Audit & Accounting

The Tax & Accounting business of Thomson Reuters launched its sixth annual series of Partner Summits this week with a two-day event in Houston.

Big Four firm KPMG led the pack among large and national firms in the market for Securities and Exchange Commission audit clients in the first quarter of 2013, with a net of seven new clients.

The Financial Accounting Standards Board is looking for comment on proposed structural changes to the U.S. GAAP Taxonomy.

The Financial Accounting Standards Board and the International Accounting Standards Board have released for comment a revised exposure draft proposing significant changes to the standards for accounting for leases.

Top 100 Firm Kahn, Litwin, Renza & Co. announced the opening of KLR Emerging Business Center. The center will provide co-working office space and accounting services to start-up and emerging companies.

New York State Attorney General Eric Schneiderman and the chairmen of some key legislative committees have proposed a major overhaul of state laws governing the nonprofit sector in the first major reforms in 40 years, including improved oversight of audits by the charity's board and the hiring of independent auditors.

Fifteen of the largest banks in the U.S. have written a letter to the chairmen of the Financial Accounting Standards Board and the International Accounting Standards Board encouraging them to resolve their differences over the standards for credit losses in their financial instruments convergence project.

The Committee of Sponsoring Organizations of the Treadway Commission issued its updated Internal Control–Integrated Framework (Framework) and related illustrative documents on Tuesday.

Compliance costs for Sarbanes-Oxley and external audit fees both increased last year, according to a new survey, but for most organizations the cost of SOX compliance remains at a manageable level.

The Center for Audit Quality has written to the Public Company Accounting Oversight Board to offer its perspectives on audit quality indicators in preparation for a meeting later this week of the PCAOB’s Standing Advisory Group.