Audit

PCAOB PROPOSES MANDATORY AUDITOR ROTATION

PricewaterhouseCoopers and Crowe Horwath have been sued over their audits of Colonial Bancgroup by the bankrupt bank’s trustee.

The International Accounting Standards Board has proposed revising its standards in order to define investment entities as a separate type of entity that would be exempt from the requirements for consolidated financial statements.

The Public Accounting Oversight Board will host a public roundtable Thursday, Sept. 15, to discuss its concept release on possible changes to the auditor’s reporting model.

Financial services conglomerate Bloomberg and tax publisher BNA have entered into an agreement for Bloomberg to acquire all outstanding shares of BNA in a deal worth roughly $990 million, it was announced Thursday.

IMGCAP(1)]The SEC's proposed changes to broker-dealer financial reporting regulations could have a major impact on auditing firms that service broker-dealers.

McGladrey & Pullen announced Tuesday that its board of directors has reached an agreement with H&R Block to purchase back RSM McGladrey Inc. for $610 million, reuniting the assurance, tax and consulting practices under an integrated McGladrey & Pullen partnership structure.

For as long as I've been eligible to vote, I've always been a proponent of term limits. I believe being elected by a voter constituency to serve in any capacity is an honor and privilege, not an occupational annuity.

Governor Andrew Cuomo has signed a CPA mobility bill into law in New York State.

Non-GAAP earnings numbers are better at predicting a company’s future earnings potential, but they are more subject to opportunistic manipulation and insider trading, a new study finds.

The American Institute of CPAs has recommended that the Securities and Exchange Commission permit public companies in the U.S. to adopt International Financial Reporting Standards on an optional basis.

The Public Company Accounting Oversight Board voted Tuesday to issue a concept release that proposes requiring public companies to change their auditing firms after a certain number of years.

The Public Company Accounting Oversight Board plans to hold an open meeting next Tuesday to discuss its proposed regulations calling for greater auditor independence and mandatory rotation of audit firms.

The Securities and Exchange Commission’s new whistleblower program took effect Friday, and the SEC has created a new Web page where people can report a violation of the federal securities laws and apply for a financial award.

IMGCAP(1)]Try typing the word “outsourcing” into Google and you’ll receive a list of over 122 million Web sites in the U.S. alone. Why is one word used so frequently in various publications?

The Financial Accounting Standards Board has approved an updated accounting standard to simplify how an entity should test goodwill for impairment.

The International Federation of Accountants’ Professional Accountants in Business Committee has published a new paper on the changing expectations of employers for professional accountants in the business world.

States are coping with revenue shortfalls by getting rid of sales tax holidays and ratcheting up their audits of corporate sales and use taxes, according to new research.

The Securities and Exchange Commission has released an updated manual for companies filing financial reports in the SEC’s Edgar online system.

IMGCAP(1)]For all of those private companies frustrated with being forced to spend $25,000 on a valuation of intangible property or goodwill, or to spend hours drafting disclosures that users may not read, and be burdened with a myriad of other financial reporting responsibilities of public companies, there may be some relief on the way.