Audit

The Securities and Exchange Commission has adopted that latest update to the U.S. GAAP Financial Reporting Taxonomy for filing financial statements using Extensible Business Reporting Language, or XBRL.

The American Institute of CPAs voted to allow changes in the definition of “attest” during its Spring Meeting of Council on Sunday in an effort to fend off competition from non-CPA firms and unlicensed CPAs who offer attest services using AICPA standards.

Fraud fighters today face many of the same challenges as they did at the start of the last century, a leading investigator told accountants, academics and attorneys at the Fraud & Forensic Accounting Education Conference May 16 in Atlanta.

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The Tax & Accounting business of Thomson Reuters launched its sixth annual series of Partner Summits this week with a two-day event in Houston.

Big Four firm KPMG led the pack among large and national firms in the market for Securities and Exchange Commission audit clients in the first quarter of 2013, with a net of seven new clients.

The Financial Accounting Standards Board is looking for comment on proposed structural changes to the U.S. GAAP Taxonomy.

The Financial Accounting Standards Board and the International Accounting Standards Board have released for comment a revised exposure draft proposing significant changes to the standards for accounting for leases.

Top 100 Firm Kahn, Litwin, Renza & Co. announced the opening of KLR Emerging Business Center. The center will provide co-working office space and accounting services to start-up and emerging companies.

New York State Attorney General Eric Schneiderman and the chairmen of some key legislative committees have proposed a major overhaul of state laws governing the nonprofit sector in the first major reforms in 40 years, including improved oversight of audits by the charity's board and the hiring of independent auditors.

Fifteen of the largest banks in the U.S. have written a letter to the chairmen of the Financial Accounting Standards Board and the International Accounting Standards Board encouraging them to resolve their differences over the standards for credit losses in their financial instruments convergence project.

The Committee of Sponsoring Organizations of the Treadway Commission issued its updated Internal Control–Integrated Framework (Framework) and related illustrative documents on Tuesday.

Compliance costs for Sarbanes-Oxley and external audit fees both increased last year, according to a new survey, but for most organizations the cost of SOX compliance remains at a manageable level.

The Center for Audit Quality has written to the Public Company Accounting Oversight Board to offer its perspectives on audit quality indicators in preparation for a meeting later this week of the PCAOB’s Standing Advisory Group.

The American Institute of CPAs has a number of high-profile items on the agenda for its Spring Meeting of Council next week, including re-evaluating its recognition of the International Accounting Standards Board as a standard-setter, changing the definition of attest services and globalizing more of its credentials.

The Financial Accounting Standards Advisory Council, which advises the Financial Accounting Standards Board on its priorities and agenda, is asking for suggestions on what FASB’s future agenda should be.

Representatives of the International Accounting Standards Board and the Accounting Standards Board of Japan met Thursday and Friday in Tokyo to discuss their new relationship through the recently established Accounting Standards Advisory Forum as their one-to-one meetings come to an end.

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The United Kingdom’s Financial Reporting Council said Thursday that it has open an investigation into whether KPMG’s audit firm in the U.K. was independent when it conducted audits of automobile dealer Pendragon PLC.

A new academic study funded by the Center for Audit Quality scrutinizes the role of the external auditor in fraudulent financial reporting and found that the top areas cited by the Securities and Exchange Commission were failure to gather sufficient competent audit evidence, failure to exercise due professional care, and insufficient level of professional skepticism.