Audit & Accounting

The Public Company Accounting Oversight Board released its latest inspection report of Ernst & Young on Thursday and found that some of the deficiencies it uncovered rose to the level of “audit failures.”

Congress has reauthorized the Small Business Innovation Research and Small Business Technology Transfer programs for another six years.

The International Auditing and Assurance Standards Board released a new assurance standard Wednesday on pro forma financial information included in a prospectus.

Accountants and tax practitioners had a busy time this past year keeping up with all the changes in the profession. Here’s our annual list of the top stories in the past year that kept our readers coming to the site for the latest developments:

The Public Company Accounting Oversight Board posted its 2010 inspection report on Deloitte & Touche on Tuesday, highlighting what it called “audit failures.”

The U.S. Public Company Accounting Oversight Board said Tuesday it has entered into a cooperative agreement with the Arab state of Dubai for the oversight of auditors in both countries.

The Public Company Accounting Oversight Board voted Tuesday to re-propose for public comment its proposed standards for how auditors should communicate with audit committees.

The Institute of Internal Auditors has sent a comment letter to the Public Company Accounting Oversight Board taking issue with the PCAOB’s proposal to require mandatory rotation of audit firms for listed companies, echoing concerns from the American Institute of CPAs and the New York State Society of CPAs.

The Committee of Sponsoring Organizations of the Treadway Commission has released for public comment an updated version of its internal control framework in response to changes in the business environment and their associated risks.

Jeffrey Thomson, president and CEO of the Institute of Management Accountants, worked for over two decades in the telecommunications industry and knows a thing or two about competition.