Audit & Accounting

The Public Company Accounting Oversight Board has announced settled disciplinary orders against two audit firms and four individuals for violating federal securities laws, including one case of fraud, and violating PCAOB rules and auditing standards relating to auditor independence, quality control and audit documentation.

The Chartered Institute of Public Finance and Accountancy and the International Integrated Reporting Council said Wednesday they are creating a public sector pioneer network to promote the implementation of integrated reporting in the public sector.

Ever since the earliest spreadsheet software, people have been relinquishing many tasks and responsibilities to this ubiquitous tool, and for good reason: spreadsheets are easy to set up, perform all but the most complex functions, and are available everywhere.

The Securities and Exchange Commission has issued an order staying the effective date for compliance with the some of the conflict minerals rules the agency had drawn up after an appeals court ruled that they violated the First Amendment.

The American Institute of CPAs’ Auditing Standards Board has issued three auditing interpretations in response to the new Governmental Accounting Standards Board pension standards.

Accounting Today and the National Conference of CPA Practitioners have announced the agenda of their annual Accounting Technology Forum, which will take place June 24-25.

Former New York City Mayor Michael Bloomberg and former Securities and Exchange Commission chairman Mary Schapiro have joined the board of the Sustainability Accounting Standards Board, serving as chair and vice-chair, respectively, of the fledgling organization.

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The chairman of the Financial Accounting Standards Board said Thursday that the FASB staff expects to issue the long-awaited converged standard on revenue recognition that it has developed with the International Accounting Standards Board this month, calling it “a grand achievement for both boards.”

Public Company Accounting Oversight Board chairman James Doty said in a speech Thursday that he is concerned about cuts in audit fees having an impact on the quality of audits as the auditing practice becomes a declining part of the revenue at accounting firms.