Audit

PNC Equity Partners II LP has acquired Apex Analytix, a firm that provides recovery audit services to more than a third of the Fortune 100.

The Ohio Society of CPAs is teaming up with the U.S. Department of Labor to improve the quality of audits of employee benefit plans in the Buckeye State.

Among the tragedies inflicted on thousands of victims by Bernard Madoff was that perpetrated on a tiny accounting firm in New City, N.Y., a hamlet some 30 miles north of New York City.

The Financial Accounting Standards Board has issued a proposed standard on the fair value measurement of liabilities, seeking to clarify the thorny issue of fair value a bit further.

Accounting firm leaders, standard-setters and industry accountants called for more certainty in the roadmap to International Financial Reporting Standards.

The International Federation of Accountants has released the 2009 Handbook of International Standards on Auditing and Quality Control.

The Public Company Accounting Oversight Board has published a staff audit practice alert explaining the potential auditing and review implications of the Financial Accounting Standards Board’s recently revised standards on fair value accounting.

Less than half the CFOs polled in a recent survey by Grant Thornton were aware of the Financial Accounting Standards Board’s Accounting Standards Codification project, which is set to become the authoritative source of U.S. GAAP on July 1.

Barry Melancon, president and chief executive of the American Institute of CPAs, welcomed more than 350 AICPA Council members to the nation’s capital and told the state delegations to get ready to meet with legislators on pressing issues in the profession.

The International Accounting Standards Board said that the Financial Accounting Standards Board’s recently issued guidance on fair value measurement is consistent with its existing guidance, but it still sees a need to revise its own controversial standards to account for the impairment of illiquid assets.

The International Public Sector Accounting Standards Board is proposing new financial reporting requirements to help public sector entities account for financial instruments, such as derivatives, bonds, and loans, and produce global standards of transparency.

Lynn Turner, former chief accountant of the Securities and Exchange Commission, has a new job: senior advisor and managing director of the forensic accounting practice at LECG.

XBRL US has published the 2009 edition of the interactive data tags that the Securities and Exchange Commission will accept for coding financial statements in accordance with U.S. generally accepted accounting principles.

AuditSolutions has changed its name to Lavante and closed on $5 million in venture capital funding.

Even as the Securities and Exchange Commission weighs the comments that were due this week on its proposed roadmap to International Financial Reporting Standards, IFRS could be on a convergence path of its own with Islamic accounting standards.

Goldman Sachs and Citigroup reported better than expected financial results last week, but critics are complaining that the two banks bended accounting rules to boost their earnings.

Bernard Madoff’s accountant, David Friehling, is facing an extra month of uncertainty over his legal status after prosecutors filed a continuance with the court.

The Institute of Chartered Accountants in England and Wales has written to the U.S. Securities and Exchange Commission urging the SEC to adopt International Financial Reporting Standards.

Among the many changes born of the financial crisis that's sweeping the globe are changes in internal auditing departments.

At least one Chicago-area CPA firm has won braggingrights after it received the highest rating possible on an independent peerreview of its financial statement audit and review services.