Audit & Accounting

Accountants are no different than anyone else at the company during holiday time. We get swept up in heartwarming nostalgia when we hear holiday music, smell and taste delicious baked goods, and are invited to extend our lunch hours or leave the office early to get our shopping done before the crowds.

For professionals in the accounting and finance professions, any changes to accounting standards usually lead to some apprehension as these rules require companies to make key adjustments, expand disclosure practices and implement new procedures for recording various financial metrics.

Leaders of the Financial Accounting Standards Board and the International Accounting Standards Board pledged Tuesday to continue their work together, even after completing their major convergence projects for harmonizing standards.

The Public Company Accounting Oversight Board released a report Tuesday on its 2015 inspection of KPMG LLP, finding problems with 20 of the 49 companies whose audits by the firm were inspected.

Officials from the Securities and Exchange Commission and the Center for Audit Quality discussed the effort to rein in the use of non-GAAP financial measures during an American Institute of CPAs conference Monday.

The Public Company Accounting Oversight Board said Deloitte’s Brazil firm will pay an $8 million settlement and its Mexico firm will pay a $750,000 settlement to resolve auditing violations.

The trustees of the Financial Accounting Foundation announced a number of new members of the councils that advise the standard-setters it oversees, FASB and GASB.

Audit deficiencies at public companies decreased for the first time in five years in 2015, but remain high, according to a new analysis.

The American Institute of CPAs’ Financial Reporting Executive Committee has issued new working drafts on how the new revenue recognition rules will affect certain industries, including airlines and gaming.

Company audit fees rose by a median 3.2 percent in 2015, according to a new study.