Audit & Accounting

A recent report from the federal accounting industry watchdog agency, the Public Company Accounting Oversight Board, found that the incidence of deficient audits performed by the Big Four accounting firms doubled in 2010, reaching a horrifying 33 percent.

Hewlett-Packard Co.’s directors and auditors, along with Autonomy Corp. founder Mike Lynch, were sued by investors over alleged misstatements related to last year’s purchase of the British software maker.

Public Company Accounting Oversight Board chairman James Doty told an audience of auditors that the public is expecting more from the audit profession and warned firms against skimping on audit quality.

Recent network memberships, awards, new Web sites and more

The American Institute of CPAs has assembled a set of training courses and online resources to help auditors implement its new clarified auditing standards, which take effect next month.

Brad Benton has been chosen to lead the health care practice of Dixon Hughes Goodman LLP.

The increasing reliance of the Big Four accounting firms on their consulting and advisory practices may threaten the independence of their audit practices, according to some auditing experts.

GMI Ratings has compiled a second “Black Swan Risk List” identifying 40 North American companies with the highest risk of major drops in share prices within the next six months.

Online accounting community iShade said Tuesday it is adding two new directors as it prepares for the New Year.

The Financial Accounting Standards Board has issued a proposed Accounting Standards Update aimed at clarifying the scope of transactions that would be subject to disclosures about offsetting of assets and liabilities on the balance sheet.