Audit & Accounting

More than a dozen years ago, the U.S. experienced a rash of high-profile accounting scandals. Now it’s Japan’s turn.

Since the advent of Financial Accounting Standard 133 in 1998, financial statement preparers have been dealing with the onerous and complex requirements of hedge accounting, arguably one of the most complex statements that the board has promulgated.

The Anti-Fraud Collaboration, a joint effort of the Center for Audit Quality, Financial Executives International, the Institute of Internal Auditors and the National Association of Corporate Directors, has released the third in a series of case studies examining how to identify and stop accounting fraud in an organization.

The Chartered Professional Accountants of Canada organization has published a new study on the evolving corporate reporting landscape, focusing particularly on sustainability issues.

The American Institute of CPAs has revised two publications used by auditors of governmental and not-for-profit entities that spend federal awards and those who audit state and local government financial statements.

Stanley Hochhauser passed away last Wednesday. He was a client that I worked with in my first job and became my client when my father passed away in 1976. Stanley was the last of my father’s clients and his passing also closed a link to my past. I am an accountant because of clients like Stanley.

The Financial Accounting Standards Board has issued an accounting standards update to simplify the measurement of inventory.

The International Auditing and Assurance Standards Board released an exposure draft proposing amendments to its International Standards on Auditing in response to recent proposals from International Ethics Standards Board for Accountants on how to respond to noncompliance with laws and regulations.

Wealth Magnets: The Top Firms by AUM

The Public Company Accounting Oversight Board has disciplined seven audit firms and seven auditors who worked at the firms for violations of the Engagement Quality Review standard and other requirements.