Audit

The Financial Accounting Standards Board has issued a proposal that would exempt many private companies from applying the stringent consolidation guidance under U.S. GAAP to leasing companies under common control.

Operational analysis software company Oversight Systems has released Insights On Demand, cloud-based applications designed to identify fraud, corruption, and waste in travel and expense (T&E) transactions.

The board of trustees of the Financial Accounting Foundation, which oversees the Governmental Accounting Standards Board, issued a proposal Tuesday to change GASB’s scope of authority by altering the definition of “financial accounting and reporting information,” and released the results of its latest post-implementation review of GASB standards.

The ratio of audit fees over revenue was the lowest last year since 2004, according to a report by the research firm Audit Analytics, making it the lowest since the implementation of Section 404 of the Sarbanes-Oxley Act of 2002.

The Institute of Internal Auditors plans to open a new American Center for Government Auditing in early 2014 and has hired a new director to run it.

The Public Company Accounting Oversight Board found deficiencies in all of the firms it inspected that audit broker-dealers, according to a report released Monday, and in 95 percent of the individual audits that the PCAOB inspected.

The Public Company Accounting Oversight Board unveiled far-reaching proposals this week for enhancing the auditor’s reporting model in what could be the biggest transformation of the audit report in over 70 years.

Alfred P. Sloan Award recipients, best places to work, strategic partnerships and more...

Ernst & Young has donated its historical archives dating back to the early 1900s to Case Western Reserve University.

Accounting firm association PrimeGlobal announced Wednesday that Arthur Place, the managing partner of one of the firms in its association, died on Sunday.

The Financial Accounting Foundation said Wednesday that it plans to start streaming audio from the public sessions of future meetings of its Board of Trustees.

The Nevada Supreme Court issued a little-noticed decision in late May that could have significant implications for disputes between auditors and their clients.

The Center for Audit Quality released a document Tuesday highlighting some important elements of audit quality that audit firms could consider in refining or developing their own reporting regarding their public company audit practice.

The Public Company Accounting Oversight Board proposed for public comment a new auditing standard and related amendments to enhance the auditor's reporting model on Tuesday.

Most state and local governments have achieved clean audit opinions, but a new poll of state finance officials found that implementing the Affordable Care Act and funding the pension costs of current and retired employees are among their biggest ongoing challenges.

Investors are more concerned about improving the quality of financial disclosures rather than simply reducing the quantity of them, according to a new report from the CFA Institute, which takes aim at some recently proposed disclosure reforms that seek to cut down disclosure overload.

The trade association representing credit unions believes that the Financial Accounting Standards Board’s recent proposal to redefine the meaning of a public business entity could open the door to more appropriate accounting standards for credit unions.

Relocations, surveys and more

The Public Company Accounting Oversight Board has scheduled a meeting for next Tuesday to consider proposing for public comment a new auditing standard and related amendments to enhance the auditor’s reporting model.

The Financial Reporting Council, the United Kingdom’s standard-setter for accounting, auditing and actuarial work, announced two separate investigations this week into Grant Thornton U.K.’s work with two audit clients, beverage maker Nichols plc., and mortgage lender the Manchester Building Society.