Audit

Hong Kong’s Securities and Futures Commission has begun legal proceedings against Ernst & Young Hong Kong for failing to produce work papers and accounting records related to its audits of a former China-based client, Standard Water Limited.

Cindy Fornelli, executive director of the Center for Audit Quality, discusses how the inspection process at the Public Company Accounting Oversight Board works.

Cindy Fornelli of the Center for Audit Quality talks about the framework that auditors should be using to combat fraud.

Global CEOs and U.S. small business owners would like political leaders and candidates for office to focus more on tax reform, regulation, the size of government and entitlements, and the national debt in order to stimulate economic growth and job creation, according to a new report.

The Securities and Exchange Commission’s recently issued rule requiring companies to disclose their use of minerals from the war-torn Democratic Republic of the Congo could be an early indication of a future direction of regulators, prodding companies into providing more disclosures of environmental, social, humanitarian and labor issues.

In her keynote at this year’s Midwest Accounting & Finance Showcase, Illinois CPA Society president and CEO Elaine Weiss highlighted several of the most important issues facing the profession.

Cindy Fornelli, executive director of the Center for Audit Quality, discusses the importance of auditors retaining their professional skepticism.

Cindy Fornelli, executive director of the Center for Audit Quality, sees the demands increasing for auditors to do a better job of demonstrating independence, objectivity and professional skepticism, especially in the wake of recent financial scandals.

The Securities and Exchange Commission has adopted a rule mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act requiring companies to publicly disclose their use of conflict minerals that originated in the Democratic Republic of the Congo or an adjoining country, and independently audit the reports.

The Securities and Exchange Commission adopted rules Wednesday mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act requiring companies engaged in extracting oil, natural gas or minerals to disclose any payments they make to the U.S. government or foreign governments.

A new report from the Public Company Accounting Oversight Board indicates that auditing firms have apparently ignored or forgotten the lessons that came out of the Bernard Madoff scandal and similar financial frauds of recent years.

The Public Company Accounting Oversight Board said in a report Monday that its initial inspections of auditors of broker-dealers uncovered problems with all of the audits.

Accounting Today has partnered with leading bill payment, invoicing and cash management solution provider Bill.com on a new video panel, "Finance in the Cloud," that features an in-depth discussion of the potential and best practices for accountants operating in the cloud.

"Sister, Sister" Producers Sue Accounting Firm

Accounting Today has announced the agenda of its third annual Growth & Profitability Summit, which will be held Oct. 28-30, 2012, in Boca Raton, Fla.

The Financial Reporting Executive Committee of the American Institute of CPAs has issued a working draft of the accounting content of a proposed Audit and Accounting Guide on not-for-profits.

Michael Biondo, a tax manager at the Buffalo, N.Y.,-based firm of Freed Maxick CPAs PC -- also know as as Duke Maynard von dem Steine in the kingdom of AEthelmearc -- was recently selected as Accounting Today’s newest Accountant of the Month.

The Financial Accounting Standards Board has released a proposed Accounting Standards Update that is intended to improve the presentation for reclassifications out of accumulated other comprehensive income in a manner that balances the benefits to users of financial statements, without imposing significant costs to preparers of financial statements.

The Public Company Accounting Oversight Board on Wednesday adopted Auditing Standard No. 16, Communications with Audit Committees, which establishes requirements that enhance the relevance and timeliness of communications between the auditor and audit committee, in addition to amendments to other PCAOB standards.

A new whitepaper from Big Four firm PwC US says that internal audit departments should play a critical role in reducing their organization’s risk of data breaches and threats.