Audit

A new nonprofit organization plans to establish industry-specific accounting standards for corporate sustainability reporting.

The submission period for our Accountant of the Month contest for this month ends on October 17 -- which means you still have time to enter!

The District of Columbia is now permitting out-of-state CPAs to practice in Washington, D.C., without obtaining a separate license.

The Association of Chartered Certified Accountants and the Institute of Management Accountants have released a study naming 100 factors that will create uncertainty for accountants in the future.

The Institute of Internal Auditors has announced that a set of revisions will be made to internal auditing standards, taking effect at the beginning of next year.

Christine Freeland, founder of Christine Z. Freeland,was chosen as the 2012 Accountant of the Year Award from the National Society of Accountants.

Big Four firm Ernst & Young reported that its combined global revenues for fiscal 2012 rose 6.7 percent in U.S. dollars, to $24.4 billion, from $22.9 billion in 2011. Revenues grew even faster in local currencies, at 7.6 percent.

The Accreditation Council for Accountancy and Taxation has unveiled its fall 2012 exam schedule for accountants, tax preparers and students looking to earn the Accredited Tax Advisor, Accredited Retirement Advisor or Accredited Business Accountant/Advisor credentials.

Our August column ("Debunking lease propaganda by CPAs in Congress, and others, too," page 22) dismantled an early barrage of the kind of self-serving arguments the Financial Accounting Standards Board will hear once it issues its exposure draft on lease accounting. This month, we explain how the board can produce a successful lease standard through a straightforward analysis different from the status quo.

Audit and attest news from the previous month

Lessons for auditors from the Peregrine scandal

The International Auditing and Assurance Standards Board has released a revised version of its International Standard on Review Engagements to better meet the needs of small and midsized entities.

Public accountants can look forward to reasonable pay bumps next year, according to the 2013 Salary Guide for Financial and Accounting from staffing and placement company Robert Half.

The International Accounting Standards Board has decided to re-expose the latest version of its ongoing project aimed at revising the accounting standards for insurance contracts and is seeking feedback.

(Bloomberg) Camera and medical equipment maker Olympus Corp.’s former chairman Tsuyoshi Kikukawa pleaded guilty to covering up losses at the Japanese camera maker in an accounting fraud case that sparked criticism of ineffective corporate governance in Japan.

Celebrating its 10th anniversary this year, the Sarbanes-Oxley Act is provoking a retrospective look at the good and bad after-effects of the landmark legislation.

The majority of members of public company boards of directors are opposed to proposals for mandatory audit firm rotation, according to a new survey.

The Public Company Accounting Oversight Board has reached a tentative agreement to begin observing Chinese regulatory authorities during inspections of auditing firms in China as a kind of “trust-building exercise.”

The Financial Accounting Foundation’s board of trustees appointed former NASBA chairman Billy Atkinson as chairman of the new Private Company Council, and named the other members of the new council, which will be able to recommend and vote on changes to accounting standards for privately held companies.

Granite Consulting Inc. has issued a call for submissions for its upcoming “Top 10 Rising Stars in Internal Audit” list to recognize high-performing members of the internal audit profession.