Audit & Accounting

The Public Company Accounting Oversight Board has issued an alert cautioning auditors about the significant number of audit deficiencies that the PCAOB staff has seen in the past three years related to audits of internal control over financial reporting.

The American Institute of CPAs’ Accounting and Review Services Committee has issued an exposure draft proposing three new and revised standards that would make significant changes in how accountants perform compilation engagements.

The Securities and Exchange Commission has voted unanimously to propose rules under the JOBS Act allowing companies to offer and sell securities through crowdfunding.

Deloitte & Touche LLP has agreed to pay $2 million to settle charges with the Public Conpany Accounting Oversight Board for violating the Sarbanes-Oxley Act and PCAOB rules by allowing a former partner to perform or continue to perform activities as an “associated person” that were prohibited while he was subject to a PCAOB suspension order.

The American Institute of CPAs has faced a hectic year dealing with problems like the last-minute fiscal cliff deal that delayed tax season, along with the after-effects of Superstorm Sandy and the impact of changes at the Internal Revenue Service that made life difficult for many tax practitioners.

Accounting Today named the Best Firms to Work For 2013 during its annual Growth & Profitability Summit on Monday.

Accounting Today began its annual three-day Growth & Profitability Summit in Orlando, Fla., on Sunday with a pair of insightful keynote speeches by Krista McMasters, CEO of McMasters Consulting and former CEO of top-ranked CPA firm Clifton Gunderson, and Jay Nisberg, president of the consulting firm Jay Nisberg & Associates, with both speakers highlighting the changing dynamics of managing an accounting firm and CPA practice.

New Web sites, CPE Credits and more …

The International Federation of Accountants has issued a policy paper that stresses the importance of reporting on broad-based information beyond what is traditionally included in financial reporting.

There was lots of vendor and consultant news over the past week, but overall we want to know what’s up with all the funding going into cloud accounting software, and where exactly does Intuit factor in?