Audit

The Public Company Accounting Oversight Board released two documents Thursday describing what its staff is looking for this year when inspecting auditors of public companies and broker-dealers.

The Securities and Exchange Commission voted Wednesday to get rid of redundant and outmoded disclosures in response to recent changes in U.S. and international accounting standards and technology.

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 Institute of Management Accountants has released an exposure draft of a proposed Management Accounting Competency Framework in an effort to fill the skills gap for accountants who choose careers in private industry.

Mazars, an international accounting, auditing and tax firm, has signed a deal to acquire Corality Financial Group, a financial modeling consultancy and training course provider with offices in Sydney, London and New York.

The internal audit function needs to transition to operate across the entire risk governance framework at financial services firms, according to a new report from Ernst & Young.

The International Ethics Standards Board for Accountants is releasing a new standard this week that redefines the roles of auditors, CFOs and other accounting professionals when they witness or suspect illegal acts at their own organizations or within a client’s organization.

Charles Tilley, the longtime leader of the London-based Chartered Institute of Management Accountants, is stepping down following the recent approval of an international accounting association jointly run with the American Institute of CPAs.

WeiserMazars LLP has merged in Risk Management Group, an internal audit service provider in Ladera Ranch, Calif.

Sean McKessy, chief of the Securities and Exchange Commission’s whistleblower office, plans to set down this month.

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

The AICPA drafted a new comment letter to the U.S. Department of the Treasury and the IRS today, calling for a delay in the effective date of Internal Revenue Code Section 385 proposed regulations (REG-108060-15), which relates to the treatment of certain interests in corporations as stock or debt for federal tax purposes. The AICPA also urged that exceptions to the proposed regulations be provided as part of its numerous technical comments and recommendations.

The AICPA announced a multifaceted action plan against cyber crime.

The International Federation of Accountants has been trying to build the reach and influence of the accounting profession in emerging markets in Africa, Asia and other parts of the world.

The American Institute of CPAs’ Financial Reporting Executive Committee has drafted a set of implementation issues for nine different industries that it plans to incorporate in a guide to the new revenue recognition standard next year.

Soccer’s seven top officials selected a Slovenian to be FIFA’s new audit and compliance chief, an appointment that’s been under scrutiny following the resignation of the former office holder who claimed the role had been diminished.

PricewaterhouseCoopers has created a series of YouTube videos explaining the ins and outs of the Financial Accounting Standards Board’s new lease accounting standard.

Check out the digital edition of the July 2016 issue of Accounting Today.

The Center for Audit Quality is offering an online set of questions to help audit committees determine whether the use of non-GAAP measures is appropriate or not.

An encore: Using truth to untangle the Gordian Knot of pension accounting