Audit

The Financial Accounting Standards Board released its long-awaited accounting standards update for not-for-profit financial reporting, albeit with scaled back ambitions to keep the standards for nonprofit organizations aligned with standards for businesses.

The Public Company Accounting Oversight Board identified deficiencies at 96 percent of the firms that audit broker-dealers, according to a new report Thursday.

T. Rowe Price Group Inc. sued Valeant Pharmaceuticals International Inc. alleging top executives used a secret network of pharmacies, deceptive pricing, reimbursement practices and accounting tricks to hide its branded drugs from generic competition and artificially inflate revenue and profit.

The American Institute of CPAs is proposing to change the current peer review report so it clearly indicates if a Single Audit was chosen.

Hain Celestial Group Inc., a supplier of organic and natural products to Whole Foods Market Inc. and other grocers, plunged the most in more than 15 years after delaying financial results on accounting concerns and abandoning its full-year targets.

Crowe Horwath has introduced the Crowe Insight Center for Audit to advance the firm’s auditing services.

Institute of Management Accountants president and CEO Jeff Thomson talks in this video about how he views the plans by the American Institute of CPAs and the Chartered Institute of Management Accountants to form a new international association.

Companies that botch the accounting for transactions between different legal entities within their organizations can make their financial reporting slipshod.

The Institute of Internal Auditors and the International Federation of Accountants have renewed an agreement to collaborate on advancing auditing and accounting practices around the world.

The American Accounting Association’s Auditing Section has introduced a database summarizing research papers on auditing that were published in seven academic journals.