Audit

The Institute of Internal Auditors is asking companies to lend some of their “brightest and budding” internal audit practitioners to serve on six-month rotational fellowships at the institute and influence the evolution of the internal audit profession.

The Financial Accounting Standards Board and its global counterpart, the International Accounting Standards Board, hope to stay in lockstep on standards, but oftentimes it’s not so easy.

PricewaterhouseCoopers has released the 2009 edition of its free downloadable guide comparing International Financial Reporting Standards with U.S. GAAP.

The author of a new book on the Financial Accounting Standards Board’s recently released GAAP Codification said CPA firms could be exposed to litigation risks unless they deploy the new codification rapidly.

The Group of 20 Leaders included a call for accounting convergence in their statement at the conclusion of their summit in Pittsburgh last weekend.

I know, I know you’re used to being in demand.

Many accounting firms are doing a good job of following new standards for conducting risk-based audits of internal controls, but others are not applying the standards properly, according to a new report by the Public Company Accounting Oversight Board.

Rep. Nydia Velázquez, D-N.Y., chair of the House Committee on Small Business, has proposed legislation to extend several expiring Small Business Administration lending programs.

Accountants have mixed feelings about the Obama administration’s proposed financial regulatory overhaul, according to a new survey.

The American Institute of CPAs testified before Congress in favor of exempting CPAs from oversight by the proposed Consumer Financial Protection Agency, arguing that CPAs are already highly regulated.

The SEC is expected to turn its attention once again this fall to the question of adopting International Financial Reporting Standards now that the financial crisis has eased.

A group of securities regulators from around the world is defending the need to safeguard the independence of the accounting standard-setting process.

Business consulting and internal audit firm Protiviti Inc said it has formed an advisory board to assist its clients with navigating the unstable economic and regulatory environment.

I’m working on our annual women in accounting feature and one question keeps popping up: why, in 2009 are we still discussing the lack of high ranking women in the profession?

The Securities and Exchange Commission has levied a $3 million penalty against Charles Johnson Jr., the former CEO of PurchasePro, a now-defunct business-to-business online exchange company that was involved in an accounting fraud case with AOL.

SEC Chief Accountant Jim Kroeker told a group of CPAs that accounting standard-setters should avoid a “race to the bottom” when working on convergence.

Moss Adams CEO Rick Anderson has written to Treasury Secretary Timothy Geithner urging him and other world financial leaders at the G-20 meeting next week to act more quickly on global accounting and corporate governance issues.

IMGCAP(1)]It’s easy for managers to overlook risks. Financial risk managers may ignore nonfinancial risks. Business managers responsible for a particular line item (such as costs) may downplay risks unrelated to their particular line item. Firms often manage their risks compartmentally — for example: the treasury department for foreign exchange and interest rates; the procurement department for commodity purchases; and the insurance department for catastrophic risks.

The group overseeing the International Accounting Standards Board has written to President Obama and the other G-20 leaders saying it is following the G-20 recommendations for dealing with fair value accounting for loans, after banking interests charged that it was not.

The banking and insurance industries have been playing arbitrage with the various accounting standards produced by U.S. and international standard-setters.