Audit

The American Institute of CPAs’ Financial Reporting Executive Committee is asking for feedback on three new working drafts of guidance for broker-dealers and depository and lending institutions on the Financial Accounting Standards Board’s revenue recognition standard.

The Securities and Exchange Commission has appointed a new deputy chief accountant in the Office of the Chief Accountant, Marc A. Panucci, a partner in PwC’s national professional services group.

The International Accounting Standards Board has released its five-year work plan for International Financial Reporting Standards, with a focus on completing its insurance contracts standard and revising its conceptual framework.

Audit software provider AuditFile and business publishers John Wiley & Sons have jointly released a new version of AuditFile’s cloud-based audit program and automation solution.

Audit committees are increasing the amount of information they are giving investors on the actions they are taking to oversee their outside auditing firms, according to a new report.

BDO USA LLP is partnering with CoStar Group’s CoStar Real Estate Manager division to advise companies on complying with the lease accounting standard.

Check out the digital edition of the November issue of Accounting Today.

More than 125 institutional investors sued Tesco Plc, seeking in excess of 100 million pounds ($122 million) over the U.K. grocer’s 2014 profit overstatement.

Nearly one out of four internal auditors around the world face pressures to either suppress or change their audit findings, according to a new report.

The Securities and Exchange Commission has initiated proceedings against an audit partner at PricewaterhouseCoopers accusing him of not doing enough to audit a venture capital fund whose manager was stealing money.

The Securities and Exchange Commission has charged PKF O’Connor Davies and one of its senior partners with issuing fraudulent audit reports on the municipal bond offerings of the town of Ramapo, N.Y.

A group of Senators, including Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., are asking KPMG about the quality of its audits in the wake of the recent scandal involving Wells Fargo’s opening of millions of unauthorized customer accounts.

The Financial Accounting Standards Board has released an accounting standards update for income taxes related to intra-entity transfers of assets other than inventory.

The Financial Accounting Standards Board has released an accounting standards update on how to treat consolidations of interests held through related parties that are under common control.

The American Institute of CPAs is broadening the range of services to which its Statements on Standards for Accounting and Review Services apply, covering not only reviews of financial statements, but also preparation of financial statements and compilation of prospective financial information.

CPA.com has released a position paper arguing for the need for a secure, digital way to transmit private company financial data.

The Four-Way Test shows GAAP-based financial reporting is unethical

A Houston-based company, FMC Technologies, has agreed to pay a $2.5 million penalty to resolve charges that it overstated profits in one of its business segments, the Securities and Exchange Commission said Thursday.

Three former Tesco Plc executives charged with accounting fraud will go on trial in September 2017.

The countdown is on for 2018, as new international accounting rules, IFRS 15 for international countries and ASC 606 for the U.S., will change the way companies need to manage revenue recognition.