Audit

The New York State Society of CPAs said it supports proposed changes from the Public Company Accounting Oversight Board in auditing standards for related-party transactions, although it stopped short of fully supporting the PCAOB’s proposals for auditing significant unusual transactions.

Public Company Accounting Oversight Board chairman James Doty discusses how firms can recruit new auditors even as new standards get finalized, in an interview with AccountingToday.com editor-in-chief Michael Cohn in the PCAOB offices in Washington, D.C.

The International Auditing and Assurance Standards Board has released a new standard to assure public confidence in reliable emissions reporting.

While the average reported salary of management accountants declined slightly last year, their average total compensation with bonuses increased, according to a new salary survey from the Institute of Management Accountants.

A new analysis of inspection findings from the Public Company Accounting Oversight Board indicates that the percentage of audits with deficiencies has more than doubled since 2009, largely due to problems with fair value measurement and asset impairment.

The International Auditing and Assurance Standards Board has released its strategy through 2014, with the main goal of enhancing auditor reporting standards.

The Financial Accounting Standards Board intends to issue a discussion paper in the next few weeks to solicit feedback on the disclosure framework it has been preparing, followed by roundtable meetings and workshops later this year to talk with financial statement preparers and users.

A decade since the enactment of the Sarbanes-Oxley Act of 2002, the majority of executives and other professionals agree in a new survey that internal control over financial reporting structure in their organizations has significantly or moderately improved since compliance with the legislation became a requirement.

Governance, risk and compliance software developer MEGA has combined the internal audit management functions of its MEGA Suite with industry best practices in a pre-packaged offering.

Public Company Accounting Oversight Board chairman James Doty said Monday the board plans to issue a proposed standard on changes in the auditor’s reporting model in the third quarter, with other standards making progress this year as well.

Accounting firm Mayer Hoffman McCann has agreed to pay a $300,000 penalty to the California Board of Accountancy, plus investigation costs of up to $50,000, and be subject to two years’ probation, for its audits of the California city of Bell, where a number of officials have been accused of fraud and public corruption.

International Accounting Standards Board chairman Hans Hoogervorst said the IASB and the U.S. Financial Accounting Standards Board are making progress on an expected loss model for banking assets that will provide a more forward-looking model than the incurred loss model.

Deloitte has begun adjusting salaries to offset the income taxes paid by Deloitte professionals who provide coverage to their domestic partners—both same sex and opposite sex—on their medical or dental plans, effective June 3.

Final statements and certain other pronouncements issued by the Governmental Accounting Standards Board will now be available for downloading at no cost on the GASB Web site.

The Financial Accounting Foundation has issued a request for nominations for candidates to serve on its newly created Private Company Council.

Check out the digital edition of the June 2012 issue of Accounting Today.

The relatively new knowledge-based audit offers benefits in streamlining, efficiency and accuracy to firms of all sizes.

The latest developments in accounting and auditing

Top 100 Firm Postlethwaite & Netterville's Melissa Peroyea receives Health Care Leadership Award