Audit

The National Notary Association has published a much-anticipated revision of its Model Notary Act with fraud deterrence, identity theft, and electronic document protection rules, to improve the standards of care for notaries.

Fraudulent acts by employees and outsiders have risen since the beginning of the recession, and internal auditors predict the trend will continue through the rest of the year, according to a new poll of nearly 300 chief audit executives by the Institute of Internal Auditors.

The Public Company Accounting Oversight Board has launched a redesigned and expanded Web site.

The International Public Sector Accounting Standards Board has published a new standard that covers the accounting for and disclosure of intangible assets: IPSAS 31, “Intangible Assets.”

Ernst & Young has released a new report focusing on carbon emissions management, encouraging companies to address climate change issues in their business strategies.

The Securities and Exchange Commission voted to issue interpretive guidance on how public companies should disclose any business and legal developments related to climate change.

In his State of the Union address, President Barack Obama proposed using money repaid by financial institutions to the Troubled Asset Relief Program to help small businesses.

The International Public Sector Accounting Standards Board has published three new standards that cover all aspects of the accounting for and disclosure of financial instruments in the public sector.

Internal auditors will soon be playing a larger role in ensuring the security of credit card information.

The Financial Accounting Standards Board and the International Accounting Standards Board tentatively decided to define fair value as an exit price during a three-day joint meeting this week.

The Securities and Exchange Commission has approved a new auditing standard that aims to toughen the requirements for concurring reviews of the work of audit teams.

Many companies are getting a jump on preparing for adoption of interactive data-tagging technology on their financial statements, even before they are subject to SEC requirements.

A group of top central bank governors is calling for accounting standard-setters to develop a provisioning approach for troubled loans based on an expected-losses model rather than fair value.

The Internal Revenue Service plans to audit Harvard University and about 39 other colleges as part of an overall review of tax-exempt nonprofit organizations.

The Public Company Accounting Oversight Board has published two sets of staff questions and answers to provide guidance about a registered auditing firm’s obligation to report certain events to the PCAOB in special reports, and the process through which a firm can succeed to a predecessor firm’s registration status.

IMGCAP(1)]As I have performed over 700 SAS 70 audits, I should find that each SAS 70 audit is similar to the previous one I just performed. The good or bad news, depending upon how you look at it, is that they are not, and 2010 looks to be an even more challenging year to stay on top of the changes.

The American Institute of CPAs has issued a new standard on compilation and review engagements that represents one of the biggest changes to its Statements on Standards for Accounting and Review Services since 1978.

Financial analysts who cover the insurance sector are generally dissatisfied with the current financial reporting framework for the insurance industry.

Washington, D.C. - In a case that carries the potential to reshape the regulatory landscape of the accounting profession, the U.S. Supreme Court last month heard oral arguments in a lawsuit challenging the constitutionality of the Public Company Accounting Oversight Board - with several justices appearing to take the plaintiffs' side in the case.

KPMG’s Audit Committee Institute has provided a list of the top 10 “to-do’s” for audit committee members this year.