Audit

Washington, D.C. - The Public Company Accounting Oversight Board has issued a concept release that aims to overhaul the auditor's reporting model, describing different alternatives to provide more information to investors from the auditors of publicly traded companies.

The Securities and Exchange Commission has written to Groupon asking the company behind the popular group discount site to clarify the accounting measures it used in its filing for an initial public offering.

PwC has released the second edition of “A Guide to Forensic Accounting Investigation,” providing a step-by-step approach to fraud prevention, investigation and deterrence.

IMGCAP(1)]With Medicare fraud costing the federal government an estimated $60 billion a year, it makes perfect sense that the Centers for Medicare and Medicaid Services has tapped aerospace innovator Northrop Grumman to create a predictive model that will detect fraud. Or does it?

The National Association of State Boards of Accountancy and the American Institute of CPAs have launched a new Web site, CPAmobility.org, that provides up-to-date information on the status of CPA mobility laws across the country.

IMGCAP(1)]The use of third-party practice aids and audit programs has become widespread as an economical and effective means of keeping audit materials up to date and comprehensive. However, some auditors have become too checklist oriented, driven in part by these standardized audit materials. Use of these types of materials creates risks that auditors may get lost in the completion of the checklist and lose sight of what they should be doing, which is assessing and responding to audit risk.

The Financial Accounting Standards Board has beefed up its standards for multiple-employer pension plans, requiring employers to provide more information about their pension plan obligations, particularly for unionized employees.

Michael Andrew, chairman-elect of KPMG International, announced the firm's new leadership team today, including a new deputy chairman and new global heads of tax and advisory, as well as a new regional leader in Asia-Pacific.

A federal judge is allowing a shareholder lawsuit to proceed against a group of auditing firms that signed off on audits of China Expert Technology, a company they have accused of committing accounting fraud.

IMGCAP(1)]On May 25, 2011, the Securities and Exchange Commission issued its final rules implementing the new whistleblower program of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The London-based International Valuation Standards Council has published a set of new International Valuation Standards covering a wide range of assets.

There used to be this great TV spot for a large commercial bank that spoofed its competitors' overlong waiting periods before depositors could get approved for a loan.

Six community banks have received a total of $123 million as part of the first wave of capital provided by the Small Business Lending Fund, according to the Treasury Department.

The Governmental Accounting Standards Board issued two new standards Wednesday that aim to improve government financial reporting in two timely areas: providing taxpayers and others with information about how past transactions will continue to affect a government’s financial statements in the future, and clarifying the circumstances in which hedge accounting continues to be applied when a swap counterparty, or related credit support provider, is replaced.

The Public Company Accounting Oversight Board has issued for public comment a set of proposed audit and attestation standards for audit engagements of broker-dealers.

The Financial Accounting Standards Board has begun developing a “differential framework” that would help provide a short-term solution for creating distinct standards or exceptions for private companies.

The Governmental Accounting Standards Board issued a “preliminary views” document Monday on the recognition and measurement of elements of financial statements.

The Governmental Accounting Standards Board is proposing some far-reaching changes in the field of pension accounting that should affect public employees and state and local governments across the country.

The Governmental Accounting Standards Board has issued two exposure drafts proposing improvements to financial reporting of pensions by state and local governments.

The Securities and Exchange Commission held a roundtable discussion Thursday on International Financial Reporting Standards and how they ultimately might be incorporated into the U.S. financial reporting system.