A&A news

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COSO Issues Updated Internal Control-Integrated Framework, Related Illustrative Documents

COSO – an organization providing thought leadership and guidance on internal control, enterprise risk management, and fraud deterrence – issued its updated Internal Control-Integrated Framework and related illustrative documents.
A&A

New Report on Financial Reporting Fraud Released

A new research report examines auditor involvement in fraudulent financial reporting cases cited in SEC enforcement actions issued from 1998-2010. During the thirteen-year period, there were eighty-seven sanctions against external auditors in SEC fraud investigations involving publicly traded companies.
A&A

FASB Requesting Participation in FASAC Survey

The Financial Accounting Standards Advisory Council (FASAC), the primary advisory group for the Financial Accounting Standards Board (FASB), has issued a survey to solicit stakeholder views about the FASB’s future agenda. Participants are asked to respond to the survey by May 30, 2013.
A&A

Whistleblowing Reaches Center Stage

Court cases and events involving whistleblowing are appearing in news headlines with greater frequency, and awareness about the importance of speaking up, when witnessing wrongdoing continues to grow.
A&A

FASB Looks to Defer Certain Disclosures for Benefit Plans

As a result of concerns from stakeholders, the FASB has issued a proposal to defer indefinitely the effective date for certain disclosure requirements for nonpublic employee benefit plans in the plan sponsor's own equity securities. Individuals or organizations can comment on the proposal until May 31.
A&A

AICPA Survey Finds Money Worries Taking Toll on Americans' Waistlines, Well-being

Feeling a little paunchy around the middle or particularly irritable when you pull into work in the morning? Don't blame it all on processed sugar or your two-hour commute. A recent AICPA survey found money worries are making many Americans impatient, unhealthy, and sleep deprived.
A&A

Report: Most General Ledger Accounts Reconciled Manually

If you think automation is primarily being used to reconcile the general ledger accounts of public and private companies, think again. Nearly two-thirds of finance departments in US companies and one-half in Canadian companies are still using a manual accounting system.
A&A

Political 'Hangover' Holds Back US Business Confidence Despite Financing Boost

Business confidence has grown in the United States, according to new research from ACCA and IMA®. However, businesses are not yet in a position to take advantage of better trading conditions and easier access to financing.
A&A

Survey Finds Parents Flagging as Financial Role Models

Turns out American kids aren't the only ones with a foggy idea about the financial future. According to a recent study by T. Rowe Price, many parents are also neglecting to prepare for their families' long-term financial stability.
A&A

A More User-Friendly Ethics Code On Tap for AICPA

With the goal of making it more user-friendly and intuitive for members, the AICPA has completed a proposed revision of its Code of Professional Conduct. AICPA members have until August 15 to submit comments on the proposal.
A&A

CEE Details New Standards for Financial Literacy

On April 16, the Council for Economic Education (CEE) released its National Standards for Financial Literacy. The standards are a framework for the content and skills the CEE believes should be contained in a K-12 personal finance curriculum.
A&A

ASU No. 2013-07 Establishes Liquidation Accounting Principle in US GAAP

The FASB amended US GAAP to explain how businesses and other organizations should prepare financial statements when they're ceasing operations and selling assets to settle debts with creditors.
A&A

FASB Seeks More Feedback on Decision-Making Framework

June 21 will likely be an important day for the FASB and the Private Company Council (PCC). That day will mark the end of a public comment period on a proposed private company decision-making framework that the FASB and the PCC are developing.
A&A

Former KPMG Partner Scott London Charged with Insider Trading

A former KPMG LLP senior audit partner faces federal criminal and civil charges for his involvement in a web of deceit that included tipping off a friend about upcoming corporate earnings releases and merger announcements.
A&A

KPMG Insider Trading Scandal Latest Blow to Accounting Industry's Reputation

The insider trading scandal that has engulfed KPMG LLP, causing it to resign as auditor at two companies and fire a partner, contributes to the negative image the public accounting industry gained due to its role in the run-up to the 2008 financial crisis.
A&A

Complying with the Foreign Corrupt Practices Act

The DOJ and SEC recently published a guide that provides insight into the Foreign Corrupt Practices Act and how the agencies carry out their ongoing fight against corruption within companies throughout the world.
A&A

KPMG Resigns as Herbalife and Skechers Auditor Over Alleged Insider Trading

KPMG LLP has resigned as auditor at the nutritional products maker Herbalife Ltd. and the footwear retailer Skechers USA Inc. because a senior partner at the accounting firm who was involved with their accounts was being investigated for insider trading.
A&A

Mary Jo White Confirmed by Senate as SEC Chairman

Mary Jo White, a former federal prosecutor for the Southern District of New York, was unanimously confirmed as chairman of the Securities and Exchange Commission (SEC) by the US Senate on April 8, 2013.
A&A

KPMG Fires L.A. Partner Over Alleged Insider-Trading Tips

The partner in charge of KPMG's audit practice in Los Angeles was fired immediately after the firm learned late last week of the partner's involvement in providing nonpublic client information to a third party and using the information in stock trades involving several companies.
A&A

Financial Accounting Foundation Names David A. Vaudt Chairman of GASB

On April 4, 2013, Iowa Auditor of State David A. Vaudt was named as the next chairman of the Governmental Accounting Standards Board (GASB), effective July 1, 2013.

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