Audit & Accounting

The Public Company Accounting Oversight Board voted to issue for public comment a proposed policy statement that would allow it to rely on audits done by oversight bodies abroad on non-U.S. firms.

The U.S. Supreme Court issued a unanimous decision that will allow railroads to challenge state methods for determining the value of railroad property, as well as how those methods are applied.

Miss California was forced to give up her crown after accounting errors accidentally mixed up the rankings of the winner with the runners-up.

Accounting firm Hausser + Taylor has changed its name to Maloney + Novotny and severed its association with RSM McGladrey.

Accounting firm Grant Thornton signed a deal to purchase the assets of Goldenberg Rosenthal’s GR Consulting business.

The Financial Accounting Standards Board has issued two statements as it continues on the road to international convergence: on business combinations and on noncontrolling interests in consolidated financial statements.

The American Institute of CPAs’ Professional Ethics Executive Committee has issued an exposure draft of a proposed new interpretation that warns CPAs they should follow the requirements of governmental bodies, commissions or other regulatory agencies on indemnification and limitation of liability agreements with a client, or run the risk of discrediting the accounting profession.

As the subprime mortgage meltdown grows, some experts are starting to see the resulting fallout rivaling corporate scandals of earlier this decade, like Enron, that prompted the passage of the Sarbanes-Oxley Act.

Tax prep firm Gilman Ciocia has acquired Madison CPA, a Fort Lauderdale accounting firm.

The Treasury Department's recently established Advisory Committee on the Auditing Profession can play a role in improving the usefulness of audits, said a letter from an audit profession watchdog group.