Audit & Accounting

The Public Company Accounting Oversight Board has issued an alert to make auditors more aware of the risks they face when auditing companies with operations in emerging markets such as China.

The Financial Accounting Foundation’s board of trustees released a proposed plan Tuesday calling for the establishment of a new council that would be able to identify, propose and vote on improvements to U.S. accounting standards specifically for private companies, but the changes would still be subject to ratification by the Financial Accounting Standards Board.

Crowe Horwath LLP plans to merge in Perry-Smith LLP on Nov. 1, expanding the Chicago-based firm’s footprint to San Francisco and Sacramento.

As last month's one-two punch of Hurricane Irene and Tropical Storm Lee devastated the East Coast with massive flooding, widespread power outages and as-yet-uncalculated billions in damages, many of that region's accounting firms were forced to implement disaster recovery programs before business slowly returned to normal.

The Financial Accounting Foundation is poised to release the proposals of its trustee working group for changing the structure and process of the Financial Accounting Standards Board's oversight of standards for private companies and nonprofits.

The Financial Accounting Standards Board has finalized a new standard aimed at simplifying how organizations test goodwill for impairment.

The concept of quality governance practices within nonprofit organizations is not revolutionary. Historically, however, the role of those charged with the governance of nonprofit organizations - the board of directors - has not always been clearly defined.

PRIVATE MATTERS

The Internal Revenue Service needs to take additional steps in order to expand its audits to include returns from prior or subsequent years when taxpayers being audited may owe substantial taxes.

Accounting Today has released its annual list of the Best Accounting Firms to Work For, which identifies and honors the best places of employment in the accounting industry.