Audit

The Governmental Accounting Standards Board has issued a proposed Implementation Guide containing questions and answers aimed at clarifying, explaining and elaborating on recent GASB standards.

The Securities and Exchange Commission has charged five Florida residents—including an accountant and two lawyers—with insider trading ahead of the acquisition of Pharmasset by Gilead Sciences.

The Financial Accounting Standards Board has issued a proposed accounting standards update to improve the guidance on collectibility, noncash consideration, and completed contracts at transition in the new revenue recognition standard.

The Securities and Exchange Commission announced that Trinity National Corp. and wholly owned subsidiary Los Alamos Bank, have agreed to pay $1.5 million to settle charges of accounting fraud.

The Securities and Exchange Commission is looking for public comment on the effectiveness of the financial disclosure requirements in Regulation S-X.

FASB released an accounting standards update that eliminates the requirement to retrospectively account for adjustments made to provisional amounts recognized in a business combination.

The Securities and Exchange Commission has filed financial fraud charges against four former officers of SMF Energy Corp., a bankrupt Fort Lauderdale, Fla., fuel transport company.

Yigal M. Rechtman of Grassi & Co. recently concluded a fraud investigation involving a cash-skimming scheme. Here he shares his findings to help give tax professionals performing audits new perspective.

The International Federation of Accountants has released a Guide to Compilation Engagements to help accountants in small and midsize practices.

The Sustainability Accounting Standards Board has issued provisional standards for eight more industries.

The Financial Accounting Standards Board has issued for public comment two exposure drafts related to materiality and its Disclosure Framework project with the goal of making financial disclosures more effective.

The Securities and Exchange Commission announced that it has approved the renewal of its Advisory Committee on Small and Emerging Companies.

“Goodfellas” producer Irwin Winkler filed a lawsuit against Warner Bros. Entertainment, claiming the studio reported the movie lost money to pocket the millions of dollars he’s owed.

The International Accounting Standards Board proposed temporary measures to address worries over conflicts between a standard that has been issued, and another that isn’t due for a year.

The Securities and Exchange Commission has charged the Jacksonville, Fla.-based retail chain Stein Mart Inc. with materially misstating its pre-tax income due to improper valuation of inventory subject to price discounts and for having inadequate internal accounting controls.

Approximately 1,100 public companies changed their audit firms in 2014, a number approximately the same as in 2013, although one company managed to change its audit firm three times last year while another changed its audit firm for the first time since 1890.

Deloitte reported Tuesday its global annual revenues reached $35.2 billion in fiscal year 2015, a 7.6 percent growth rate in terms of local currency.

PricewaterhouseCoopers has released a useful report demonstrating the many differences that remain between U.S. GAAP and International Financial Reporting Standards.

An auditor’s mindset distinguishes a great accountant from an average one. The mindset involves really looking at items and not just checking them off. Believe it or not, I developed this by watching ballet.

As an accountant for a public company, you’ve always dreaded this situation. You are going about your day-to-day duties in finance and stumble upon a problem with your employer’s accounting—a serious problem.