Audit & Accounting

The Public Company Accounting Oversight Board has issued a document advising auditors to beware of unusual transactions that could be signs of fraud.

The Financial Accounting Standards Board and the International Accounting Standards Board plan to reconsider the standards for the types of repurchase transactions that Lehman Brothers used to shift $50 billion temporarily off its balance sheet before issuing its quarterly financial statements.

The International Accounting Standards Board has published the results of an international research project on how to account for extractive activities in the oil, gas, and mineral industries.

Grant Thornton has released the fifth edition of its Audit Committee Handbook, with new chapters on audit planning and oversight, fraud risk and broader international coverage.

The International Federation of Accountants has released two downloadable handbooks containing its 2010 code of ethics for professional accountants and pronouncements on auditing, review and other assurance services.

The Public Company Accounting Oversight Board has proposed an auditing standard on “Communications with Audit Committees,” and a series of related amendments to interim standards.

The International Ethics Standards Board for Accountants has released a draft plan setting out a proposed strategy for the next three years on ways for accountants to deal with conflicts of interest, suspected fraud and other issues.

Clarity Systems has issued a downloadable guidebook to help companies comply with the SEC’s recent requirements for public companies to begin filing their financial statements in Extensible Business Reporting Language format.

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