Audit

Both public and private companies saw an increase in the auditing fees they paid to outside firms, according to a new survey by Financial Executives International.

BDO USA took the top spot in the league tables for large-firm gains of Securities and Exchange Commission audit clients in the second quarter of 2013. The Chicago-based firm, which ranks No. 8 on Accounting Today’s Top 100 Firms list, added a net nine new firms, far ahead of most other firms for the period.

Russell Golden, the newly appointed chairman of the Financial Accounting Standards Board, will be overseeing a board that will be dealing with a new uncertain environment in which it will be only one of a number of standard-setters from around the world working together in a more multilateral way to decide on future standards for the profession to follow.

David A. Vaudt, the new chairman of the Governmental Accounting Standards Board, plans to closely monitor the impact of GASB’s new pension accounting standards on the finances of state and local governments.

Firms awards scholarships, PwC opens a new office and more…

The Financial Accounting Standards Board and the International Accounting Standards Board said Friday they plan to create a joint group to help companies and their accountants make the transition to the upcoming final converged standard on revenue recognition.

The International Auditing and Assurance Standards Board has released proposals aimed at fundamental transformation of the structure of the future auditor’s report with the goal of communicating better to users such as investors and financial analysts.

The American Institute of CPAs has issued an exposure draft resulting from AICPA’s Attestation Clarity Project in an effort to clarify the professional standards it uses for attestation engagements.

The accounting profession stayed confident about the direction of the economy this month, according to the July edition of Accounting Today’s monthly Accountants Confidence Index.

The Financial Accounting Standards Board has named James L. Kroeker, former chief accountant for the U.S. Securities and Exchange Commission, as a member and vice chairman.

The Tennessee State Board of Accountancy has adopted a resolution officially recognizing the American Institute of CPAs’ recently issued Financial Reporting Framework for Small and Medium-sized Entities, apparently the first state board to do so.

The Public Company Accounting Oversight Board posted an updated list of firms Monday that have registered with the PCAOB, but have not yet been inspected, even though four or more years have passed since they issued an audit report while registered.

The International Accounting Standards Board has published for public comment a discussion paper exploring possible changes to the IASB’s Conceptual Framework for Financial Reporting.

The United Kingdom’s Competition Commission has issued a provisional decision recommending that companies put their auditing work out for bid every five years to promote competition in the audit profession.

Internal auditors around the world are bearing the brunt of a quickly changing regulatory landscape, especially in financial services, according to a new survey by Thomson Reuters.

ALABAMA

The Institute of Internal Auditors wrapped up its annual conference in Orlando this week, featuring prominent keynote speakers including former Secretary of State Madeleine Albright and best-selling business writer Tom Peters.

The proposed changes in lease accounting standards described in the recent exposure draft from the Financial Accounting Standards Board and the International Accounting Standards Board will significantly alter financial reporting standards for both lessors and lessees, according to Fitch Ratings.

The Public Company Accounting Oversight Board is taking a close look at the nearly 1,000 accounting firms that have registered with the PCAOB even though they do not audit public companies and may decide to drop many of them.

The International Federation of Accountants and the Institute of Internal Auditors said Wednesday they have signed a memorandum of understanding to create a formal basis for the advancement of risk management and internal controls toward a common goal of enhanced governance.