A&A news

A&A

Compliance Risks Now a Higher Priority for Auditors

According to a recent survey from the Audit Executive Center of the Institute of Internal Auditors (IIA), internal audit departments are putting a greater focus on compliance risks and less emphasis on SOX.
A&A

New AICPA Guide Focuses on Goodwill Impairment Testing

A new guide released on November 8 by the Financial Reporting Executive Committee of the AICPA provides accountants, auditors, and valuation specialists with guidance for impairment testing of goodwill.
A&A

New Toolkit on Pension Plans Available from GASB

The GASB is now offering a free online toolkit designed to assist preparers and auditors of state and local government pension plans with implementing new accounting and financial reporting standards.
A&A

GASB Annual Bound Editions Updated by FAF

An updated print edition of the Governmental Accounting Standards Board (GASB) Codification of Governmental Accounting and Financial Reporting Standards was released by the GASB's parent organization, the FAF, on November 5.
A&A

PCC Finalizes Standard on Variable Interest Entity Guidance

On November 12, the Private Company Council voted to finalize an alternative standard on variable interest entity guidance for private companies, which will be submitted to the FASB for a final decision on endorsement.
A&A

Hypothetical Earnings Trigger Real Bonus Payments

Federal income tax incentives motivate questionable compensation decisions that benefit executives at the expense of taxpayers and shareowners.
A&A

What Are Analytical Procedures and When Are They Used?

Analytical procedures are used by accountants in multiple levels of service, and they are critical to evaluating financial data and variations that occur in financial data.
A&A

FASB Issues Exposure Draft on Development Stage Entities

On November 7, FASB issued an exposure draft of a proposed accounting standards update that is intended to improve financial reporting about public and private development stage entities.
A&A

Studies Make a Case for Engagement Partner Identification

The three research studies examine whether knowing the name of the engagement partner leading an auditing effort is valuable to investors and whether being required to provide this information enhances the performance of engagement partners.
A&A

FASB: Final Revenue Recognition Standard Coming Soon

A revenue recognition standard for US Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) is close to being finalized.
A&A

PCAOB Announces Center for Economic Analysis; Names Luigi Zingales Founding Director

The PCAOB announced that it is establishing a Center for Economic Analysis to study the role and relevance of the audit in capital formation and investor protection.
A&A

AICPA Calls on the Senate to Support Digital Accountability and Transparency Act

In a letter to US senators Tom Carper and Tom Coburn, the AICPA encouraged the Senate's support of legislation that would include a provision calling for the establishment of government-wide financial data standards for federal funds.
A&A

SASB Adds Second Comment Period for Financials Standards

The Sustainability Accounting Standards Board (SASB) on November 4 added a second public comment period for sustainability accounting standards the board is proposing for the financials sector, which encompasses seven industries.
A&A

Standard on Auditing Revenue May Be in PCAOB's Future

A member of the Public Company Accounting Oversight Board (PCAOB) said during a conference on October 25 that setting a standard for auditing revenue will likely be on the PCAOB's radar in the months ahead.
A&A

Called to Account: Preparing for Upcoming FASB Changes to Lease Accounting and Reporting

With the news that the FASB – in conjunction with the IASB – intends to formally move forward with plans that will fundamentally alter the way that leases are accounted for on financial statements, businesses are recognizing they will need to adapt.
A&A

SEC to Propose Crowdfunding Rules under JOBS Act

The US Securities and Exchange Commission (SEC) voted unanimously October 23 to propose rules under the Jumpstart Our Business Startups (JOBS) Act that will enable companies to offer and sell securities through crowdfunding.
A&A

PCAOB Issues Alert No. 11 on Internal Control Audit Deficiencies

A staff audit practice alert issued by the PCAOB on October 24 let auditors know about a large number of audit deficiencies the PCAOB has seen in the last three years related to audits of internal control over financial reporting.
A&A

Bill Balhoff Has Been Elected Chairman of AICPA

William E. Balhoff is the new chairman of the Board of Directors of the American Institute of CPAs (AICPA), the world's largest member organization representing the accounting profession.
A&A

PCAOB Levies $2 Million Fine against Deloitte for Violation

Deloitte & Touche LLP was fined $2 million by the PCAOB on October 22 for permitting a former partner to perform activities as an "associated person" that were prohibited while he was subject to a PCAOB suspension order.
A&A

Anti-Fraud Collaboration Report: Expectation Gaps Exist within Financial Reporting

A recent report revealed that financial executives, internal auditors, external auditors, and board/audit committee members differ as to who is responsible for detecting and preventing financial statement fraud.

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