Audit

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.

The Center for Audit Quality and several corporate governance organizations and companies have created a new online auditor evaluation tool to help the audit committees on corporate boards evaluate their auditing firms.

The American Institute of CPAs has issued Technical Practice Aids with information to help insurance entities with their accounting.

An accounting construct known as permanently reinvested earnings is helping U.S.-based multinational corporations keep tens of billions of dollars in profits overseas, according to a new study.

Audit confirmation service provider Confirmation.com has enhanced its latest product release through a complete redesign of the auditor's platform, a new paper fulfillment service and a batch upload capability.

Though Laura Wood leads a busy life as a designated Enrolled Agent and cofounder, with her husband, of Florida-based National Accounting and Management Services, or NAMS, the October Accountant of the Month doesn’t forget to stop and smell the roses. In fact, she makes a point of it, when flying above them in her powered parachute.

The Institute of Internal Auditors has released the syllabus for qualifying for its new Certification in Risk Management Assurance.

The Center for Audit Quality issued a practice aid Wednesday to encourage audit firms to proactively communicate with audit committees about inspection findings and quality control improvements.

Accounting standards may play a significant role in shaping cross-border mergers and acquisitions, according to a recently released academic study.

The American Institute of CPAs’ Financial Reporting Executive Committee, or FinREC, sent a letter to the Financial Accounting Standards Board raising issues with a proposed Accounting Standards Update, Financial Instruments (Topic 825), Disclosures about Liquidity Risk and Interest Rate Risk.