Audit & Accounting

Accounting firm J.H. Cohn has formed a Client Economic Recovery Team to advise financial institutions and public companies affected by the financial crisis.

The Texas Society of CPAs has provided five tips that CPAs can pass along to their clients to calm their financial worries.

Krista McMasters made history in April when her firm, Clifton Gunderson, named her to succeed Carl George as chief executive next year.

States are getting pounded by the economy, with tax collection revenues in the third quarter among the worst in years, according to a new report.

Deloitte Financial Advisory Services has elected a new CEO and U.S. chairman.

“An emperor of a prosperous city who cares more about clothes than military pursuits or entertainment hires two swindlers who promise him the finest suit of clothes from the most beautiful cloth. This cloth, they tell him, is invisible to anyone who was either stupid or unfit for his position. The Emperor cannot see the (non-existent) cloth, but pretends that he can for fear of appearing stupid; his ministers do the same. When the swindlers report that the suit is finished, they dress him in mime. (acting out a story through body motions, without use of speech—Ed.) The emperor then goes on a procession through the capital showing off his new ‘clothes.’ During the course of the procession, a small child cries out, ‘But he has nothing on!’ The crowd realizes the child is telling the truth. The Emperor, however, holds his head high and continues the procession.”

The International Auditing and Assurance Standards Board said it is getting close to completing an 18-month project aimed at making audit standards more understandable.

Business planning software developer Adaptive Planning has created what it calls a "Recession Survival Kit" to help companies get better control of their financial processes and survive the economic crisis.

Finance and accounting staff will receive an average salary boost of 3.4 percent next year despite the economic downturn, predicts recruiting company Robert Half International.

Leaders of six business associations have written a joint letter to the Securities and Exchange Commission complaining that recent guidance about the use of judgment in fair value accounting "has the potential to cloud transparency."