Audit

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.

The Financial Accounting Standards Board and the Private Company Council voted Tuesday to finalize the Private Company Decision-Making Framework, which outlines criteria they intend to use for determining whether and under what circumstances it is appropriate to adjust financial reporting requirements for private companies following U.S. GAAP.

The cost of the transition to International Financial Reporting Standards was significant for many companies, but generally around the same amount they had budgeted or less than they expected, according to a new study.

With the formal release of the 2013 AICPA Guide, Valuation of Privately-Held Company Equity Securities Issued as Compensation, there are two valuation concepts that are new to the updated guide, but are already in fairly wide use.

The global consulting firm Protiviti has published a new study on how the internal audit function is changing at companies around the world as internal audit teams collaborate with more parts of the organization while also trying to maintain their independence.

CPA firms are predicting they will face challenges in gaining acceptance of the American Institute of CPAs’ recently introduced Financial Reporting Framework for Small and Medium-sized Entities, according to a new survey.

M&A surveys, OSCPA’s Women’s Initiative and more…

The Public Company Accounting Oversight Board has conducted a review of safety and security procedures for employees traveling abroad in light of recent incidents of violence around the world, such as the killing of four Americans at the U.S. Consulate in Benghazi, Libya, last year.

China will for the first time give audit records for a Chinese company to U.S. authorities after regulators reached an agreement in May to allow each other access to companies’ documents.

Only 14 percent of capital markets executives at leading investment banks believe the JOBS Act is having a positive impact on increasing the number of IPOs on U.S. exchanges, according to a new survey by BDO USA.

The House has approved a bill that prohibits the Public Company Accounting and Oversight Board from forcing public companies to automatically change or rotate their independent auditing firms.