Audit

Summer is when we get to catch up on our reading, and this year's list included articles on what, if anything, to do about inventory accounting because of international convergence.

The Institute of Management Accountants Foundation of Applied Research has issued a call for proposals for new management accounting research from the academic community.

Freed from the threat of the Supreme Court putting it out of business, the Public Company Accounting Oversight Board has decided to start flexing its muscles.

Audit committees, CEOs and CFOs are demanding more from the internal auditors function than ever before, according to a new report.

Audit firms that engage in shady accounting practices or financial fraud face a growing risk of being turned in – by their own staff accountants and by the internal auditors of their public company clients.

The Financial Accounting Foundation, the organization that oversees both the Financial Accounting Standards Board and the Governmental Accounting Standards Board, has joined Twitter to expand its communications outreach.

The Public Company Accounting Oversight Board plans to impose more sanctions on accounting firms and managers that don’t adequately supervise their staff.

The acting chairman of the Public Company Accounting Oversight Board, Daniel L. Goelzer, plans to ask Congress to consider a change to the Sarbanes-Oxley Act to allow the PCAOB’s disciplinary hearings of accountants and accounting firms, along with the related proceedings, to be made public.

The Public Company Accounting Oversight Board has adopted a set of eight auditing standards related to the auditor’s assessment of risk in an audit and response to that risk.

IMGCAP(1)]The Financial Accounting Standards Board recently issued an exposure draft on revenue recognition that is expected to have a significant impact on accountants, auditors and entities alike.

The Securities and Exchange Commission has charged a former Deloitte & Touche LLP partner and his son with insider trading in the securities of several of the firm’s audit clients, and they have agreed to pay more than $1.1 million to settle the SEC’s charges.

KPMG LLP has introduced the Financial Reporting Network, a source of online information and insight for corporate decision-makers on trends related to financial reporting.

Is the Prince of Wales proclaiming sustainability reporting throughout the accounting realm?

Regulatory risk ranks as the top threat to business performance, according to a new report by Ernst & Young.

The Prince’s Accounting for Sustainability Project has teamed up with the Global Reporting Initiative to form the International Integrated Reporting Committee, with the goal of creating a globally accepted framework for sustainability accounting.

The International Accounting Standards Board has published a proposed set of changes to insurance contract accounting in an effort to impose a single standard upon all insurers in all jurisdictions that would apply to all types of insurance contracts on a consistent basis.

Deloitte & Touche LLP has resigned as the auditor for American Apparel and has been replaced with the troubled garment retailer’s former auditor Marcum LLP.

SEC settlements with top companies over financial misstatements have declined since 2007, and nearly three quarters of SEC settlements with companies over misstatements are for no money, according to a group of economic consultants.

IMGCAP(1)]Have internal auditors become irrelevant? Perhaps.

The American Institute of CPAs has written a letter to members of the House and Senate asking them to repeal the section of the new health care law that requires businesses to report to the Internal Revenue Service any purchase from a vendor of goods or services worth $600 or more during the calendar year.