Audit

Water industry outlook, board of director announcements and more…

POOP: It's time to bring GAAP into the 21st century

The American Institute of CPAs’ Auditing Standards Board has issued two new auditing interpretations in response to the Governmental Accounting Standards Board’s new pension reporting standards.

A roundup of recent audit and assurance-related news.

Companies will have assistance to comply with new policies.

Be careful where you and your clients consolidate financial statements

A new academic study finds that fair value accounting was unfairly blamed for precipitating the 2008-2009 financial crisis, but acknowledges that some investors reacted positively to news that the rules would be relaxed in response to the crisis.

Ralph Summerford, president of the financial investigation firm Forensic Strategic Solutions in Birmingham, Ala., sees a growing need for forensic accountants and fraud examiners.

The world’s four biggest accounting firms said a planned pro-democracy sit-in protest in Hong Kong’s business district may lead to an exodus of firms, hurting the economy.

Scott London, the former partner in charge of KPMG’s Pacific Southwest audit practice, talked about what led up to his fraud conviction and insider trading charges during a webinar before he begins a 14-month prison term next month.

Awards, conferences and more…

Daily Journal Corp., the California publisher that counts billionaire Charles Munger as chairman, dismissed Ernst & Young LLP after the auditor faulted the company’s accounting.

Deloitte has appointed Catherine Engelbert as chairman and CEO of Deloitte & Touche LLP, the audit subsidiary of Deloitte LLP, to lead its audit practice.

The Public Company Accounting Oversight Board has released staff guidance to help auditors of brokers and dealers registered with the Securities and Exchange Commission to plan and perform audits in accordance with PCAOB standards as mandated by the Dodd-Frank Act and SEC rules.

Thomson Reuters has released a special report examining the Public Company Accounting Oversight Board’s new standards affecting broker-dealer audits.

The Center for Audit Quality and the Auditing Section of the American Accounting Association have announced four awards as part of a program designed to give academic researchers access to audit firm personnel to use in their research projects.

The Financial Accounting Standards Board and the International Accounting Standards Board are taking different approaches to setting standards for rate-regulated utilities, and a FASB board member sees little prospect for an agreement.

The nonprofit Sustainability Accounting Standards Board has released provisional sustainability standards for industries in the nonrenewable resources sector, such as oil, gas and mining.

The role of the finance team is expanding beyond traditional accounting and financial reporting function to include areas such as information technology development, cyber security and strategic business planning, according to a new survey by the American Institute of CPAs.

Accounting Today is issuing a call for nominations for its 2014 Top 100 Most Influential People in Accounting list.