Audit & Accounting

The International Ethics Standards Board for Accountants has released stronger provisions in its Code of Ethics for Professional Accountants to address conflicts of interest and a breach of a requirement of the code.

The Government Accountability Office has expressed its support for giving auditors more responsibility for the information in documents accompanying audited financial statements.

A trade group representing credit unions is asking the Financial Accounting Standards Board to delay its proposals for changes in the accounting for credit losses and loan impairments.

Krista McMasters has decided to resign as co-chief executive officer of CliftonLarsonAllen and retire on April 1, 2013, a little over a year after the firm's creation from the merger of Clifton Gunderson and LarsonAllen.

SAP has released the SAP Fraud Management analytic application powered by SAP HANA, the latest analytics tool from the enterprise software maker designed to integrate with most ERP systems in order to detect, investigate, analyze and prevent irregularities or fraud activity.

The trustees of the IFRS Foundation have included the U.S. Financial Accounting Standards Board among the national and regional standard-setters in the new Accounting Standards Advisory Forum, the new group that will advise the International Accounting Standards Board on development of International Financial Reporting Standards.

The Securities and Exchange Commission is asking for public comments on a proposal from Nasdaq to require Nasdaq-listed companies to establish an internal audit function no later than Dec. 31.

The Securities and Exchange Commission’s Division of Corporate Finance has issued new guidance allowing public companies to provide equity-based financing to employees through a program involving loans without violating Sarbanes-Oxley, with some help from former Congressman Michael Oxley himself.

The internal audit function has a greater opportunity to deliver value to businesses outside its traditional focus areas, according to a new survey by PricewaterhouseCoopers, but before it can contribute to businesses in a more meaningful way, it must keep pace and continue to evolve its focus.

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