Audit

Members of the Institute of Financial Accountants in the United Kingdom have voted to amalgamate with Australia’s Institute of Public Accountants to form one of the largest international organizations of accountants who focus on small and midsize enterprises and accounting practices.

Global Upside released their holiday card this past week, featuring worldwide staff of the global services company taking part in the holiday favorite, "Let It Snow."

On Monday, the American Women's Society of Certified Public Accountants (AWSCPA) of Georgia announced their Legacies, Leaders & Luminaries Celebration Dinner to be held on January 8, 2015 at the National Center for Civil & Human Rights. The AWSCPA will honor Johnnie L. Clark, CPA, MBA, Ph.D. and other rising stars in the profession.

The AICPA issued a concept paper on Monday concerning the future of peer review, seeking input on the CPA profession’s practice monitoring of the future. The paper, “Evolving the CPA Profession’s Peer Review Program for the Future,” explains how the current peer review program for firms’ accounting and auditing engagements could be changed into a technology-driven, quasi-real time practice monitoring process.

The American Institute of CPAs is looking for advice on ways to revamp its peer review program for the future to leverage technology to do continuous monitoring of how CPA firms perform audit and accounting work.

Firm awards, relocation and more…

Earlier this month, CPA.com released their CPA of the Future Study at the Digital CPA Conference. The Study is designed to measure CPA firms’ ‘future readiness,’ a concept developed by futurist and business advisor Dr. James Canton, CEO of the Institute for Global Futures, which conducted the research for CPA.com. "Future readiness" was defined as, “the capacity to be aware, predictive, and adaptive of emerging challenges, tech innovations, and trends and changes in business, population and social environment,” according to Dr. Canton.

After years of heralding China as one of its best markets, Wal-Mart in August said its performance there was among the worst in its major countries. A management shake-up and job cuts have followed.

Prince Charles has issued a challenge to accountants worldwide to mark the tenth anniversary of his Accounting for Sustainability Project.

According to a new analysis published today by Concur, the leading provider of spend management solutions and services, the third Monday of December has consistently been the busiest expense (claims) day of the year

According to last year's Hollinden Professional Services Marketing Survey, in which firms are polled as to their active marketing, percentage of time spent on business development, and lead generation tactics, about 80% of firms invest only 5% or less of their gross revenue in marketing themselves.

Officials from the Financial Accounting Standards Board and the International Accounting Standards Board spoke about the path forward on harmonizing U.S. GAAP with International Financial Reporting Standards as the two boards near the end of their convergence efforts.

Last Wednesday, EY held their Diverse Abilities Leadership Summit at their Times Square office. The event was held to promote awareness and acceptance of people with differing abilities, and to "create opportunities for people of all abilities and the businesses which employ them," according to the event's program.

Securities and Exchange Commission officials told CPAs Monday that they are considering allowing U.S. companies to provide some information, such as revenue, in International Financial Reporting Standards as a supplement to their U.S. GAAP financials on a voluntary basis.

Nearly four out of five CPAs in public accounting believe they will play a key role in preparing their clients for complex challenges in the decade ahead but realize they must understand and embrace emerging innovations, according to a new study commissioned by CPA.com, the technology and business arm of the American Institute of CPAs

The Securities and Exchange Commission sanctioned eight audit firms for violating auditor independence rules and the Public Company Accounting Oversight Board announced settled disciplinary orders Monday against seven other audit firms for violating independence rules in audits of broker-dealers.

The Public Company Accounting Oversight Board is finding that the push toward mandatory audit firm retendering and rotation is leading to lower audit fees in Europe, sparking audit quality concerns.

The International Ethics Standards Board for Accountants has introduced a Web-based version of its Code of Ethics for Professional Accountants for the first time.

CPE opportunities, Andersen Tax new office and more…

The Financial Accounting Foundation and the two standard-setting boards it oversees, the Financial Accounting Standards Board and the Governmental Accounting Standards Board, have created a draft strategic plan of their vision, mission and top priorities, and are asking for comments.