Audit

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

The International Valuation Standards Council and the Appraisal Foundation have released a document explaining how they plan to harmonize their standards for assessing the value of both tangible and intangible assets.

U.S. corporations overstated their net income more than $164 billion last year by publicizing non-GAAP measures, according to a new report.

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 Securities and Exchange Commission voted Monday to propose amendments that would expand the threshold for businesses to qualify as a “smaller reporting company.”

The European Union’s new rules for mandatory audit firm rotation took effect on June 17, only a week before the United Kingdom voted to “Brexit” from the E.U. How will that affect audit firm rotation in the U.K. and Europe?

The Financial Accounting Standards Board has issued a proposed accounting standards update to amend the consolidation guidance for variable interest entities.