Audit

The Tax & Accounting business of Thomson Reuters plans to offer a new audit and engagement management application that, starting later this year, will provide advanced trial balance and engagement management functionality for larger firms with sophisticated audit practices.

Olympus has cleared the Japanese affiliates of KPMG and Ernst & Young in a report by an outside panel on the camera and medical device maker’s investigation into its cover-up of $1.7 billion in losses.

Five Accounting Firms Make Fortune's Best Companies List

Credit rating agency Fitch Ratings said in a new report that it expects the U.S. will still move forward with plans to incorporate International Financial Reporting Standards into U.S. GAAP, but in a “prolonged, cautious and incremental way.”

What if someone told you that your firm could replace much of the work performed by its audit staff with an affordable, automated system?

HA&W Names Next MP

The Financial Accounting Standards Board has made available the 2012 U.S. GAAP Financial Reporting Taxonomy, which can be used to submit XBRL-format financial filings to the Securities and Exchange Commission.

Financial Accounting Standards Board chair Leslie Seidman has been reviewing the suggestions that have been coming in about the proposed Private Company Standards Improvement Council while awaiting a decision on how much authority her board will have over the new council.

Firm News - January 13

A former audit partner at BDO USA LLP has pleaded guilty to lying to investigators from the Securities and Exchange Commission during his testimony.

Financial Executives International has released a list of the top challenges in 2012.

The Financial Accounting Foundation has conducted its first post-implementation review of an accounting standard, starting with FIN 48, “Accounting for Uncertainty in Income Tax Positions,” and found it generally achieved its purpose, though it still needs some improvement.

Call for Submissions: Top 100 Firms and Regional Leaders

A federal court in New York has conditionally certified a national collective action lawsuit accusing KPMG of violating federal labor laws by denying overtime pay to thousands of entry-level audit employees.

New York State’s Accounting Reform law makes quality reviews of the attest services of accounting firms mandatory as of Jan. 1, 2012.

A college classmate of mine who was an unabashed Europhile often lectured anyone within shouting distance about how many of the famous trends throughout history - whether in clothing styles, literature, art, cuisine or automobile design - inevitably began in Europe before gradually making their way across the Atlantic. His ultimate goal was to travel throughout that continent and, with any luck, have a manuscript chronicling his adventures published. Sadly, he fell well below his Hemingway-esque ambitions - save for a protruding stomach and bushy beard - and last I heard he was operating a bookstore/café somewhere outside Lyon.

Fort Worth, Texas-based accounting firm Sanford, Baumeister & Frazier was recently awarded the inaugural Best Workplaces for Women award in the small business category by the Fort Worth Chamber of Commerce’s Women Influencing Business group.

As the effects of the financial crisis and an uncertain economy continue to create volatility in the markets, the International Auditing and Assurance Standards Board has reiterated its position that auditors and those charged with corporate governance that management's use of the going concern assumption is a matter to be considered on every audit engagement.

IMGCAP(1)][IMGCAP(2)]Valuation, by its very nature, is an exercise in judgment.

In an effort to raise the troubling level of math proficiency among elementary school children, regional CPA and business advisory firm Parente Beard created "Making the Holidays Count," an instructional book that shows how important numbers are in many of the holiday activities such as baking and gift wrapping.