Audit

Board leaders speak out at a recent conference

A roundup of audit and attest news from the past month.

The Securities and Exchange Commission has launched a pilot program aimed at simplifying investor analysis and comparisons of public company financial statement data using Extensible Business Reporting Language, or XBRL, and other types of data.

Computer Sciences Corp. reached a proposed settlement with the SEC over an accounting probe, agreeing to pay $190 million and adjust its financial statements.

In a recent poll, just over one in every five CPA firms (22%) indicated that they expect revenue growth of more than 10 percent in the new year.

Working virtually from home may have been semipopular at best a few years prior, but in soon-to-be 2015, the idea is gaining much more traction, especially amongst young CPA's and new-hires.

KPMG’s issues worth watching in 2015, CohnReznick examines the IPO market, and more…

Internal audit as a line of defense against inappropriate levels of risk is a time-honored concept in the U.K., South Africa and Australia that is now becoming a popular paradigm in the U.S.

The International Auditing and Assurance Standards Board has released a strategy and work plan for improving audit quality in the new few years.

The Financial Accounting Standards Board has released guidance to improve the way private companies account for intangible assets in a business combination.

In early 2014, the Public Company Accounting Oversight Board in the U.S. announced that it was officially abandoning its pursuit of mandatory audit rotation—the somewhat controversial practice that requires publicly traded companies to change their auditor after a designated number of years.

Did you know that I had a Radical CPE Event last week? It was totally successful but I will let the Twitter feed explain the day!

Partnerships, office moves and more …

The Financial Accounting Standards Board said Thursday the the 2015 GAAP Financial Reporting Taxonomy is now available, although it is pending final acceptance by the Securities and Exchange Commission.

The Public Company Accounting Oversight Board has announced a settled disciplinary order against a partner of Grant Thornton Taiyo ASG LLC, Grant Thornton’s member firm in Japan, for his failure to properly address numerous risks of material misstatement of which he was aware in a 2010 audit of Baldwin-Japan Limited.

Certified Financial Planner Board of Standards, Inc. (CFB Board) announced on Wednesday the formation of the Women's Initiative (WIN) Council - a group of experts supporting and advising CFP Board in its efforts to increase the overall number of women entering the financial planning profession, including women CFP® professionals.

The Sustainability Accounting Standards Board has released a set of provisional sustainability accounting standards for 10 industries within the services sector.

The Securities and Exchange Commission has imposed sanctions against Baker Tilly Hong Kong Limited and two of its accountants for failing to properly audit year-end financial statements of a company that the SEC has charged with fraud.

With the holidays upon us, many firms and businesses are feeling charitable and giving what they can in the spirit of the season. One such organization, Legacy Professionals LLP, has implemented "Wear-It-Wednesdays" this year, in which staff can pay $5 each to wear jeans to the office, with collected donations put into the “Employees of Legacy Making a Difference Fund.” The money is then put towards local organizations nominated by Legacy's staff.

U.S. regulators and Chinese affiliates of the four largest accounting firms said they can probably reach an agreement within a few months to end a standoff over access to audit documents belonging to the firms’ clients.