Audit standards

The Public Company Accounting Oversight Board is disciplining Deloitte Accountants NV, imposing a civil monetary penalty of $300,000 on the Netherlands member of the Deloitte Touche Tohmatsu Limited network.

Countries and jurisdictions throughout the world mandate that entity financial statements be prepared using International Financial Reporting Standards, and that audits be conducted in accordance with International Standards on Auditing. Although the use of IFRS and ISAs isn’t mandated in countries such as the U.S., in our increasingly global economy, many accounting firms must now be able to address the needs of clients with reach outside the primary country in which they operate.

The Public Company Accounting Oversight Board announced a cooperative agreement with the audit regulator of Finland, the Finnish Patent and Registration Office.

The Center for Audit Quality published two new member alerts to help public company auditing firms quickly and proactively address potential risks.

The American Institute of CPAs’ Accounting and Review Services Committee has finished the last of the standards it has been redrafting and clarifying as part of the AICPA’s Clarity Project.

A consultant offers ugly truths and realistic remedies

The American Institute of CPAs’ Auditing Standards Board has issued an exposure draft of a proposed standard for auditors who are involved with securities offerings that are exempt from registration with the Securities and Exchange Commission.

The American Institute of CPAs has issued two new exposure drafts, including a proposal to update auditing standards surrounding going-concern evaluations.

The Public Company Accounting Oversight Board released a staff guidance document Tuesday to help auditing firms deal with new requirements for disclosing the names of engagement partners and outside firms that participated in an audit.

The Public Company Accounting Oversight Board is taking another stab at overhauling the auditor’s reporting model.