Audit

Is it time to consider a new form of financial reporting?

The staff of the Public Company Accounting Oversight Board has put a set of frequently asked questions relating to issues connected to the implementation of the board’s funding rules as they related to brokers and dealers.

Highlights from our coverage of our 3rd Annual Growth & Profitability Summit, including keynote sessions, and tips, strategies and best practices on tax, technology, recruiting and retention, M&A, and more.

Accounting Today announced the winners of its annual Best Firms to Work For ranking during the Growth & Profitability Summit in Boca Raton, Fla., on Monday.

The Public Company Accounting Oversight Board is currently in the midst of disciplinary proceedings against 19 auditing firms, and the PCAOB is considering ending the registrations of up to 870 firms that have not been auditing public companies or broker-dealers, according to a PCAOB official.

Nearly two-thirds of accountants gave Congress a grade of F in a recent survey.

In an exclusive interview with Accounting Today, Leslie Seidman chair of the Financial Accounting Standards Board, detailed the current status and likely future timeline for the four main remaining part of the board’s convergence agenda with the International Accounting Standards Board.

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.

The International Federation of Accountants and the International Valuation Standards Council have renewed their memorandum of understanding and plan to strengthen their mutual efforts to improve confidence in business reporting.

Five of the largest audit firms in China are likely to be domestically owned rather than foreign owned in the next five years, according to Baker Tilly International CEO Geoff Barnes.

The trustees of the IFRS Foundation have published their own staff’s analysis of the Securities and Exchange Commission’s final staff report on International Financial Reporting Standards in an effort to address some of the findings and prod the U.S. into embracing IFRS.

A group of organizations of financial professionals have teamed up to host a new webinar designed to encourage more skepticism by auditors about financial results.

The Public Company Accounting Oversight Board held a public meeting in Houston to hear feedback on its proposals for mandatory audit firm rotation and auditor independence.

Recent network memberships, awards, new Web sites and more

The Financial Accounting Foundation’s recently created Private Company Council plans to host its initial public meeting on December 6.

Former Big Five auditing firm Arthur Andersen has reached a proposed settlement for an additional $38 million with the plaintiffs in a decade-long class-action lawsuit over the firm’s audits of the telecommunications company WorldCom.

The International Federation of Accountants and the International Integrated Reporting Council have signed a memorandum of understanding to promote cooperation, coordination and alignment in developing an international framework for Integrated Reporting of sustainable business practices.

The American Institute of CPAs appears to be making progress on a Financial Reporting Framework for Small and Medium-sized Entities that it has been developing in the wake of the Financial Accounting Foundation’s decision to set up a Private Company Council, and plans to expose the framework by the end of the month.

CCH has released a new publication to assist accountants who are conducting audits of participants in Department of Housing and Urban Development programs.

The staff of the Governmental Accounting Standards Board has created a fact sheet to clear up some of the misconceptions about the recent changes in public pension accounting standards.