Audit

The Securities and Exchange Commission has passed along a request to the Financial Accounting Standards Board that it consider making changes in how to account for derivatives contracts designated as hedging instruments.

Organizations worldwide lose an estimated 5 percent of their annual revenues to fraud, according to a new survey of Certified Fraud Examiners.

The Public Company Accounting Oversight Board is making some progress in its efforts to inspect auditing firms in China.

Small business owners ranks Idaho and Texas as the most business-friendly states, with Oklahoma City and Dallas-Ft. Worth taking top honors among cities across the nation, according to a new survey.

The Securities and Exchange Commission has filed charges in an enforcement action against Deloitte’s affiliate in Shanghai, China, accusing the firm of violating U.S. securities laws by refusing to produce audit work paper documents.

The May edition of Accounting Today's monthly Accountants Confidence Index continues the expectation of expansion that started in April.

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

Ernst & Young's lobbying unit is no longer listed as a lobbyist for three major U.S. companies, all of whom were 2011 audit clients of the accounting giant.

Audit management and analytics technology provider ACL Services has released ACL Workpapers for iOS, a mobile audit management app now available for free download from the iTunes App Store.

CCH plans to integrate ProSystem fx Engagement and ProSystem fx Knowledge Coach with Microsoft SQL Server 2012.

With the G-20 finance ministers having given accounting standard setters a new deadline of mid-2013 to get their convergence work done, the Securities and Exchange Commission is under fresh pressure to reach a decision on incorporating International Financial Reporting Standards into the U.S. financial reporting system.

The Committee of Sponsoring Organizations of the Treadway Commission, also known as COSO, plans to release the updated version of its Internal Control–Integrated Framework in the first quarter of 2013, instead of the fall of 2012.

Group discount site Groupon has appointed two directors to its board to add more financial expertise after the company admitted to a financial restatement.

Florida-based Top 100 Firm Berkowitz Pollack Dick & Brant has rebranded itself Berkowitz Pollack Brant Advisors and Consultants.

Hans Hoogervorst, chairman of the International Accounting Standards Board, said Wednesday that he believes Extensible Business Reporting Language, or XBRL, has “the potential to improve the effectiveness of financial reporting.”

Over 37 percent of auditors expect to find fraud at their own clients this year, according to a new survey.

Robert Herz, the former chairman of the Financial Accounting Standards Board, and Sir David Tweedie, the former chairman of the International Accounting Standards Board, said Tuesday that the Securities and Exchange Commission needs to make a decision soon on committing to International Financial Reporting Standards, or other major countries could drop their support for IFRS.

The newest member of the Public Company Accounting Oversight Board, Jeanette Franzel, is only the second female board member in the PCAOB’s nearly 10-year history.

Groupon Inc, the online coupon company that floated just months ago in the strongest IPO in years, has had recurring accounting problems that critics say show a need for more financial sophistication on its board.

New Rules Strengthen Risk Management for Financial Markets