Audit

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.

The Financial Accounting Standards Board issued for public comment Wednesday a proposal that would define a public business entity.

The Public Company Accounting Oversight Board has released its latest inspection report on Ernst & Young after the New York-based firm failed to address certain quality control issues to the satisfaction of the PCAOB.

Public Company Accounting Oversight Board member Jeanette Franzel told a group of accounting educators that lack of professional skepticism is one of the main reasons for the prevalence of audit weaknesses found in the PCAOB’s inspections of the work of auditing firms.

New international membership, partnerships and more ...

Deloitte leads Big Four, but smaller firms are the big winners

A roundup of A&A news from the previous month

New kinds of technology and new standards are changing the face of this core service

International Business Machines Corp., facing a Securities and Exchange Commission investigation into how it reports revenue from offsite cloud services, said it stands by its accounting methods.

Accounting Today is now accepting submissions for its annual Managing Partner Elite list of top firm leaders.

Top 10 Firm BDO USA LLP announced that its revenue for the fiscal year ended June 30 was $683 million, an increase of 10.5 percent over the previous year’s revenue of $618 million.