Audit & Accounting

Check out the digital edition of the November issue of Accounting Today.

More than 125 institutional investors sued Tesco Plc, seeking in excess of 100 million pounds ($122 million) over the U.K. grocer’s 2014 profit overstatement.

Nearly one out of four internal auditors around the world face pressures to either suppress or change their audit findings, according to a new report.

The Securities and Exchange Commission has initiated proceedings against an audit partner at PricewaterhouseCoopers accusing him of not doing enough to audit a venture capital fund whose manager was stealing money.

The Securities and Exchange Commission has charged PKF O’Connor Davies and one of its senior partners with issuing fraudulent audit reports on the municipal bond offerings of the town of Ramapo, N.Y.

A group of Senators, including Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., are asking KPMG about the quality of its audits in the wake of the recent scandal involving Wells Fargo’s opening of millions of unauthorized customer accounts.

The Financial Accounting Standards Board has released an accounting standards update for income taxes related to intra-entity transfers of assets other than inventory.

The Financial Accounting Standards Board has released an accounting standards update on how to treat consolidations of interests held through related parties that are under common control.

The American Institute of CPAs is broadening the range of services to which its Statements on Standards for Accounting and Review Services apply, covering not only reviews of financial statements, but also preparation of financial statements and compilation of prospective financial information.

CPA.com has released a position paper arguing for the need for a secure, digital way to transmit private company financial data.