Audit & Accounting

The Securities and Exchange Commission has announced sanctions against a New York-based audit firm, its founder, two other partners, and an audit manager for their roles in the failed audits of three China-based companies publicly traded in the U.S.

The Internal Revenue Service expanded nationwide on Wednesday the rollout of its streamlined Fast Track Settlement program, which aims to help small businesses under audit settle their differences with the IRS over their tax debts more quickly.

The American Institute of CPAs’ Financial Reporting Executive Committee and the AICPA’s Impairment Task Force plan to release the final version of a new AICPA Accounting and Valuation Guide, "Testing Goodwill for Impairment," on Friday.

The Public Company Accounting Oversight Board has established a Center for Economic Analysis to study the role and relevance of the audit in capital formation and investor protection.

The Financial Accounting Standards Board voted Wednesday to move forward with preparing a final standard on revenue recognition that is expected to be issued during the first quarter of 2014.

While it’s not fully there, the accounting profession is finally starting to be ready for the cloud -- and vice versa, according to technology expert David Cieslak.

Small businesses are disproportionately victimized by fraud, according to Bill.com founder Rene Lacerte, and they need to adopt new ways to protect themselves.

Australia-based Sage development partner Dingosoft has released a trust accounting module for Sage 300 ERP, which was created with the Sage 300 software development kit --the same set of tools used by Sage to develop their accounting modules.

Cindy Fornelli, executive director of the Center for Audit Quality, discusses the PCAOB's proposed changes in audit and attest standards for broker-dealer auditors, and the U.K.'s Competition Commission proposals for mandatory retendering of audit firms, in an interview with Accounting Today editor-in-chief Daniel Hood.

The changes of previous decades have left accountants acting more like their clients’ “most trusted servants” than their most trusted advisors, according to IT expert and thought leader Doug Sleeter.