Audit

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chief audit executives by Grant Thornton found that 88 percent do not believe that the Sarbanes-Oxley Act should be repealed, though half said the shifting regulatory landscape poses the greatest threat to their company.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

The Financial Accounting Foundation said Monday it would begin live video webcasting of all education sessions hosted by the Financial Accounting Standards Board.

The board of trustees of the Financial Accounting Foundation has formed a trustee working group to address the issue of accounting standard-setting for nonpublic entities.

Transitioning to International Standards on Auditing has become an important issue for many accountants, according to a new survey.

IMGCAP(1)]The recent financial crisis reminded us that financial reporting still needs improvement.

The Securities and Exchange Commission has adopted the 2011 U.S. GAAP Financial Reporting Taxonomy.

The Public Company Accounting Oversight Board intends to hold seven forums across the country to discuss auditing issues in the small business environment.

A working group has started providing guidance on new international accounting standards for small and midsized companies.

The effects of the financial crisis continue to be felt by small businesses, according to small and midsized accounting practitioners recently polled by the International Federation of Accountants, but they believe this year will be a better one for their firms.

A small Nevada auditing firm whose lawsuit challenging the constitutionality of the Public Company Accounting Oversight Board went all the way to the U.S. Supreme Court last year has finally settled its suit with the PCAOB, as a federal court struck portions of the Sarbanes-Oxley Act.

The Public Company Accounting Oversight Board has named Helen A. Munter as the new director of its Division of Registration and Inspections.

The New York State Society of CPAs is getting behind the efforts of the International Auditing and Assurance Standards Board to clarify the guidance for auditing the valuations of complex or illiquid financial instruments, such as derivatives.

The Governmental Accounting Standards Board has proposed guidance on how to apply the accounting standards when a hedging derivative is terminated for a government entity.