Audit

Two reports from the Maryland Association of CPAs and Grant Thornton paint different pictures of whether accountants favor a separate standard-setting board for private company accounting.

The Public Company Accounting Oversight Board could begin requiring public companies to rotate their auditing firms on a regular basis to reduce conflicts of interest.

The Financial Accounting Standards Board has begun a new educational webcast series that will provide continuing professional education credit to those who participate in the live broadcasts

The U.S. Small Business Administration has introduced a smart phone app to help people who are interested in starting or growing a small business.

Despite tens of billions of dollars in abandoned property that has been reported to states, businesses and, yes, CPAs continue to struggle with the many complexities related to unclaimed property. Believe it or not, it is estimated that less than 25 percent of companies in the United States are in full compliance with UP reporting laws.

The California Board of Accountancy’s Accounting Education Committee and Ethics Curriculum Committee plan to hold a joint meeting to unveil their proposals for the 30 additional hours of education necessary for CPA licensure in California, beginning Jan. 1, 2014.

Thomson Reuters has launched ONESOURCE Audit Manager, an online global application that helps companies address the rising number of tax audits and documentation requirements.

The Securities and Exchange Commission staff released its work plan Thursday for how International Financial Reporting Standards might be incorporated into the U.S. financial reporting system.

The Securities and Exchange Commission voted to adopt rules to establish a whistleblower program that rewards individuals who provide the agency with high-quality tips that lead to successful enforcement actions.

Securities and Exchange Commission chair Mary Schapiro told an accounting group that “investors are not as confident as they could be” in accountants, and she plans to make some changes.

American Institute of CPAs president and CEO Barry Melancon derided the recent efforts of the Financial Accounting Standards Board to preserve its authority over private company accounting standards, saying, “Sometimes dynasties need to be broken.”

The American Institute of CPAs has given its Distinguished Achievement in Accounting Education Award to Dale Flesher, a professor at the University of Mississippi.

The AICPA Council voted Monday to approve a joint venture with the Chartered Institute of Management Accountants to create a new credential for management accountants internationally.

The American Institute of CPAs kicked off its 2011 Spring Meeting of Council on Sunday with a discussion of the Institute’s legislative priorities.

The Financial Accounting Foundation said Wednesday that, as part of its oversight of the Governmental Accounting Standards Board, it has commissioned an independent academic study of the purposes of financial accounting and reporting of state and local governments.

The Association of Chartered Certified Accountants is firing back as government regulators worldwide are proposing changes in the way the audit profession works.

The International Auditing and Assurance Standards Board has released a new consultation paper seeking views on how to enhance the quality, relevance and value of auditor reporting on an international basis.

Capital Confirmation Inc. has added a self-registration feature for companies and financial institutions to respond to audit confirmation requests through its Web site, Confirmation.com.

The Financial Accounting Standards Board and the International Accounting Standards Board have published new requirements for fair value measurement and disclosure.

The Financial Accounting Standards Board appears to be once again on the slow path to convergence with International Financial Reporting Standards, but it will probably get there in the end.