Audit & Accounting

The Center for Audit Quality and the Council of Institutional Investors are protesting two proposed amendments to the financial regulatory reform bill that would exempt smaller public companies from compliance with Sarbanes-Oxley Section 404(b) audits of their internal controls.

IMGCAP(1)]Last month, the AICPA issued a set of standards that CPAs who do assurance engagements at service companies should examine carefully.

The Public Company Accounting Oversight Board continues to encounter resistance in inspecting foreign accounting firms that audit the books of non-U.S. companies whose stock trades on U.S. exchanges.

Trust in financial institutions has been severely eroded by the financial crisis, but a new survey has found that the majority of Americans find statements by spokespeople from accounting firms believable.

Securities and Exchange Commission Chair Mary Schapiro tried to explode some of the “myths” about the agency’s drawn-out convergence of U.S. GAAP with International Financial Reporting Standards, insisting the SEC is committed to global accounting standards and not simply protecting America’s “parochial” interests.

IMGCAP(1)]From a compliance perspective, the new U.S. health care law raises a number of issues for corporate America.

IMGCAP(1)]Check out the digital edition of the May 24, 2010, issue of Accounting Today by clicking here.

The Institute of Internal Auditors has published a new practice guide to provide an overview of key executive compensation risks that should be understood before assessing whether the controls and governance over executive compensation and benefits programs are effective.

The International Public Sector Accounting Standards Board has published its 2010 Handbook of International Public Sector Accounting Pronouncements.

The International Accounting Standards Board has published a proposed set of changes in the accounting standards for financial liabilities to address what it calls the “counter-intuitive” effects of fair value measurement.