Audit

The Securities and Exchange Commission will delay its eagerly anticipated decision for a few more months on whether or not to incorporate International Financial Reporting Standards into the U.S. financial reporting system.

The Public Company Accounting Oversight Board has struck a deal with Dutch regulators to carry out joint inspections of auditing firms.

IMGCAP(1)]It's difficult to regulate good management practices, yet those in power - Congress, the Securities and Exchange Commission, and various self-governing standards bodies - are bound to continue to attempt to make good management practices the rule, rather than the exception.

ACL Services Ltd., a provider of business assurance technology for audit and compliance professionals, on Wednesday introduced ACL Acerno, an add-in for Microsoft Excel specially designed for auditors working with data analyzed in ACL Desktop or AuditExchange.

The European Commission has proposed a draft law that could split up the largest auditing firms and force them to use a separate entity and name for their advisory and non-audit practices.

The Financial Accounting Standards Board has added a new project to its agenda aimed at reducing or eliminating the need for private companies and not-for-profit organizations to provide as many fair value measurement disclosures as public companies.

PwC Reports Fraud, Cyber Crime on the Rise

PCAOB Expands Standing Advisory Group

Accounting firm Clifton Gunderson said Tuesday it is intensifying its efforts to persuade the Financial Accounting Foundation to set up an independent board to set accounting standards for privately held companies.

International Accounting Standards Board chairman Hans Hoogervorst said that regardless of which way the Securities and Exchange Commission decides to go on supporting International Financial Reporting Standards, the main thing that is needed from the U.S. right now is “clarity.”

Trilogy Software Inc. has completed its first-round equity offering of $3.3 million, which will be used to launch the company’s DoxCycle intelligent tax source document management software and to explore opportunities in the professional tax and accounting industry.

The International Accounting Standards Board and the International Federation of Accountants agreed Tuesday to strengthen their cooperation on developing accounting standards for both the private and public sectors.

The Public Company Accounting Oversight Board has entered into an agreement with the Financial Supervisory Commission of Taiwan to cooperate on oversight of auditors who practice in either the U.S. or Taiwan.

The Private Company Financial Reporting Committee held what is likely to be one of its final meetings last week as the PCFRC gets ready to disband.

A bipartisan pair of influential senators introduced legislation Friday that would make disciplinary hearings against auditing firms public.

Small businesses and nonprofit organizations often overlook the warning signs of employee fraud, especially by senior managers, according to accounting firm Marks Paneth & Shron.

The Texas Society of CPAs has weighed in on the Financial Accounting Foundation’s controversial proposal to set up a Private Company Standards Improvement Council and sent a letter expressing its “respectful disagreement.”

The Financial Accounting Foundation has sent a comment letter to the Securities and Exchange Commission supporting the so-called “condorsement” approach to incorporating International Financial Reporting Standards into the U.S. financial reporting system, but with some important changes.

Investors and financial executives are increasingly feeling overloaded by the volume and complexity of financial disclosure information in annual reports and other financial filings, according to a new study.

Financial Executives International has teamed up with the Center for Audit Quality, the Institute of Internal Auditors and the National Association of Corporate Directors on a new anti-fraud quiz.