Audit & Accounting

The National Association of State Boards of Accountancy and the American Institute of CPAs have launched a new Web site, CPAmobility.org, that provides up-to-date information on the status of CPA mobility laws across the country.

IMGCAP(1)]The use of third-party practice aids and audit programs has become widespread as an economical and effective means of keeping audit materials up to date and comprehensive. However, some auditors have become too checklist oriented, driven in part by these standardized audit materials. Use of these types of materials creates risks that auditors may get lost in the completion of the checklist and lose sight of what they should be doing, which is assessing and responding to audit risk.

The Financial Accounting Standards Board has beefed up its standards for multiple-employer pension plans, requiring employers to provide more information about their pension plan obligations, particularly for unionized employees.

Michael Andrew, chairman-elect of KPMG International, announced the firm's new leadership team today, including a new deputy chairman and new global heads of tax and advisory, as well as a new regional leader in Asia-Pacific.

A federal judge is allowing a shareholder lawsuit to proceed against a group of auditing firms that signed off on audits of China Expert Technology, a company they have accused of committing accounting fraud.

IMGCAP(1)]On May 25, 2011, the Securities and Exchange Commission issued its final rules implementing the new whistleblower program of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The London-based International Valuation Standards Council has published a set of new International Valuation Standards covering a wide range of assets.

There used to be this great TV spot for a large commercial bank that spoofed its competitors' overlong waiting periods before depositors could get approved for a loan.

Six community banks have received a total of $123 million as part of the first wave of capital provided by the Small Business Lending Fund, according to the Treasury Department.

The Governmental Accounting Standards Board issued two new standards Wednesday that aim to improve government financial reporting in two timely areas: providing taxpayers and others with information about how past transactions will continue to affect a government’s financial statements in the future, and clarifying the circumstances in which hedge accounting continues to be applied when a swap counterparty, or related credit support provider, is replaced.