Audit

The International Federation of Accountants has released a document highlighting the best practices for business accountants to follow in terms of effective governance, risk management and internal control.

Organizations are struggling to understand the implications of environmental and social factors in their finances, operations and strategy, according to a new report from the Prince of Wales’s Accounting for Sustainability Project.

KPMG International announced annual combined revenues of $23.03 billion for the fiscal year ended Sept. 30, 2012, a 4.4 percent increase in local currency terms over the previous year, and a 1.4 percent increase in U.S. dollar terms.

The Financial Accounting Standards Board and the Center for Audit Quality issued a summary Wednesday of observations from two forums on disclosure effectiveness.

A new report from the Institute of Chartered Accountants in England and Wales urges the International Accounting Standards Board to “end the era of convergence,” and give all listed companies around the world the option of applying International Financial Reporting Standards.

The majority of chief audit executives anticipate that the resources and budgets for their internal audit departments will either increase or stabilize next year, according to a new survey.

The Public Company Accounting Oversight Board released a report Monday in which it identified widespread problems at eight major accounting firms with their audits of internal control over financial reporting.

The Private Company Council held its inaugural meeting on Thursday to discuss how accounting standards should be adjusted for privately held companies.

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The Financial Accounting Foundation’s board of trustees has appointed four new members to the Financial Accounting Standards Advisory Council and six new members to the Governmental Accounting Standards Advisory Council.

The Public Company Accounting Oversight Board has issued a staff audit practice alert to remind auditors of their requirement to exercise professional skepticism throughout their audits.

Financial Accounting Standards Board chairman Leslie Seidman and International Accounting Standards Board chairman Hans Hoogervorst appeared side by side at an AICPA conference Tuesday in a joint appearance to discuss what went awry in U.S. support for International Financial Reporting Standards.

American Institute of CPAs chairman Richard Caturano told an audience of CPAs at the AICPA’s Conference on Current SEC and PCAOB Developments in Washington, D.C., that the Institute is committed to engaging with regulators.

Accounting Today has issued a call for submissions for its 2013 Top New Products report.

The Securities and Exchange Commission said Monday it has begun administrative proceedings against the China affiliates of each of the Big Four accounting firms and another large U.S. accounting firm, BDO, for refusing to produce audit work papers and other documents related to China-based companies under investigation by the SEC for potential accounting fraud against U.S. investors.

Financial Accounting Standards Board chair Leslie Seidman is planning for a multilateral way of working with the International Accounting Standards Board in the future, even as her term approaches an end next year.

A recent report from the federal accounting industry watchdog agency, the Public Company Accounting Oversight Board, found that the incidence of deficient audits performed by the Big Four accounting firms doubled in 2010, reaching a horrifying 33 percent.

Hewlett-Packard Co.’s directors and auditors, along with Autonomy Corp. founder Mike Lynch, were sued by investors over alleged misstatements related to last year’s purchase of the British software maker.

Public Company Accounting Oversight Board chairman James Doty told an audience of auditors that the public is expecting more from the audit profession and warned firms against skimping on audit quality.

The American Institute of CPAs has assembled a set of training courses and online resources to help auditors implement its new clarified auditing standards, which take effect next month.