Regulatory actions and programs

The Institute of Internal Auditors has created an American Center for Government Auditing and compiled an inaugural list of the Most Influential Professionals in Government Auditing in recognition of professionals who have positively impacted the practice of auditing in the public sector.

The Governmental Accounting Standards Board voted unanimously Monday not to delay the implementation date of its new pension accounting and financial reporting standards, despite requests from various groups for an indefinite delay.

Public Company Accounting Oversight Board member Jay Hanson said he would like to see the PCAOB change the format of its inspection reports, including reducing the use of terms such as “audit failures.”

A majority of public companies may be able to avoid the need to file their financial reports using Extensible Business Reporting Language, or XBRL, technology if a congressional bill gets signed into law.

More than half of compliance officers anticipate their personal liability will increase this year, according to a new survey.

The House Financial Services Committee has overwhelmingly approved bipartisan legislation that would remove a requirement for smaller public companies with less than $250 million in annual revenue from filing their financial statements in Extensible Business Reporting Language, or XBRL, format for five years.

The Governmental Accounting Standards Board has released a new online pension implementation toolkit to help preparers, auditors, and users of state and local government financial reports understand and apply the revised pension accounting and financial reporting standards

The Supreme Court ruled in favor of expanding the whistleblower protections of the Sarbanes-Oxley Act to include private firms that act as contractors and subcontractors for public companies, which could have major implications for accountants.

The internal control framework that was unveiled last year by the Committee of Sponsoring Organizations of the Treadway Commission, also known as COSO, will take some time to adjust to, but the Securities and Exchange Commission is encouraging companies to transition to it by the end of this year.

The Association of Chartered Certified Accountants has published a new policy paper recommending that governments and policymakers encourage financial literacy among small businesses, remove uncertainty in regulation, and encourage the publication of more information to enable entrepreneurs to gain access to more funding.

A roundup of assurance news from the previous month.

For the first time, we are presenting in Accounting Today this edited excerpt from the prologue to Quality Financial Reporting, a book we published in 2002.

The Public Company Accounting Oversight Board announced plans to host a public meeting on Wednesday and Thursday, April 2-3, to get further feedback on its proposal to improve the auditor's reporting model.

Bloomberg BNA has published a new book examining the history and workings of the Public Company Accounting Oversight Board.

Chinese affiliates of the four largest accounting firms have filed an appeal with U.S. regulators to reverse an administrative judge’s decision to bar them for six months after they stymied investigations of possible accounting fraud.

The New York State Society of CPAs is calling on the Securities and Exchange Commission to tighten its proposed regulations on crowdfunding, arguing the proposals would loosen the rules to the detriment of unwary investors.

The Securities and Exchange Commission named Michael F. Maloney as the new chief accountant in the SEC’s Division of Enforcement.

The Public Company Accounting Oversight Board anticipates signing a deal by the end of the year to inspect auditing firms located in China, a long-sought goal.

The Securities and Exchange Commission has increased its enforcement efforts against lapses in accounting and financial reporting, while cracking down ever more on financial fraud, according to a new report.

A roundup of audit and attest news from the previous month.