Audit & Accounting

As the effects of the financial crisis and an uncertain economy continue to create volatility in the markets, the International Auditing and Assurance Standards Board has reiterated its position that auditors and those charged with corporate governance that management's use of the going concern assumption is a matter to be considered on every audit engagement.

IMGCAP(1)][IMGCAP(2)]Valuation, by its very nature, is an exercise in judgment.

In an effort to raise the troubling level of math proficiency among elementary school children, regional CPA and business advisory firm Parente Beard created "Making the Holidays Count," an instructional book that shows how important numbers are in many of the holiday activities such as baking and gift wrapping.

The Financial Accounting Foundation, overseer of the Financial Accounting Standards Board and the Governmental Accounting Standards Board, has pushed back to Jan. 6, 2012, the deadline for submitting applications to participate in private company accounting standards roundtable discussions scheduled for January, February and March.

The Financial Accounting Standards Board has deferred some of the rules it issued earlier this year to make the presentation of other comprehensive income more prominent on financial statements.

IMGCAP(1)]We all face numbers, sometimes on a daily basis.

The Texas Society of CPAs’ Professional Standards Committee has sent a comment letter to the Public Company Accounting Oversight Board taking issue with the PCAOB’s proposed requirement for the lead auditor to sign off on an audit.

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.