Audit

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The Center for Audit Quality has released a new Guide to Internal Control Over Financial Reporting to explain to investors and the general public the process used by U.S. public companies to enhance the reliability of their financial statements by reducing the risk of material errors or misstatements.

The Public Company Accounting Oversight Board is mulling the possibility of reorganizing its auditing standards into a topical structure.

Chief audit executives are focusing on adding more value to their organizations as they move away from strictly a compliance role.

The International Ethics Standards Board for Accountants has released stronger provisions in its Code of Ethics for Professional Accountants to address conflicts of interest and a breach of a requirement of the code.

The Government Accountability Office has expressed its support for giving auditors more responsibility for the information in documents accompanying audited financial statements.

A trade group representing credit unions is asking the Financial Accounting Standards Board to delay its proposals for changes in the accounting for credit losses and loan impairments.

SAP has released the SAP Fraud Management analytic application powered by SAP HANA, the latest analytics tool from the enterprise software maker designed to integrate with most ERP systems in order to detect, investigate, analyze and prevent irregularities or fraud activity.

The trustees of the IFRS Foundation have included the U.S. Financial Accounting Standards Board among the national and regional standard-setters in the new Accounting Standards Advisory Forum, the new group that will advise the International Accounting Standards Board on development of International Financial Reporting Standards.

The Securities and Exchange Commission is asking for public comments on a proposal from Nasdaq to require Nasdaq-listed companies to establish an internal audit function no later than Dec. 31.

The Securities and Exchange Commission’s Division of Corporate Finance has issued new guidance allowing public companies to provide equity-based financing to employees through a program involving loans without violating Sarbanes-Oxley, with some help from former Congressman Michael Oxley himself.

The internal audit function has a greater opportunity to deliver value to businesses outside its traditional focus areas, according to a new survey by PricewaterhouseCoopers, but before it can contribute to businesses in a more meaningful way, it must keep pace and continue to evolve its focus.

CollegeFrog’s National Meet the Firms Week, Deloitte’s exclusive arrangement with The WSJ and more…

The Governmental Accounting Standards Board has introduced an online version of its Governmental Accounting Research System, GARS Online, providing online access to accounting standards and related literature for state and local governments.

Fitch Ratings is warning that approval of a Financial Accounting Standards Board proposal on the treatment of credit losses for loans and other financial assets could eventually force U.S. banks to book expected losses early, putting pressure on their reserve levels and reported earnings.

In the past four years, the quantity of financial restatements from SEC public registrants has leveled off and their severity has remained low, according to a new report by the research firm Audit Analytics, but restatements have increased from accelerated filers for the third straight year.

Accounting Today has released its Top 100 Firms and Regional Leaders report for 2013, ranking the largest firms in the U.S. and in regions across the country.

The Financial Accounting Foundation has released an updated print edition of the Financial Accounting Standards Board’s Accounting Standards Codification, and appointed some new members to its advisory committees.

The Group of 20 finance ministers, along with the European Commission, are calling for improved accounting standards in the public sector.

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