Audit & Accounting

The Financial Accounting Standards Board’s Emerging Issues Task Force has issued an exposure draft proposing changes in how restricted cash should be treated on the statement of cash flows.

Mandatory rotation of auditing firms could lead to more “opinion shopping” by companies looking for clean opinions on their internal controls, a new study suggests.

Abbott Laboratories may be worried it has another Valeant on its hands in its proposed merger with Alere -- and investors should be on the lookout for future look-a-likes.

The Securities and Exchange Commission has agreed to settle charges with a Maryland firm and one of its partners that their surprise examinations of an investment advisor were inadequate.

Disruptive technologies are adding urgency across all industries, accounting included, with clients and staff alike held to greater expectations regarding the quality and timeliness of services and products.

An update on the board’s proposed ASU for NFPs

The Financial Accounting Standards Board has voted to proceed with issuing a long-awaited standard in June on credit losses on loans and other financial instruments, a key component of its financial instruments convergence project with the International Accounting Standards Board, and to defer the effective date for one year.

The Vatican’s Holy See has suspended its contract with PricewaterhouseCoopers but stressed that the suspension is not due to problems with PwC’s work.

To improve accountability around the world, representatives of the U.S. Government Accountability Office’s Center for Audit Excellence and the U.S. Agency for International Development signed a memorandum of understanding on Monday to set up a framework for collaboration on training and technical assistance efforts.

Drew Bernstein of Marcum Bernstein & Pinchuk discusses the challenges and benefits of auditing companies in China in this video.