Audit & Accounting

The House Financial Services Committee plans to probe the regulatory failures that led up to the collapse of Lehman Brothers after a bankruptcy examiner released a damning report last week on the investment bank’s accounting manipulations.

International Accounting Standards Board Chairman Sir David Tweedie told a group of European finance officials that the IASB and the U.S. Financial Accounting Standards Board are on track to converge their standards by June 2011, after which there will be a period of stability in accounting standards.

A group of international accounting organizations plans to sponsor four new auditing research projects.

PCAOB OFFERS Q&AS ON SPECIAL REPORTING, SUCCESSION

PCAOB Q&A ON ENGAGEMENT QUALITY REVIEWS

Washington, D.C.-At least 12 major nations - including several of the U.S.'s top international trading partners - are continuing to slam the door on efforts by the Public Company Accounting Oversight Board to conduct cross-border inspections of non-U.S. audit firms as required by the Sarbanes-Oxley Act.

Grant Thornton has resigned as the auditor of Yuhe International, a Chinese poultry company, after questioning loans made to a company affiliated with Yuhe’s chairman and CEO.

The Financial Accounting Standards Board and the International Accounting Standards Board have jointly published an exposure draft on the concept of reporting entities, including how they control other entities.

The Public Company Accounting Oversight Board plans to hold seven forums around the country to discuss auditing in the small business environment.

Check out the digital edition of the March 15 issue of Accounting Today.