the Global Initiative for Sustainability Ratings in which the two groups pledge to work together to promote and support the global alignment of corporate reporting and ratings frameworks.

The results of inspections conducted by Canada's audit regulator showed signs of improvement last year, but the risk of restatements remained too high at some firms, the Canadian Public Accountability Board said in a report released Monday.

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MF Global Holdings Ltd., which filed for bankruptcy after a failed $6.3 billion bet on bonds of some of Europe’s most indebted nations, sued PricewaterhouseCoopers LLP for $1 billion, alleging accounting malpractice helped bring down the brokerage company.

Public Company Accounting Oversight Board member Steven Harris said the major auditing firms should begin providing their own financial statements to the PCAOB.

Public Company Accounting Oversight Board member Jeanette Franzel described a “perfect storm” of issues that auditors are facing with the internal controls of organizations today during a speech at an auditing conference.

The Institute of Internal Auditors has created an American Center for Government Auditing and compiled an inaugural list of the Most Influential Professionals in Government Auditing in recognition of professionals who have positively impacted the practice of auditing in the public sector.

The accounting profession's expectations for economic growth headed downward again, with drops in both their short-term and mid-term forecasts, according to the March edition of Accounting Today’s monthly Accountants Confidence Index.

Chief audit executives are increasingly using strategies to drive up efficiency in the internal audit process, including a “one-to-many approach.”

The Governmental Accounting Standards Board voted unanimously Monday not to delay the implementation date of its new pension accounting and financial reporting standards, despite requests from various groups for an indefinite delay.