Audit & Accounting

Audit committees, CEOs and CFOs are demanding more from the internal auditors function than ever before, according to a new report.

IMGCAP(1)]Check out the digital edition of the August 16-Sept. 12 issue of Accounting Today.

Audit firms that engage in shady accounting practices or financial fraud face a growing risk of being turned in – by their own staff accountants and by the internal auditors of their public company clients.

The Financial Accounting Foundation, the organization that oversees both the Financial Accounting Standards Board and the Governmental Accounting Standards Board, has joined Twitter to expand its communications outreach.

The Public Company Accounting Oversight Board plans to impose more sanctions on accounting firms and managers that don’t adequately supervise their staff.

The acting chairman of the Public Company Accounting Oversight Board, Daniel L. Goelzer, plans to ask Congress to consider a change to the Sarbanes-Oxley Act to allow the PCAOB’s disciplinary hearings of accountants and accounting firms, along with the related proceedings, to be made public.

The Public Company Accounting Oversight Board has adopted a set of eight auditing standards related to the auditor’s assessment of risk in an audit and response to that risk.

The IFRS Foundation, the body responsible for the adoption of International Financial Reporting Standards and the oversight of the International Accounting Standards Board, has announced the membership of the newly created SME Implementation Group.

IMGCAP(1)]The Financial Accounting Standards Board recently issued an exposure draft on revenue recognition that is expected to have a significant impact on accountants, auditors and entities alike.

The Securities and Exchange Commission has charged a former Deloitte & Touche LLP partner and his son with insider trading in the securities of several of the firm’s audit clients, and they have agreed to pay more than $1.1 million to settle the SEC’s charges.