Audit

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Today’s audit committees expect more from their chief audit executives than ever before, and financial and business acumen are no longer sufficient, according to a new report.

In the decade I've been at the helm of this publication, I'm always amazed - and disappointed - at the sort of double standard that exists when it comes to the treatment of the accounting profession versus other services in the wake of a crisis.

Congress held a hearing Wednesday on the role of the accounting profession in preventing another financial crisis, listening to testimony from accounting regulators, standard-setters and critics.

The Public Company Accounting Oversight Board has struck a cooperative agreement with Swiss regulators that will allow the U.S. and Switzerland to establish a cooperative framework for supervisory oversight of auditors that practice in each country.

The Financial Accounting Standards Board has revised its accounting standards to provide greater consistency in the treatment of various types of debt restructuring.

The Securities and Exchange Commission has sanctioned five India-based affiliates of PricewaterhouseCoopers that formerly served as independent auditors of Satyam Computer Services Limited for repeatedly conducting deficient audits of the company’s financial statements and enabling a massive accounting fraud to go undetected for several years.

Baseball aficionados know the frustration of their favorite teams promising "wait until next year," at the tail end of yet another season that even the best PR spin could only be described as "rebuilding."

The American Institute of CPAs has introduced a new course of study leading to a Certificate of Educational Achievement in International Financial Reporting Standards, demonstrating IFRS competency to employers, firms and clients.

Thomson Reuters has introduced a consulting service to help accounting firms comply with new requirements for review engagements.

The Internal Revenue Service increased its audits of high-income taxpayers last year by as much as 75 percent.

CBIZ MHM LLC has formed a national specialty practice group focused on forensic services, bankruptcy and valuation.

The finance and accounting outsourcing market is expected to grow 15 to 20 percent this year and top $4 billion in annual contract value.

The Public Company Accounting Oversight Board has been doing outreach to gauge the views of investors and others on potential changes to the auditor’s reporting model and plans to propose changes as soon as this summer.

The American Institute of CPAs and the Chartered Institute of Management Accountants are teaming in a joint venture that would create an international designation for management accounting.

As the Financial Accounting Standards Board and the International Accounting Standards Board move forward with plans to produce converged standards in areas such as leasing, revenue recognition and financial instruments, companies are expecting the new standards to have a major impact on their businesses, according to a new survey from PwC.

The Public Company Accounting Oversight Board has issued a research note cautioning U.S. registered accounting firms that their audits of companies with operations outside of the U.S., particularly in China, may not be in accordance with PCAOB standards if the company accessed the U.S. capital markets through a reverse merger transaction.

A new survey of more than 300 chief audit executives by Grant Thornton found that 88 percent do not believe that the Sarbanes-Oxley Act should be repealed, though half said the shifting regulatory landscape poses the greatest threat to their company.

Check out the digital edition of our March 2011 issue.

International Accounting Standards Board chairman Sir David Tweedie made the case Thursday for U.S. businesses and the Securities and Exchange Commission to support International Financial Reporting Standards this year.