Audit

FASB’s invitation to comment and the duh-preciation elephant

Three former Tesco Plc executives will plead not guilty to allegations of accounting fraud, their lawyers said as the men appeared in a London court for the first time since being charged.

Marvell Technology Group Ltd. said it will cover as much as $15.4 million of taxes and penalties incurred by former Chairman and Chief Executive Officer Sehat Sutardja when he exercised backdated options in 2006.

PricewaterhouseCoopers wants to show the life of an accountant and auditor isn’t so boring after all, with a new YouTube video.

Lee Klumpp of BDO USA talks in this video about what FASB plans to tackle in the next phase of development of the nonprofit accounting standards.

Exxon Mobil Corp.’s accounting has prompted a U.S. Securities and Exchange Commission investigation into whether the energy giant should have written down assets as a result of the oil slump, according to a person with knowledge of the matter.

Lee Klumpp of BDO USA discusses in this video how FASB's new accounting standards for not-for-profit organizations will change how nonprofits disclose investment returns and expenses.

The Financial Accounting Standards Board has proposed a set of technical corrections and improvements to its revenue recognition accounting standard.

A startup technology company, AppZen, has introduced new technology that is leveraging artificial intelligence to examine expense reports for signs of fraud.

Lee Klumpp of BDO USA explains in this video how FASB's new nonprofit accounting standards will change how not-for-profits address liquidity.

Financial data extraction platform Validis has released audit working papers specific to nonprofits.

FIFA has chosen PricewaterhouseCoopers’ Swiss firm as its new auditing firm as the international soccer federation tries to recover from a high-profile corruption scandal.

Ernst & Young agreed to pay $9.3 million to settle charges with the Securities and Exchange Commission that two EY audit partners became too close to audit clients, including one who had a romantic relationship with the client.

New York Attorney General Eric Schneiderman’s probe into Exxon Mobil Corp. includes scrutiny of why it didn’t write down the value of oil fields during a global collapse in prices that prompted billions in write-offs by rival drillers, according to a person familiar with the matter.

Lee Klumpp of BDO USA’s Nonprofit Institute for Excellence explains in this video how FASB’s new not-for-profit accounting standards will change how nonprofits classify net assets on their balance sheets.

The Public Company Accounting Oversight Board imposed sanctions on three audit firms, along with engagement partners at two of the firms, for violating independence requirements while auditing broker-dealer clients.

ComScore Inc., which replaced its top officers last month amid an investigation into its accounting practices, climbed a day after restating three years of financial results to reflect lower sales than originally reported.

Joel Curry of Validis discusses in this video the changing relationship between auditors and their clients and how it can move to consulting and business advisory services.

Jeff Gramlich of Gramlich Consulting talks in this video about whether the auditing standards and audit quality will be affected by future auditing technologies such as artificial intelligence.

While women are advancing in the internal audit profession, especially in the U.S. and Canada, many women still feel they lack the necessary skills to compete with their male peers, according to a new report.