Audit & Accounting

Ernst & Young LLP agreed to pay $10 million to settle New York’s lawsuit accusing it of helping Lehman Brothers Holdings Inc. hide financial problems in the years leading to its 2008 collapse.

The Association of Chartered Certified Accountants and the Institute of Management Accountants have published a report examining the future function of the CFO in the finance department of tomorrow.

The International Ethics Standards Board for Accountants has revised its ethics code to improve the independence provisions for auditors.

SAP released a new SAP Revenue Accounting and Reporting application to address requirements derived from the new revenue accounting standards.

Profitability, hiring and revenue expectations among business leaders in mature economies soared in the first quarter of this year, according to a survey by Grant Thornton.

Last year saw a rise in accounting-driven federal class action lawsuits, according to a new report from Big Four firm PwC.

The primary U.S. standard-setters and their parent organization have released a strategic plan to articulate the long-range vision and mission of each of the groups and the organization collectively.

Only 37 percent of CFOs and finance leaders say their organization’s approach to annual budgeting is valuable, and, of those, all of them think it needs be improved, according to a new report.

The International Auditing and Assurance Standards Board has released a revised International Standard on Auditing that encourages auditors to thoroughly read through a company’s annual report when auditing, as it provides critical information to the auditor and is ultimately beneficial to the public interest.

The Financial Accounting Standards Board appears to be poised to delay the effective date of its new revenue recognition standard by a year, giving U.S. companies more opportunity to adapt to the changes.