Audit & Accounting

International Accounting Standards Board chairman Hans Hoogervorst said the U.S. Financial Accounting Standards Board is not likely to face obstacles in joining the new multinational Accounting Standards Advisory Forum that is being set up to provide input to the IASB on setting future accounting standards, even though the Securities and Exchange Commission has not formally committed to supporting International Financial Reporting Standards.

Significantly more internal auditors received salary increases last year, compared to the past several years, according to a new study by the Institute of Internal Auditors.

The American Institute of CPAs has released a new audit guide to help auditors with assessing the fair value of financial instruments.

The Big Four accounting firms saw solid revenue growth last year following strong performance in 2010 and 2011 after a severe revenue decline in 2009, according to a newly published analysis.

Private company stakeholders have never been in a better position to have their concerns addressed in the standard-setting process, according to Billy Atkinson, the chair of the new Private Company Council: “We have the wind in our sails.”

For accounting professionals and consultants alike, the past year has been filled with talk of the cloud, mobile and compliance and I daresay we're in for more of the same, but with a few additions to our regular vocabulary.

Audit committees are confronting another challenging year, with continued economic uncertainty, globalization, digitization, and increased government regulation and enforcement reshaping the business and risk environment, according to a report from KPMG.

The Securities and Exchange Commission has charged two auditors at KPMG for playing a role in a failed audit of a Nebraska bank that hid millions of dollars in loan losses from investors during the financial crisis and eventually filed for bankruptcy.

The need to cut the federal budget deficit should be the government’s top economic priority, according to a survey of CPAs.

The Governmental Accounting Standards Board has approved a new standard intended to improve accounting and financial reporting for state and local governments’ combinations and disposals of government operations.