Audit

The Public Company Accounting Oversight Board has revoked the registation of an upstate New York firm for relying on outside firms in China and Taiwan to audit three companies in those countries while exercising little supervision.

The Financial Accounting Foundation’s board of trustees has voted to establish a new Private Company Council that will determine whether exceptions or modifications to U.S. GAAP for privately held companies are necessary.

The Pan African Federation of Accountants has approved a resolution to adopt international accounting and auditing standards.

A group of 60 members of Congress, led by two CPAs turned lawmakers, have written a letter to the Financial Accounting Standards Board warning of “disastrous consequences” for American businesses and the real estate industry if FASB’s proposed changes in lease accounting standards are approved.

The Financial Accounting Foundation is looking for accountants who are interested in participating in a post-implementation review of how well an accounting standard for reportable operating segments has worked.

The AICPA celebrated its 125th anniversary last week at its Spring Meeting of Council, and our reporters were on site to bring you the highlights.

Top 10 Firm BKD LLP announced that regional managing partner Ted Dickman will be its next CEO, effective June 1.

A group of high-ranking officials in accounting and auditing standard-setting organizations discussed the changing standards for mandatory audit firm rotation, private company accounting and other controversial issues at the American Institute of CPAs’ Spring Meeting of Council.

CPA firms are starting to feel more pressure again from the economy as the recovery ever so slowly ramps up, with international problems threatening to throw it off course, and regulatory requirements adding to their workload.

The American Institute of CPAs marked its 125th anniversary during its Spring Meeting of Council, with meetings on Capitol Hill and the White House with lawmakers and policymakers, capped off with a lavish black tie reception.

The Securities and Exchange Commission has passed along a request to the Financial Accounting Standards Board that it consider making changes in how to account for derivatives contracts designated as hedging instruments.

Organizations worldwide lose an estimated 5 percent of their annual revenues to fraud, according to a new survey of Certified Fraud Examiners.

The Public Company Accounting Oversight Board is making some progress in its efforts to inspect auditing firms in China.

Small business owners ranks Idaho and Texas as the most business-friendly states, with Oklahoma City and Dallas-Ft. Worth taking top honors among cities across the nation, according to a new survey.

The Securities and Exchange Commission has filed charges in an enforcement action against Deloitte’s affiliate in Shanghai, China, accusing the firm of violating U.S. securities laws by refusing to produce audit work paper documents.

The May edition of Accounting Today's monthly Accountants Confidence Index continues the expectation of expansion that started in April.

Check out the digital edition of the May 2012 issue of Accounting Today.

Ernst & Young's lobbying unit is no longer listed as a lobbyist for three major U.S. companies, all of whom were 2011 audit clients of the accounting giant.

Audit management and analytics technology provider ACL Services has released ACL Workpapers for iOS, a mobile audit management app now available for free download from the iTunes App Store.

CCH plans to integrate ProSystem fx Engagement and ProSystem fx Knowledge Coach with Microsoft SQL Server 2012.