Audit

Accounting Today is expanding its Facebook community with a new contest that gives readers a chance to win a free iPad.

Accounting Today is issuing a call for nominations for its annual Top 100 Most Influential People in Accounting list.

The Private Company Financial Reporting Committee received an update on the Financial Accounting Standards Board’s efforts to bring U.S. GAAP into line with International Financial Reporting Standards, especially in how that effort would relate to private companies.

The Governmental Accounting Standards Board is expected to issue new proposals this week that would require state and local governments to be more open about their pension-funding obligations.

Many CPAs in the U.S. already have some knowledge of International Financial Reporting Standards and have begun to develop greater expertise as U.S. and global authorities work to converge U.S. GAAP with IFRS, according to a new survey by the American Institute of CPAs.

Global business consulting and internal audit firm Protiviti Inc. has added a Time & Expense Management module to the Protiviti Governance Portal for Internal Audit, which lets organizations access a comprehensive internal auditing workflow anywhere, anytime.

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.

Total goodwill impairment charges continued to fall sharply across a number of industries nationwide throughout 2010, and the number of companies recording goodwill impairment charges dropped by 41 percent, according to a new study by KPMG.

The Financial Accounting Standards Board and the International Accounting Standards Board issued amendments Thursday to improve and align the presentation of items of other comprehensive income in financial statements prepared in accordance with International Financial Reporting Standards and U.S. GAAP.

Accounting Today has introduced a new app for the Apple iPad and iPhone that lets readers access the magazine’s features and content from the palm of their hand.

The Securities and Exchange Commission unanimously proposed amendments Wednesday to the broker-dealer financial reporting rule to strengthen audits of broker-dealers as well as the SEC’s oversight of the way broker-dealers handle their customers’ securities and cash.

The Financial Accounting Standards Board and the International Accounting Standards Board agreed Wednesday to re-expose their revised proposals for a common revenue recognition standard, allowing people to offer further suggestions for changes.

The three-decade-long debate of having differential standards for private companies, the tougher regulatory climate on Capitol Hill, the meteoric rise in cloud and mobile computing and the changing demographics were cited among the top issues impacting the profession.

The Public Company Accounting Oversight Board voted Tuesday to adopt rules to implement provisions of last year’s financial reform bill to begin inspecting auditors of securities brokers and dealers.

With nearly 70 percent of audit fraud occurring at non-public companies, and multi-billion-dollar international scandals such as Parmalat and Satyam resulting in massive investor losses and lawsuits, a panel of experts at an accounting conference advised attendees on the red flags that CPA firms need to monitor, and new technologies that can help reduce audit risks and strengthen the confirmation process.

Last week, Accounting Today hosted an international visitor from the Association of Chartered Certified Accountants and the discussion eventually turned to the regulatory subject de jour - auditor rotation.

Sage North America unveiled a new Sage Accountants Network program Thursday aimed at helping practitioners that serve nonprofit and governmental organizations.

The Public Company Accounting Oversight Board has scheduled a meeting for Tuesday to consider adopting certain rules to implement expanded oversight and inspection for registered accounting firms’ audits of brokers and dealers.

Publicly held companies paid an average of $3.3 million in audit fees in 2010, a slight 2 percent rise over the prior year, while public company audits averaged 12,540 hours , roughly the same as the year-ago period.

Check out the digital edition of the June 2011 issue of Accounting Today.