Audit & Accounting

IMGCAP(1)]Have internal auditors become irrelevant? Perhaps.

The American Institute of CPAs has written a letter to members of the House and Senate asking them to repeal the section of the new health care law that requires businesses to report to the Internal Revenue Service any purchase from a vendor of goods or services worth $600 or more during the calendar year.

Houston-based accounting firm MaloneBailey has responded to a recent alert from the Public Company Accounting Oversight Board that cautioned auditing firms against relying on foreign auditors, particularly in China, to do their work.

The Financial Accounting Standards Board has released a new set of standards aimed at improving the transparency of financial reporting by companies that hold financing receivables, which include loans, lease receivables, and other long-term receivables.

AICPA PROPOSES REVISIONS TO PEER REVIEW

Managers of the nation's largest stock funds have called on the Public Company Accounting Oversight Board to open a direct line of communication between independent auditors and corporate shareholders.

The current financial environment has placed increased pressure on both accountants and their clients, which in turn can lead to increased risk of liability.

The Internal Auditing and Assurance Standards Board has proposed new standards outlining an external auditor’s responsibilities when using internal auditors’ work during an audit.

Bank of America has fessed up to having shifted billions of dollars in debt off its balance sheet at opportune times in its fiscal calendar over the past three years, showing that the kinds of repurchase transactions that helped sink Lehman Brothers were not altogether uncommon.

The Public Company Accounting Oversight Board has proposed a new auditing standard covering confirmation procedures, with more of a focus on obtaining audit evidence from independent third parties.