Audit & Accounting

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.

Institutional investors are expressing a high level of dissatisfaction with the types of sustainability-related information they are getting from companies, according to a new survey from PricewaterhouseCoopers.

One of the more intriguing questions stemming from the Toshiba Corp. accounting scandal is this: Where was the whistleblower?

Toshiba Corp. issued almost 1 trillion yen ($8 billion) of stocks and bonds when it was inflating earnings statements, leaving the company exposed to possible regulatory fines and investor lawsuits.

The International Accounting Standards Board confirmed Wednesday a one-year deferral of the effective date of the revenue recognition standard to stay in alignment with the Financial Standards Accounting Board, which also recently decided to defer the standard for companies in the U.S.

Toshiba Corp. President Hisao Tanaka and his two predecessors quit after investigators found that the Japanese conglomerate inflated earnings by at least $1.2 billion since the global financial crisis.

Board members at nonprofit organizations are too far removed from some of their key governance responsibilities, according to a new survey by the accounting firm Marks Paneth.

The Sustainability Accounting Standards Board, a nonprofit organization that provides sustainability accounting standards that can be used on a voluntary basis by publicly listed U.S. corporations, has debuted a Data Provider Partner Program to give investors access to information on corporate sustainability performance.

Toshiba Corp. must correct at least 152 billion yen ($1.2 billion) of pretax earnings over a six-year period after an internal accounting probe revealed the company overstated profits under pressure from management.

A new academic study casts doubt on whether efforts to require companies to rotate their audit firms lead to greater professional skepticism on the part of auditors.