Audit

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.

The Public Company Accounting Oversight Board has entered into a cooperative arrangement with Luxembourg’s audit regulator, the Commission de Surveillance du Secteur Financier of Luxembourg, relating to the oversight of audit firms subject to the regulatory jurisdictions of both regulators.

U.S. Securities and Exchange Commission Chair Mary Jo White is facing pressure to recuse herself from picking the next head of the regulator that polices accountants because of a potential conflict with her husband’s legal work.

How proactive accounting can help deter activist campaigns

The Institute of Management Accountants has published a new Statement on Management Accounting on Implementing an Effective Risk Appetite to help businesses identify their key risk exposures.

The Securities and Exchange Commission imposed sanctions Thursday against a Florida-based CPA for performing deficient and fraudulent audits and quarterly reviews for eight publicly traded companies, and issuing false and misleading audit opinions on the companies’ annual financial statements.

Investors place the greatest trust in independent auditors, according to a new survey by the Center for Audit Quality.

The Association of Chartered Certified Accountants has teamed up with the United Nations Children’s Fund in an effort to show companies how to improve children’s rights around the world, while also expanding its efforts to educate accountants in the U.S. and abroad.

Pressures are growing quickly around the world for internal auditors who work in the financial services industry, according to a new report.

The chairmen of the two organizations responsible for the creation of IFRS argue the value of the standards to the public in a new publication.

Between legislative changes and proposed rules and guidance issued by government agencies at the federal, state, and local levels, business owners have a lot of red tape to navigate and understand.