Audit

The House Financial Services Committee plans to probe the regulatory failures that led up to the collapse of Lehman Brothers after a bankruptcy examiner released a damning report last week on the investment bank’s accounting manipulations.

International Accounting Standards Board Chairman Sir David Tweedie told a group of European finance officials that the IASB and the U.S. Financial Accounting Standards Board are on track to converge their standards by June 2011, after which there will be a period of stability in accounting standards.

A group of international accounting organizations plans to sponsor four new auditing research projects.

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Washington, D.C.-At least 12 major nations - including several of the U.S.'s top international trading partners - are continuing to slam the door on efforts by the Public Company Accounting Oversight Board to conduct cross-border inspections of non-U.S. audit firms as required by the Sarbanes-Oxley Act.

Grant Thornton has resigned as the auditor of Yuhe International, a Chinese poultry company, after questioning loans made to a company affiliated with Yuhe’s chairman and CEO.

The Financial Accounting Standards Board and the International Accounting Standards Board have jointly published an exposure draft on the concept of reporting entities, including how they control other entities.

The Public Company Accounting Oversight Board plans to hold seven forums around the country to discuss auditing in the small business environment.

Check out the digital edition of the March 15 issue of Accounting Today.

The majority of executives in a new survey see a need for greater clarity about the Securities and Exchange Commission’s plans for International Financial Reporting Standards, according to a new survey by KPMG.

IMGCAP(1)]Now that many companies have tackled Sarbanes-Oxley compliance, what’s next for the internal audit function?

A series of freshly reconstituted “risk assessment” audit standards supported by the accounting industry have come under fire from the U.S. Government Accountability Office.

The Securities and Exchange Commission has approved a rule amendment from the Public Company Accounting Oversight Board giving the board the ability to postpone inspections of non-U.S. auditing firms for up to three years.

Company.com, an information portal for small and midsized businesses, has provided the following set of tips for small businesses to decrease their chances of being audited by the IRS.

The Senate has temporarily extended two provisions included in the Recovery Act that increase government guarantees and eliminate fees on small business loans.

Sen. John Thune, R-S.D., has introduced an amendment to a tax extenders bill that would create and expand small business tax incentives.

The wrangling over the fate of the Consumer Financial Protection Agency took another turn with the revelation that it may end up within the Federal Reserve.

The Securities and Exchange Commission voted last week to adopt a new rule to place certain restrictions on short-selling when a stock is experiencing downward price pressure.

The Securities and Exchange Commission has instituted public administrative proceedings against two former Ernst & Young auditors who failed to uncover the misappropriation of client funds by an investment advisor they were auditing.