Audit & Accounting

The Public Company Accounting Oversight Board is seeking comments on a proposal to reorganize its auditing standards into a single system.

More internal auditors are reporting to their organizations’ chief executive officers than before, according to a semi-annual study by the Institute of Internal Auditors.

The American Institute of CPAs announced the 39 winners of the 2012 Elijah Sells Award, given to outstanding performers on the uniform CPA examination.

Responding to concerns about their allowance model and in an attempt to simplify impairment guidance for financial institutions, the Financial Accounting Standards Board has issued several exposure drafts of proposed models to take into account “expected losses” rather than the current “incurred loss” model.

— The Financial Accounting Standards Board has released a staff document that provides answers to questions about FASB’s recently issued proposal on expected credit losses.

The Financial Accounting Standards Board has added three new implementation guides to its series on using Extensible Business Reporting Language, or XBRL, interactive data tags in financial statements.

Awards, Best Places to Work recognition and more…

The Center for Audit Quality has released a new Guide to Internal Control Over Financial Reporting to explain to investors and the general public the process used by U.S. public companies to enhance the reliability of their financial statements by reducing the risk of material errors or misstatements.

The Public Company Accounting Oversight Board is mulling the possibility of reorganizing its auditing standards into a topical structure.

Chief audit executives are focusing on adding more value to their organizations as they move away from strictly a compliance role.