Audit

Find out what accounting firm switched to the feline marketing craze…

Spending on outsourcing of accounting and finance functions is expected to reach over $25 billion around the world this year, according to a new report.

The Financial Accounting Standards Board is proposing improvements to financial reporting about discontinued operations of major business lines or major geographic areas of operations.

The Financial Accounting Standards Board has released a new implementation guide for the Extensible Business Reporting Language. This guide, the fifth in a series, focuses on modeling other comprehensive income transactions in XBRL.

CPA firms may be struggling to properly assess risk and document IT risk assessments, according to information compiled by the American Institute of CPAs from recent peer reviews.

We are republishing some classic Spirit of Accounting columns while we're extra-busy with a new major project. We selected this one because (alas!) several of its points are just as valid today as they were when it was printed in October 2002

The Ministry of Finance of Singapore announced its approval of a plan to phase out the Certified Public Accountant of Singapore designation in favor of the new “Charted Accountant of Singapore,” starting in July of this year.

A roundup of audit & assurance news from the previous month

A new report from the Public Company Accounting Oversight Board found that firms that audit 100 or fewer public companies showed a reduced rate of reported deficiencies in their 2007 through 2010 inspections, but in 2011, the rate of deficiencies showed little sign of declining.

Tax Freedom Day report is on its way, Plante Moran named employer of the year, BeachFleischman has launched an anti-fraud service and more...

The Financial Accounting Standards Board has voted to extend the comment deadline for a much-debated proposal on credit losses and loan impairments.

The top 10 issues that are most likely to prompt an indirect tax audit, when uncovered, according to the Tax & Accounting business of Thomson Reuters:

A recent academic study suggests that adopting a conservative accounting style can hinder a company’s ability to innovate.

An anti-fraud group has released the first of a series of new case studies aimed at teaching audit committees, financial executives and auditors where and how fraud can arise.

International association of independent accounting firms Enterprise Worldwide has partnered with Canadian firm association Porter Hétu International.

The Public Company Accounting Oversight Board is seeking comments on a proposal to reorganize its auditing standards into a single system.

More internal auditors are reporting to their organizations’ chief executive officers than before, according to a semi-annual study by the Institute of Internal Auditors.

Responding to concerns about their allowance model and in an attempt to simplify impairment guidance for financial institutions, the Financial Accounting Standards Board has issued several exposure drafts of proposed models to take into account “expected losses” rather than the current “incurred loss” model.

— The Financial Accounting Standards Board has released a staff document that provides answers to questions about FASB’s recently issued proposal on expected credit losses.

The Financial Accounting Standards Board has added three new implementation guides to its series on using Extensible Business Reporting Language, or XBRL, interactive data tags in financial statements.