Audit

The Institute of Internal Auditors Research Foundation has issued a new report offering strategies for motivating internal audit staff, including dealing with generational differences.

The Financial Accounting Standards Board’s Emerging Issues Task Force has issued an accounting standards update to address the extinguishment of liabilities and recognition of breakage for prepaid stored-value products, such as gift cards, telephone cards and traveler’s checks.

The Financial Accounting Standards Board’s Emerging Issues Task Force has issued an accounting standards update on the effect of derivative contract novations on existing hedge accounting relationships.

A former accounting manager at air conditioning maker Carrier Corporation was sentenced to 12 months in prison for his role in an insider embezzlement scheme.

The Securities and Exchange Commission charged California’s largest agricultural water district Wednesday with misleading investors about its financial condition as it issued a $77 million bond offering, with one of its managers bragging about using “a little Enron accounting.”

John Raspante of NAPLIA explains in this video why failing to detect fraud is such a common claim in malpractice lawsuits against accountants and how to protect your firm against it.

The following is a short story I distribute to my beginning undergraduate accounting students and those graduate students who are finishing their master’s degrees. It is intended to stimulate their reading comprehension and ignite their critical thinking as to how numbers play such an important role in business as in life. It was influenced by a sermon a priest delivered many years ago at a service I once attended:

Mergers and deregistrations spark many moves.

The internal audit function is increasingly providing significant value, according to a new report by PricewaterhouseCoopers.

The Securities and Exchange Commission has accepted the Financial Accounting Standards Board’s 2016 GAAP Financial Reporting Taxonomy.

KPMG and IBM announced plans to apply IBM’s Watson cognitive computing technology to KPMG’s professional service offerings, with a focus on auditing services.

The finance and accounting function can play a critical role in helping organizations navigate through a crisis.

The Financial Accounting Standards Board has issued an accounting standards update for private companies that opt to apply private company accounting alternatives, removing the effective dates for four of the alternatives.

The International Auditing and Assurance Standards Board has released a publication describing some of the audit issues arising from the shift to Expected Credit Loss models when accounting for loan losses under new accounting standards.

The six largest audit firm networks have agreed with international audit regulators on a new initiative to achieve a measurable reduction in audit deficiency findings by 2019.

Helen Brand, chief executive of the Association of Chartered Certified Accountants, is on a mission to expand accounting education across the world.

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

The Financial Accounting Standards Board’s new lease accounting standard could have some positive payoffs for companies if they take a careful approach to implementing it.

Nearly three out of four organizations now include cybersecurity risks in their internal audits, a big jump from last year, according to a new survey.

Two professors argue that financial reporting and accounting standards are increasingly irrelevant.