Audit & Accounting

The majority of chief audit executives anticipate that the resources and budgets for their internal audit departments will either increase or stabilize next year, according to a new survey.

The Public Company Accounting Oversight Board released a report Monday in which it identified widespread problems at eight major accounting firms with their audits of internal control over financial reporting.

The Private Company Council held its inaugural meeting on Thursday to discuss how accounting standards should be adjusted for privately held companies.

CONNECTICUT

Seattle-based Top 15 Firm Moss Adams LLP has announced that it will merge with Silicon Valley-based Top 100 Firm Mohler, Nixon & Williams, boosting their combined presence in Northern California. The deal has been approved by partners at both firms, and is due to go into effect on Jan. 1, 2013.

John Karaffa had the right stats to found ProSport CPA five years ago, an accounting firm that serves professional athletes, as both an athlete and one that played abroad, like many of his clients.

The Financial Accounting Foundation’s board of trustees has appointed four new members to the Financial Accounting Standards Advisory Council and six new members to the Governmental Accounting Standards Advisory Council.

Check out the digital edition of the December 2012 issue of Accounting Today.

The Public Company Accounting Oversight Board has issued a staff audit practice alert to remind auditors of their requirement to exercise professional skepticism throughout their audits.

Financial Accounting Standards Board chairman Leslie Seidman and International Accounting Standards Board chairman Hans Hoogervorst appeared side by side at an AICPA conference Tuesday in a joint appearance to discuss what went awry in U.S. support for International Financial Reporting Standards.