Audit

The typical organization loses 5 percent of its revenue to fraud each year, according to a new report from the Association of Certified Fraud Examiners.

One out of three internal audit departments worldwide are now outsourcing at least some of their work to a third party, according to a new study.

Securities class-action lawsuits, including claims against auditing firms, have reached a five-year high, according to a new report.

The Governmental Accounting Standards Board has issued recognition and measurement guidance for state and local governments that benefit from irrevocable split-interest agreements.

More than 80 percent of nonprofits anticipate growth and increased revenues in 2016, according to a new survey.

The Sustainability Accounting Standards Board has launched an Advisory Partner Program to encourage corporate and investor application of SASB's standards and guidance on sustainability accounting.

The International Auditing and Assurance Standards Board has released ISA 810 (Revised), Engagements to Report on Summary Financial Statements.

The new lease accounting standard is likely to have a much greater impact on lessees than lessors.

The Governmental Accounting Standards Board has issued implementation guidance containing questions and answers to clarify some of its recent standards.

The American Institute of CPAs plans to e-mail out ballots to CPAs the week of April 18, immediately after tax season, to vote on a proposal to set up an Association of International CPAs in partnership with the London-based Chartered Institute of Management Accountants.

The Financial Accounting Standards Board has named the members who will serve on a Transition Resource Group to help with implementation of its upcoming credit losses standard.

More than half of companies in India are not yet ready for new Indian Accounting Standards, according to a new survey.

The crazy news out of Valeant continued this morning with a wild press release announcing, among other things, that Chief Executive Officer J. Michael Pearson is going to leave, but not yet, and that the board asked former Chief Financial Officer Howard Schiller to resign from the board, "but Mr. Schiller has not done so."

The Financial Accounting Standards Board has amended the converged revenue recognition standard it developed with the International Accounting Standards Board to add more guidance about principal versus agent considerations.

Audit firm policies designed to protect whistleblowers against retaliation for reporting wrongdoing could backfire and make potential tipsters even more fearful of the possible consequences, according to a new academic study.

Toshiba Corp. is under investigation by the U.S. over allegations that it hid $1.3 billion in losses at its nuclear power operations, according to two people familiar with the matter. Shares plunged in Tokyo.

The Financial Accounting Standards Board has issued an accounting standards update making it easier for companies to transition to the equity method of accounting.

Lee Klumpp of BDO USA describes in this video the trends in accounting standards that not-for-profit organizations are dealing with.

Mergers and acquisitions are prompting companies to take risky accounting maneuvers, warns a new report from Deloitte.

The Public Company Accounting Oversight Board announced settled disciplinary orders Tuesday sanctioning five audit firms for violating independence requirements in connection with audits of brokers and dealers.