Audit

A pair of influential senators have re-introduced legislation to make the Public Company Accounting Oversight Board’s disciplinary proceedings against auditing and accounting firms public.

The Legal Affairs Committee of the European Parliament voted Thursday to require public companies to change audit firms after up to 14 years, which could increase to 25 years if safeguards are put in place.

Firm anniversaries, DiCicco's annual summit and more...

The Public Company Accounting Oversight Board has issued a formal policy statement in an effort to get more cooperation from public accounting firms in assisting with the PCAOB’s investigations of their audits.

The Financial Accounting Foundation’ board of trustees has named Russell G. Golden as the next chairman of the Financial Accounting Standards Board, succeeding Leslie Seidman, whose term will end on June 30.

The Governmental Accounting Standards Board has approved a new standard that provides accounting and financial reporting guidance to state and local governments that offer nonexchange financial guarantees and governments that receive guarantees on their obligations.

The Financial Accounting Standards Board has issued an Accounting Standards Update aimed at improving financial reporting by clarifying when and how public and private companies and not-for-profit organizations should prepare statements using the liquidation basis of accounting.

Deloitte Touche Tohmatsu CPA Ltd. lost a bid to delay a lawsuit brought by the Securities and Exchange Commission seeking documents in an investigation of the auditor’s former client Longtop Financial Technologies Ltd.

CPA technology thought-leader James Bourke identifies three trends that every accounting firm needs to pay attention to.

Jeffrey Bolton, CPA, a partner and co-founder of Gulf Coast Regional Leader Daszkal Bolton LLP, died on April 19 in a swimming accident in the Bahamas.

The profession's confidence in the U.S. economy moderated somewhat last month, according to the April edition of Accounting Today’s monthly Accountants Confidence Index.

The U.S. Commodity Futures Trading Commission has filed a complaint against Tunney & Associates, an accounting firm with offices in Hammond, Ind. and Orland Park, Ill., and Michael Tunney, its sole owner and a CPA licensed in Illinois and Indiana, claiming he failed to properly audit a client registered with the CFTC.

International Accounting Firm News:

Former Financial Accounting Standards Board chairman Robert Herz has written a new book on his experiences chairing the Financial Accounting Standards Board and the challenges he faced during the financial crisis.

A proposed Integrated Reporting Framework unveiled by the International Integrated Reporting Council this week is attracting some early support.

The promise of integrated reporting that combines financial reporting with a host of other factors, including sustainability, governance and community involvement, finally appears to be on the horizon.

The International Integrated Reporting Council has issued a consultation draft of its International Integrated Reporting Framework, which aims to create the foundations for a new reporting model that will enable a business to provide a concise communication of how it creates value over time.

The Financial Accounting Standards Board and the Private Company Council have released an invitation to comment on their proposed decision-making framework for determining when exceptions to accounting standards should be made for privately held companies.

A new study indicates that despite calls for greater auditor independence, investors prefer companies to be audited by the same firm that also provides it with tax services.

The Securities and Exchange Commission has charged the former partner in charge of KPMG's Pacific Southwest audit practice and his friend with insider trading on nonpublic information about firm clients.