Audit & Accounting

Internal auditors are being stretched thin with demands for not only increased financial reporting compliance, but also work related to fraud detection, contracts, transactions and business performance improvement, according to a new survey.

The American Institute of CPAs has begun a two- to three-year project to revise its auditing standards in an effort to achieve greater clarity.

Securities and Exchange Commission Chairman Christopher Cox said that regulators in different countries should avoid revising International Financial Reporting Standards to meet the needs of local markets.

The Securities and Exchange Commission has appointed Paul A. Beswick to serve as senior advisor in the SEC Office of the Chief Accountant.

The KPMG tax shelter case got underway with jury selection and a drastically reduced set of defendants.

CaseWare IDEA Inc. and Audimation Services Inc. have released IDEA Version 7.2, the latest version of their software to give accounting and financial professionals additional capabilities to assist with audits, detect fraud and meet documentation standards.

The Securities and Exchange Commission has set up a new unit to speed the move to interactive financial reporting by public companies.

Parente Randolph has acquired the Pittsburgh office of Terry & Stephenson, bringing the total number of staff members in Parente's Pittsburgh office to more than 35.

Ontario Teachers' Pension Plan has acquired investment research company Glass, Lewis & Co., for $46 million, bringing ownership of the proxy advisory provider back to North America.

ATM machine maker Diebold has been in talks with the Office of the Chief Accountant at the Securities and Exchange Commission about its practice of recognizing certain revenue on a "bill and hold basis."