Audit

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.

Houston-based accounting firm MaloneBailey has responded to a recent alert from the Public Company Accounting Oversight Board that cautioned auditing firms against relying on foreign auditors, particularly in China, to do their work.

The Financial Accounting Standards Board has released a new set of standards aimed at improving the transparency of financial reporting by companies that hold financing receivables, which include loans, lease receivables, and other long-term receivables.

Managers of the nation's largest stock funds have called on the Public Company Accounting Oversight Board to open a direct line of communication between independent auditors and corporate shareholders.

The Internal Auditing and Assurance Standards Board has proposed new standards outlining an external auditor’s responsibilities when using internal auditors’ work during an audit.

Bank of America has fessed up to having shifted billions of dollars in debt off its balance sheet at opportune times in its fiscal calendar over the past three years, showing that the kinds of repurchase transactions that helped sink Lehman Brothers were not altogether uncommon.

The Public Company Accounting Oversight Board has proposed a new auditing standard covering confirmation procedures, with more of a focus on obtaining audit evidence from independent third parties.

The Public Company Accounting Oversight Board has issued an alert cautioning audit firms about using work performed by others outside the United States.

PricewaterhouseCoopers said the Financial Accounting Standards Board and the International Accounting Standards Board should slow down the pace of their standard-setting work, even though the two boards have recently extended the timeline for exposing new standards to the public.

Firms headquartered in counties where residents report that religion is important in their daily lives exhibit less aggressive financial reporting, according to a study by three professors from Texas A&M University.

Koss released restated earnings for 2008 and 2009 after the headphone manufacturer’s vice president of finance was found to have embezzled about $31.5 million.