Audit

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.

Renewing its vision is the new theme for the American Institute of CPAs as it gets ready to welcome in a new chair and enter its 125th year as an organization.

The Small and Medium Practices Committee of the International Federation of Accountants has issued the second edition of its “Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities.”

Few CPAs are trying to learn or implement International Financial Reporting Standards until the Securities and Exchange Commission decides next year on whether to approve incorporating IFRS into the U.S. financial reporting system, according to a new survey.

Sunday afternoon proved to be anything but sleepy as the American Institute of CPAs Fall Meeting of Council kicked off the first day with a lively discussion among members of the Blue Ribbon Panel on Standard Setting for Private Companies.

The American Institute of CPAs has told the Securities and Exchange Commission that accountants need an adequate transition period if the SEC decides next year to incorporate International Financial Reporting Standards into the U.S. financial reporting system.

The International Auditing and Assurance Standards Board has released new proposals for how to audit complex financial instruments such as derivatives whose trading contributed to the financial crisis.

IMGCAP(1)]As we prepare for the replacement of SAS 70 by SSAE 16, articles and vendor whitepapers are flooding the landscape.

As the incoming chairman of the International Accounting Standards Board, Hans Hoogervorst has been named to a key position in the global accounting profession at a time of dramatic changes.

Members of the American Institute of CPAs have voted by an 81.39 percent majority to modernize the AICPA's admission requirements to allow more people to join the institute, even if they no longer practice accounting or were never practitioners.