Audit & Accounting

IFAC, the IAASB and IESBA will remain involved in setting standards, but with changes in governance and composition.

Companies that don’t receive tax services from their auditing firms to avoid compromising auditor independence could end up paying more in taxes, at least temporarily, according to a new academic study.

The dominant accounting firms must do a better job of challenging their clients in order to reach a satisfactory level of audit quality, the industry’s U.K. watchdog said.

Startup Breakaway Bookkeeping & Advising is building a network of finance professionals to act as virtual CFOs for small-business clients.

Deloitte has opened a legal business services practice in the U.S., expanding a line of business it has offered abroad.

IRS criminal investigation chief announces retirement; Connecticut Society of CPAs and FEI install new boards of directors; and more CPA news.

The American Institute of CPAs’ Auditing Standards Board has released a new standard for audit evidence for private companies, updating the existing standards in recognition of the increasing role that technology plays in audit procedures.

The Financial Accounting Standards Board released a proposed accounting standards update to help insurance companies adversely affected by the COVID-19 pandemic by giving them an extra year to implement the long-duration insurance accounting standard.

The Association of Chartered Certified Accountants and the PrimeGlobal association of accounting firms have signed an agreement to work together on several projects.

The Institute of Internal Auditors and the International Federation of Accountants are calling on audit committees to be vigilant about risk management, performance, controls and processes during the COVID-19 pandemic.