Audit & Accounting

The Public Company Accounting Oversight Board issued a report Thursday warning about significant deficiencies it is seeing in auditing firms’ assessment of risks in their clients.

The Governmental Accounting Standards Board has proposed new guidance to help state and local governments that participate in certain multiple-employer pension plans meet the reporting requirements of GASB’s pension standards.

An overwhelming majority of corporate board directors oppose the Securities and Exchange Commission’s proposal to require mandatory disclosure of communications between audit committees and auditors, according to a new survey.

Ernst & Young LLP took Bernie Madoff at his word when it signed off on audits of a fund that helped feed the biggest Ponzi scheme in U.S. history.

The number of accountants who belong to professional accounting organizations that are members of the International Federation of Accountants grew 16 percent from 2.4 million to 2.8 million between 2009 and 2013.

The Financial Accounting Standards Board’s 2007 standard on accounting for uncertainty in income taxes, FASB Interpretation No. 48, or FIN 48, has helped discourage companies from using tax reserves to manage their quarterly earnings reports, according to a new study.

Financial restatements can prompt similar companies to misstate their own earnings, according to a new study.

The Center for Audit Quality has released two new member alerts to help public company auditing firms address potential risks during the upcoming audit cycle.

Public companies paid an average of $1.5 million in audit fees last year, according to a new report, with a median audit fee of $402,812, representing a median increase of 3.4 percent over the audit fees they paid in 2013.

Thomson Reuters has added content to its Checkpoint Catalyst research system on the Financial Accounting Standards Board’s financial reporting requirements.