Audit

The Public Company Accounting Oversight Board presented an interactive session on inspection case studies at its fourth annual International Auditor Regulatory Institute.

CEOs of accounting institutes from around the world met at the World Congress of Accountants in Malaysia, where they discussed the need for companies to report on non-financial results in areas such as social and environmental activities.

Chicago - Nearly half of the nation's chief financialofficers and senior controllers polled by global CPA and business advisory firmGrant Thornton say that the U.S. should not adopt international FinancialReporting Standards until after U.S. GAAP and IFRS have converged to the pointwhere the differences are inconsequential - a time frame of between five toseven years.

ifrs, foundation, iasb

The International Federation of Accountants has released a policy position paper to address how the accounting profession should be acting in the public interest, with a proposed definitional framework outlining those responsibilities.

The Securities and Exchange Commission voted unanimously to propose a whistleblower program to reward individuals who provide the agency with high-quality tips that lead to successful enforcement actions for financial fraud.

Obama administration officials awarded $1 billion in therapeutic discovery project tax credits and grants to nearly 3,000 companies around the country to support promising biomedical research projects.

The Financial Accounting Standards Board has issued an exposure draft outlining changes in the accounting standards for repurchase agreements such as the Repo 105 transactions that have been blamed for contributing to the collapse of Lehman Brothers.

The Securities and Exchange Commission has published its first progress report on the work plan related to the move to global accounting standards.

Walter Edward Hanson, the former chairman of Peat Marwick International, a predecessor firm of KPMG, passed away at his home in Newport Beach, Calif., at the age of 84.

Cash flow and not the economy is the top concern for chief financial officers heading into 2011, according to a survey from TD Bank.

The International Accounting Standards Board is making more of an effort to complete its major convergence projects by the middle of next year.

The International Accounting Standards Board has amended its financial instruments standards to prevent companies with financial problems from trying to claim a profit based on an inflated value of the debts they owe.

India is scheduled to begin using International Financial Reporting Standards in less than six months, but the country may be making several key changes in the standards prior to the rollout.

The Accountancy and Actuarial Discipline Board in the United Kingdom has begun an investigation of KPMG’s U.K. firm for its audits of British Aerospace and BAE Systems Group.

IMGCAP(1)]Let’s look at two everyday situations. In one, a bank lends money to someone to buy a house or to start a new business. In the second, a company raises debt financing to finance a new investment.

A new academic study has found evidence that Sarbanes-Oxley 404 audits of companies’ internal controls significantly reduce the likelihood of issuing materially misstated financial statements.

Asking the right questions when considering accepting new audit clients, or continuing a relationship with an existing client, is the key to establishing a quality relationship, according to a new paper issued by a group of audit firm networks.

On the last day of the American Institute of CPAs Fall Meeting of Council, members elected a new chairman and adopted a resolution supporting the Blue Ribbon Panel on Standard Setting for Private Companies.

The Financial Accounting Standards Board and the International Accounting Standards Board are soliciting input on when to have their new accounting standards take effect.