Audit & Accounting

The International Accounting Standards Board has issued a revised exposure draft containing proposals for changing the accounting for insurance contracts.

The Securities and Exchange Commission has charged a China-based company and its CEO with fraudulently misleading investors about its financial condition by touting cash balances that were millions of dollars higher than actual amounts.

The House Financial Services Committee has unanimously passed legislation prohibiting the Public Company Accounting Oversight Board from mandating the automatic rotation of a public company’s independent external auditor.

The European Commission has extended its cooperation agreement with the Public Company Accounting Oversight Board, allowing the PCAOB to continue exchanging confidential information with European audit regulators.

Hiring for accounting graduates is at a record level, according to a new study by the American Institute of CPAs, which also found the number of accounting graduates and enrollments in accounting education programs continuing their upward trend and reaching historic levels.

The accounting profession was slightly more optimistic this month than last, according to the June edition of Accounting Today’s monthly Accountants Confidence Index.

Less than nine months after uncovering the $215 million financial fraud at Peregrine Financial Group, Confirmation.com said that its electronic audit confirmation service was used to uncover another case of financial fraud.

As G8 leaders met in Northern Ireland for a summit focused on increasing financial transparency and tax information exchange, 150 business leaders and investors also gathered in Germany to advance a market-led solution to financial transparency.

Cloud accounting and small business finance tool maker Wave has added the Payroll Tax Service for in 10 U.S. states with more coming later in the year.

The New York State Society of CPAs has expressed concern that an International Audit and Assurance Standards Board proposal that aims to make auditor reporting more transparent and improve users’ understanding of audited financial statements goes too far in expanding the scope of auditor responsibilities.