Audit standards

The U.K. accounting watchdog is ramping up misconduct fines after being called useless and toothless by lawmakers irate at the failure of the accounting industry to prevent several high-profile corporate collapses.

Wesley Bricker, chief accountant at the Securities and Exchange Commission’s Office of the Chief Accountant, told attendees at the Institute of Management Accountants’ annual conference in Indianapolis on Tuesday about the vital role he sees them playing in financial reporting.

The Public Company Accounting Oversight Board censured Deloitte & Touche LLP and imposed a $500,000 penalty against the Big Four firm for overlooking material accounting errors during three consecutive audits of Jack Henry & Associates, Inc., a Missouri-based IT provider for banks and credit unions.

The American Institute of CPAs has issued a new standard to provide guidance for CPAs performing compilations and reviews to address international reporting issues.

Martin Baumann's leaving follows last week's resignation of inspections director Helen Munter.

The AICPA chief challenged the profession to embrace changes in auditing, technology and more.

A new study by the International Federation of Accountants has found high rates of adoption of international accounting standards in areas such as auditing and ethics.

The Public Company Accounting Oversight Board began requiring firms last year to disclose the names of engagement partners who participated in audits, but a new academic study questions whether the new requirement will actually benefit investors.

The survey asks for input on the future direction of the auditing overseer.

The prizes, which recognize excellence in governance, regulation and compliance, were presented by the research company GRC 20/20.