A&A news October 2012

A&A

PCAOB Hears Views on Mandatory Firm Rotation

At the third public meeting on auditor independence and audit firm rotation held October 18, panelists and speakers examined the PCAOB's 2011 concept release on ways to enhance auditor independence, objectivity, and professional skepticism.
A&A

New Webinar: 'Skepticism and the External Auditor'

The latest webcast in the NACD-developed Skepticism Series to Combat Fraud has just been released. "Skepticism and the External Auditor" is part two of the five-part series of webcasts.
A&A

Newly Created PCC to Hold First Public Meeting

The Private Company Council, a new body created by the Board of Trustees of the Financial Accounting Foundation, will host its inaugural public meeting December 6, 2012, at the FAF offices in Norwalk, Connecticut.
A&A

CAQ October 24 Webcast on New PCAOB Standard

The Center for Audit Quality will be hosting the "Communications with Audit Committees: Requirements and Leading Practices" webcast, which will examine the PCAOB's new Auditing Standard 16, "Communications with Audit Committees."
A&A

FASB Will Propose New Credit Impairment Model

How to measure and disclose evidence that a loan or bond is not performing continues to be an issue in the ongoing deliberations of the Financial Accounting Standards Board and the International Accounting Standards Board.
A&A

PCAOB October Public Meeting Agenda

The PCAOB has announced the panelists and schedule of appearances for its October 18 public meeting in Houston. Topics include ways to enhance auditor independence, objectivity, professional skepticism, and firm rotation.
A&A

Auditor Evaluation Tool for Audit Committees Launched

Seven organizations have joined to launch a new tool to assist audit committees in performing an annual evaluation of an external auditor in order to make an informed recommendation whether to retain the auditor.
A&A

Ruling Extends SOX Whistleblowing Protections

Following a recent ruling by the US Department of Labor's Administrative Review Board, accounting firms that do work for public companies may be far more vulnerable to whistleblowing claims under SOX.
A&A

Employees Slow to Prepare for Retirement

Statistics from multiple studies paint a dire picture of the number of Americans who think they are prepared for retirement. A new survey found that only 26 percent had run a retirement projection, and only 18 percent felt they were on target.
A&A

CAQ Issues Practice Aid and Announces Webcast

The CAQ just released a practice aid intended to encourage audit firms to proactively communicate with audit committees and has announced its upcoming webcast, “Communications with Audit Committees: Requirements and Leading Practices.”
A&A

New Book Demystifies the 'Language' of Accounting

"Accounting Is Not a Foreign Language: Translating the Basics of Accounting," written by Jeanine Pfeiffer, is a new book designed for non-accountants who have careers in the accounting profession.
A&A

Proposed Whistleblower Standard Presents Challenges

The IESBA has issued an exposure draft intended to encourage accountants to blow the whistle on unethical companies or individuals; some of the changes may conflict with other ethical responsibilities.
A&A

FASB Issues ASU 'Technical Corrections and Improvements'

The FASB has issued amendments to the FASB Accounting Standards Codification® based on feedback from stakeholders. The amendments, issued as ASU No. 2012-04, are the product of a standing FASB project.
A&A

Global Economic Outlook - More Pessimists than Optimists

The third quarter CGMA Global Economic Forecast shows that pessimists now outnumber optimists nearly 8:1, as senior finance executives take an increasingly dim view of the global economy.
A&A

AICPA Names Outstanding CPA in Government Award Winners

John H. Fisher and Roger A. Norman are the 2012 recipients of the AICPA Outstanding CPA in Government Award. Fisher posthumously received the federal government award, and Norman received the award for state government.
A&A

SEC Charges CFO with Diverting Company Dollars

The SEC has charged a former CFO of a Minnesota-based computer networking device manufacturer for secretly diverting company funds to cover unauthorized personal expenses and other employees' entertainment expenses.
A&A

Sir David Tweedie, Former IASB Chair, to Lead IVSC

The IVSC has announced the appointment of Sir David Tweedie as chairman elect of IVSC's board of trustees. Sir David will assume the role October 29, 2012, following the IVSC 2012 Annual General Meeting.