Audit

The Committee of Sponsoring Organizations of the Treadway Commission, also known as COSO, has unveiled a proposed update to its 2004 enterprise risk management framework.

South Korea is considering a bill that would allow regulators to oust the CEO of an accounting firm that is found to be negligent in controlling audit quality.

The Securities and Exchange Commission said Monday it will allow companies to voluntarily file structured financial statement data in a format known as Inline XBRL.

KPMG stepped down as FIFA’s auditing firm as soccer’s world governing body races to clean up a reputation dented by allegations of bribery and corruption.

Wolters Kluwer Tax and Accounting has introduced technology to help audit automotive and equipment dealerships.

Thomson Reuters has released PPC’s Practice Aids for Audits of Form 11-K Benefit Plans to guide professionals auditing defined contribution plans that are required to file Form 11-K with the U.S. Securities and Exchange Commission.

Staggered terms of board directors at public companies have fallen out of favor in recent years, in part because they give shareholders less influence over management, and new research suggests a staggered board structure could also hurt the effectiveness of audit committees.

The trustees of the IFRS Foundation have suggested a number of amendments to its constitution.

Valeant Pharmaceuticals International Inc. just gave conventional financial measures a new prominence in its latest quarterly report. It wasn’t pretty.

The Securities and Exchange Commission has barred a former corporate vice president and a former controller for false accounting at an electronics company.

The World Gold Council, a market development organization for the gold industry, has some ideas about developing a common accounting framework for gold that could be used by central banks in countries around the world.

The costs of the finance and accounting function at many companies are expected to climb in the next few years, according to a new survey.

The Financial Accounting Standards Board has issued a proposed accounting standards update on gains and losses from the derecognition of nonfinancial assets, clarifying the scope of FASB’s asset derecognition guidance and accounting for partial sales of nonfinancial assets.

Only 9.8 percent of financial and accounting professionals say their companies are prepared to comply with the new lease accounting standards, according to a new survey by Deloitte.

Oracle Corp. and its top executives were sued by an investor who blames his stock losses on allegations by a former finance executive that the cloud computing giant doctored its quarterly results.

The Federal Accounting Standards Advisory Board is proposing changes in how the federal government accounts for tax expenditures.

The Center for Audit Quality is providing support for more independent auditing-related research by picking two new academic research proposals for funding.

Thomson Reuters has released a new edition of PPC’s SMART Practice Aids – Single Audit Suite to automate the single audit process.

New York’s highest court again rejected a bid by former American International Group Inc. Chairman Maurice “Hank” Greenberg to dismiss the state’s decade-old fraud suit against him, clearing a path for a trial.

Check out the June 2016 issue of Accounting Today.