Audit & Accounting

The Public Company Accounting Oversight Board released a document Thursday describing its main objectives, focus and scope when inspecting audit firms this year.

Changing timeliness from a black mark to a hallmark

The Governmental Accounting Standards Board has issued a proposed Implementation Guide containing questions and answers aimed at clarifying, explaining and elaborating on recent GASB standards.

The Securities and Exchange Commission has charged five Florida residents—including an accountant and two lawyers—with insider trading ahead of the acquisition of Pharmasset by Gilead Sciences.

The Financial Accounting Standards Board has issued a proposed accounting standards update to improve the guidance on collectibility, noncash consideration, and completed contracts at transition in the new revenue recognition standard.

The Securities and Exchange Commission announced that Trinity National Corp. and wholly owned subsidiary Los Alamos Bank, have agreed to pay $1.5 million to settle charges of accounting fraud.

The Securities and Exchange Commission is looking for public comment on the effectiveness of the financial disclosure requirements in Regulation S-X.

FASB released an accounting standards update that eliminates the requirement to retrospectively account for adjustments made to provisional amounts recognized in a business combination.

The Securities and Exchange Commission has filed financial fraud charges against four former officers of SMF Energy Corp., a bankrupt Fort Lauderdale, Fla., fuel transport company.

Yigal M. Rechtman of Grassi & Co. recently concluded a fraud investigation involving a cash-skimming scheme. Here he shares his findings to help give tax professionals performing audits new perspective.