Audit

The Financial Accounting Standards Board released two accounting standards updates last week, one of which covers the fees paid for cloud computing while the other applies to defined benefit obligations and plan assets.

The Maryland Association of CPAs scored some wins for its members in the Maryland State House this session after lobbying lawmakers earlier this year.

The Center for Audit Quality and the Auditing Section of the American Accounting Association are providing access to audit firm employees for four academic research projects.

The Public Company Accounting Oversight Board has entered into a cooperative arrangement with the Auditors’ Public Oversight Authority of the Ministry for the National Economy of Hungary to oversee audit firms subject to both regulators’ jurisdictions.

Ernst & Young LLP agreed to pay $10 million to settle New York’s lawsuit accusing it of helping Lehman Brothers Holdings Inc. hide financial problems in the years leading to its 2008 collapse.

The Association of Chartered Certified Accountants and the Institute of Management Accountants have published a report examining the future function of the CFO in the finance department of tomorrow.

The International Ethics Standards Board for Accountants has revised its ethics code to improve the independence provisions for auditors.

Profitability, hiring and revenue expectations among business leaders in mature economies soared in the first quarter of this year, according to a survey by Grant Thornton.

Last year saw a rise in accounting-driven federal class action lawsuits, according to a new report from Big Four firm PwC.

The primary U.S. standard-setters and their parent organization have released a strategic plan to articulate the long-range vision and mission of each of the groups and the organization collectively.

Only 37 percent of CFOs and finance leaders say their organization’s approach to annual budgeting is valuable, and, of those, all of them think it needs be improved, according to a new report.

The International Auditing and Assurance Standards Board has released a revised International Standard on Auditing that encourages auditors to thoroughly read through a company’s annual report when auditing, as it provides critical information to the auditor and is ultimately beneficial to the public interest.

The Financial Accounting Standards Board appears to be poised to delay the effective date of its new revenue recognition standard by a year, giving U.S. companies more opportunity to adapt to the changes.

The Financial Accounting Standards Board has issued an accounting standards update on simplifying the presentation of debt issuance costs.

Billy M. Atkinson, the chairman of the Private Company Council that helps set accounting standards for privately held companies, said Wednesday that he will not seek a second term as head of the group after his current term expires at the end of this year.

The Institute of Management Accountants has signed a new strategic partnership and opened eight new chapters in India.

The managing partner of the CPA firm PKF Pacific Hawaii has been charged with 13 felony counts relating to losses of more than $500,000 from his firm.

The Public Company Accounting Oversight Board has sanctioned five current and former partners and employees of the auditing firms L.L. Bradford & Company, LLC in Las Vegas and Samyn & Martin in Kansas City, Mo., for violating PCAOB requirements for auditor independence, audit partner rotation, and audit planning and performance.

The controversial car ride app Uber is appearing on an increasing number of employee expense reports so far this year, according to a new analysis.

The housing mortgage giants Fannie Mae and Freddie Mac could need another bailout in the next few years because they are being left undercapitalized by the Treasury Department, according to the former chairman of the Federal Deposit Insurance Corporation.