Audit & Accounting

The Public Company Accounting Oversight Board has released a new report showing that auditors of brokers and dealers who were inspected last year continued to have a high number of problems with independence and audit deficiencies.

The International Accounting Education Standards Board has issued a new plan to support the adoption and implementation of the recently revised International Education Standards for accountants.

The International Ethics Standards Board for Accountants has proposed to strengthen the auditor independence standards in the ethics code to address long associations with audit and assurance clients.

PricewaterhouseCoopers LLP was fined $25 million after sanitizing a report to regulators on sanctions and money-laundering controls for Bank of Tokyo-Mitsubishi UFJ Ltd., New York’s top bank regulator said today.

Deloite LLP has named Frank S. Friedman as the firm's new CEO, succeeding Joe Echevarria, who is retiring to focus on public service.

Governments that default on their sovereign debt could be falling victim to the absence of accrual accounting in most public sector entities, and the International Federation of Accountants wants to change that.

Alibaba Group Holding Ltd., after announcing an average of two acquisitions a month this year, is learning the importance of doing your homework.

Many banks are unprepared for changes in accounting standards next year on how to calculate losses on their loans and leases, according to a new survey.

Is the time now right to use a financial reporting language that transcends national boundaries? This question continues to cause division in some countries, particularly in the United States.

Ian Mackintosh, vice-chairman of the International Accounting Standards Board, described some of the failures of the convergence process with the Financial Accounting Standards Board in a speech Wednesday, insisting that wholesale adoption of International Financial Reporting Standards is preferable to convergence.