Accounting standards

Companies that work with auditors who have more industry experience but charge more than competitors offering "lowball" fees tend to save more money in the end.

In a comment letter, the institute says the board's new requirements could drive smaller auditing firms out of the market.

The Financial Accounting Standards Board issued an invitation to comment on whether to pursue a project on accounting for intangible assets.

The Financial Accounting Foundation report found the Private Company Council has been performing its duties effectively and should continue to operate.

KPMG International reported that annual aggregated revenues of its member firms around the world grew 5.1% for the 2024 fiscal year.

The proposed accounting standards update provides disclosure requirements related to environmental credits and obligations.

The average audit fee increased to $3.01 million in 2023, up from $2.83 million in the previous cycle, according to a new report.

The Institute of Internal Auditors and the Association of Chartered Certified Accountants have renewed their memorandum of understanding for another three years.

Auditing firms appear to be making headway on fixing some of the problems identified by the Public Company Accounting Oversight Board.

The American Institute of CPAs and CPA.com released their 2024 CAS Benchmark Survey.