Audit & Accounting

A new audit practice alert from the International Auditing and Assurance Standards Board aims to help auditors plan more effective use of external confirmations.

The American Institute of CPAs and Financial Executives International have written to Congress to express their objections to proposed legislation that would displace the SEC from its role of overseeing the Financial Accounting Standards Board.

The International Accounting Standards Board has proposed new standards for measuring the impairment of financial instruments and assets using amortized cost, taking a different tack than the U.S. Financial Accounting Standards Board.

A malpractice lawsuit against Deloitte that was filed by Holtsville, N.Y.-based Symbol Technologies can proceed, an appeals court in New York has ruled.

The House Financial Services Committee voted to exempt small and midsized public companies from Sarbanes-Oxley audit requirements.

The Center for Audit Quality and other influential organizations are asking leaders of the House Financial Services Committee to safeguard the role of the SEC in overseeing the Financial Accounting Standards Board.

The International Accounting Standards Board has issued a revised version of its standard for related-party transactions, simplifying the disclosure requirements and clarifying the definition of a related party.

Financial planning trade groups have written a letter to congressional leaders protesting an amendment that would extend the regulatory authority of the Financial Industry Regulatory Authority to cover investment advisers who are associated with broker-dealers under FINRA authority.

The International Federation of Accountants has released a new online chart showing the growing adoption of International Standards on Auditing.