STANDARD WOULD TIGHTEN PROSPECTUS REPORTING
New York - The International Auditing and Assurance Standards Board has proposed a new assurance standard to address the process of compiling pro forma financial information included in prospectuses. The newly proposed standard is designed to enhance public confidence in how such financial information is produced.
The proposed standard, Assurance Reports on the Process to Compile Pro Forma Financial Information Included in a Prospectus, deals with information necessary in many forms of domestic and cross-border securities offerings that illustrates the impact of an event or transaction on an issuer's financial information. It provides guidance on the nature and extent of a practitioner's work when reporting on whether the process of compiling pro forma financial information has been properly followed. It also covers related engagement acceptance and reporting considerations, and provides an illustrative report arising from such an engagement.
To access the exposure draft or submit a comment, visit the IAASB's Web site at www.iaasb.org/exposuredrafts.php. Comments are requested by Sept. 30, 2010.
To access the exposure draft or submit a comment, visit the IAASB's Web site at www.iaasb.org/exposuredrafts.php. Comments are requested by Sept. 30, 2010.
NASBA NAMES NEW COO
Nashville, Tenn. - The National Association of State Boards of Accountancy has promoted Ken Bishop to the job of chief operating officer.
Bishop has served as senior vice president at NASBA, as well as past chairman of the NASBA CPA Mobility Task Force, the CPA Examination Administration Committee and the NASBA Executive Directors Committee. He has also served on the American Institute of CPAs' Board of Examiners. Bishop will succeed former COO and current executive vice president Joseph T. Cote, who will retire from his post on Jan. 1, 2011.
In addition, NASBA announced that the former vice president of its Professional Credential Services subsidiary, Denise Hanley, has been promoted to president and CEO of the subsidiary. She will succeed Bishop in this position.
