Audit

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

The Public Company Accounting Oversight Board has signed a deal with German authorities that will allow officials to conduct joint inspections of auditing firms in both the U.S. and Germany.

The rapid growth of Islamic finance is increasing pressure on the industry to enter the accounting mainstream, by seeking guidance from the International Accounting Standards Board, the global body which sets the tone for bookkeeping in conventional finance.

Accounting Today has issued a call for speakers for its 3rd Annual Growth & Profitability Summit, which will be held this year in Boca Raton, Fla., on October 28-30

The April edition of Accounting Today's monthly Accountants Confidence Index reversed a two-month decline, showing positive expectations for the short- and mid-term for the firs time in 2012.

President Obama signed into law on Thursday the Jumpstart Our Business Startups Act, also known as the JOBS Act, which lowers the regulatory and auditing barriers for companies to seek funding and enter the capital markets.

The Taxpayer Advocate Service at the Internal Revenue Service is beginning to pilot test a way for taxpayers to engage in face-to-face teleconferences with case workers to help them deal with their tax problems, and the program may expand to audits as well.

Deloitte has relaunched IAS Plus, the firm’s site devoted to news about international accounting standards.

The Center for Audit Quality sees benefits in the updated Internal Control-Integrated Framework recently proposed by the Committee of Sponsoring Organizations of the Treadway Commission, or COSO.

The International Public Sector Accounting Standards Board has released an exposure draft on financial discussion and analysis for public sector entities, proposing minimum required content.

The Governmental Accounting Standards Board has issued two new accounting statements, one covering items previously reported as assets and liabilities, which clarified the appropriate reporting of deferred outflows and inflows of resources, and another statement containing technical corrections to resolve conflicting guidance.

Shares in group couponing site Groupon, one of the hottest IPOs of last year, took a nosedive in after-hours trading Friday after the company admitted in its annual report that it would need to revise its revenue and net income for the fourth quarter.

The Financial Accounting Standards Board is making progress on its disclosure framework project, which aims to establish an overarching framework to help the board establish requirements for disclosures in notes to financial statements.