Audit

Leaders of the Financial Accounting Standards Board and the International Accounting Standards Board pledged Tuesday to continue their work together, even after completing their major convergence projects for harmonizing standards.

The Public Company Accounting Oversight Board released a report Tuesday on its 2015 inspection of KPMG LLP, finding problems with 20 of the 49 companies whose audits by the firm were inspected.

Officials from the Securities and Exchange Commission and the Center for Audit Quality discussed the effort to rein in the use of non-GAAP financial measures during an American Institute of CPAs conference Monday.

The Public Company Accounting Oversight Board said Deloitte’s Brazil firm will pay an $8 million settlement and its Mexico firm will pay a $750,000 settlement to resolve auditing violations.

The trustees of the Financial Accounting Foundation announced a number of new members of the councils that advise the standard-setters it oversees, FASB and GASB.

Audit deficiencies at public companies decreased for the first time in five years in 2015, but remain high, according to a new analysis.

The American Institute of CPAs’ Financial Reporting Executive Committee has issued new working drafts on how the new revenue recognition rules will affect certain industries, including airlines and gaming.

Company audit fees rose by a median 3.2 percent in 2015, according to a new study.

An Upstate New York woman has pleaded guilty to embezzling at least $3.1 million from agriculture giant Cargill Inc., the Justice Department announced.

The Governmental Accounting Standards Board has issued a proposed Implementation Guide to help users better understand and apply the board’s statements.

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 AICPA's Financial Reporting Executive Committee submitted comments to the Financial Accounting Standards Board regarding FASB’s targeted improvements to accounting for hedging activities.

The trustees of the IFRS Foundation, which oversees the International Accounting Standards Board, have reduced the board’s number of members as part of a constitutional review.

Automobile manufacturer Tesla Motors is dropping the use of some non-GAAP financial measures in its earnings releases after receiving several letters from the Securities and Exchange Commission criticizing the practice.

The Public Company Accounting Oversight Board has struck an agreement with Italy’s audit oversight regulator, Commissione Nazionale per le Società e la Borsa.

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Cloud-based audit confirmation software developer Capital Confirmation has raised $60 million to fund “aggressive international expansion.”

The Public Company Accounting Oversight Board approved its fiscal year 2017 budget of approximately $268.5 million, along with a strategic plan through 2020 to guide its programs and operations.

Vinci SA fell victim to a fake release claiming the French builder had fired its finance chief amid accounting irregularities, prompting the stock to plunge before the company denied the report.