Audit & Accounting

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The profession's confidence in the U.S. economy is growing even more strongly than before, according to the March edition of Accounting Today’s monthly Accountants Confidence Index.

Even as top executives at failing companies dump their shares, auditors of those same companies often fail to issue a going concern opinion to warn other investors of the precarious nature of the corporation’s finances.

Audit and risk management product maker ACL has released version 4 of its Analytics Exchange (AX) product —formerly ACL AuditExchange – with enhancements designed to enable adjacent departments, including finance, risk and compliance, to identify control deficiencies such as fraud and revenue leakage.

The Public Company Accounting Oversight Board released previously nonpublic portions of two of its inspections of PricewaterhouseCoopers on Thursday, saying the firm had failed to address the PCAOB’s quality control criticisms.

A Texas lawmaker who also operates a CPA practice has introduced a pair of bills in the Texas legislature that would exempt CPAs who prepare financial statements for small businesses from the state’s mandatory peer review program, and ensure at least two sole practitioners are represented on the Texas State Board of Accountancy.

The International Accounting Standards Board has published revised proposals for loan loss provisioning as part of the financial instruments project that it has been working to converge with the U.S. Financial Accounting Standards Board, but the two proposals still take different approaches.

The top concerns of global accounting leaders, according to a new survey, included the needs of small- and medium-sized practices and small- and medium-sized entities and the reputation and credibility of the profession.

The Financial Accounting Standards Board may be changing its rules on business segment reporting or issuing additional guidance in response to questions raised during a post-implementation review of a 16-year-old standard.

FinancialForce.com CEO Jeremy Roche answers questions about how the current environment is affecting his company and accounting technology overall, as well as where – if at all -- accounting professionals factor in