Audit

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.

Even though the Public Company Accounting Oversight Board technically lost a Supreme Court ruling Monday, the board is likely to emerge stronger now that the element of uncertainty has been removed.

The Financial Accounting Standards Board and the International Accounting Standards Board have issued exposure drafts proposing changes in the standards for fair value measurement and disclosure in U.S. GAAP and International Financial Reporting Standards.

The Governmental Accounting Standards Board has updated its standards for the reporting of certain financial instruments and external investment pools by government entities.

The Private Company Financial Reporting Committee met last week to discuss some of the standards that the Financial Accounting Standards Board has been proposing and postponing.

The Supreme Court ruled against the Public Company Accounting Oversight Board in a 5-4 decision, finding that the way board members are removed by the SEC is unconstitutional.

The International Federation of Accountants has written an open letter to the G-20 nations in advance of this weekend’s summit in Toronto calling on governments to fix public sector accounting.

The Institute of Internal Auditors has released new guidance to help internal auditors assess the risks related to spreadsheets, databases and information systems in their organizations.

The median fraud loss for U.S. organizations is $105,000, according to a new study, with billing and corruption schemes the most common types of fraud reported.

The Financial Accounting Standards Board and the International Accounting Standards Board have jointly published a draft standard to improve and align the financial reporting of revenue from contracts with customers and the related costs.

Public companies paid an average of $4.8 million in total audit fees in fiscal year 2009, according to a survey by Financial Executives International, with the average public company’s audit fees decreasing 2.4 percent from the prior year.