Audit

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.

The Securities and Exchange Commission provided information Tuesday on filing financial statements in Extensible Business Reporting Language for public companies that will soon be required to file in the XBRL format.

A new survey by Thomson Reuters found a perceived increase of 80 percent in audits of indirect taxes such as value-added taxes.

The Financial Accounting Standards Board is still aiming to preserve its job as the standard-setter for private company accounting, while expanding its outreach and consultation with representatives of privately held businesses.

Financial Accounting Standards Board chair Leslie Seidman gave an overview of the work of the board as it tries to achieve its convergence goals with the International Accounting Standards Board, and said they were taking extra time to get the standards right and trying to simplify them to make them easier for accountants to apply.

The Center for Audit Quality has published the In-Depth Guide to Public Auditing.

The Pan African Federation of Accountants held its first meeting in Dakar, Senegal, this week.

Public Company Accounting Oversight Board Chairman James Doty plans to unveil a new model for the auditor's report and said he wanted to see disciplinary proceedings for auditing firms to be made public.

The issue includes articles on the following topics and more:

The International Federation of Accountants’ Professional Accountants in Business Committee has issued proposed guidance on how accountants can help businesses and their own firms do better forward-looking analysis.

The Financial Accounting Standards Board has issued an Accounting Standards Update that would revise the rules for how companies can deal with repurchase agreements like the kind Lehman Brothers used to temporarily move billion of dollars of assets temporarily off its books before reporting its quarterly results.

Truck maker Navistar International has filed a $500 million lawsuit against its former auditor Deloitte & Touche alleging professional malpractice.

The American Institute of CPAs said Wednesday that it is expanding the registration and exam options for its specialty credentials, providing CPAs with more flexibility and opportunity to pursue designations that help differentiate them in the market.