Auditing

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

PCAOB Publishes 'Primer' for Audit Committees

Auditors often dismiss the importance of inspections by the PCAOB, so the PCAOB is offering company audit committees some pointers about the inspection process in its report published August 1.
A&A

Internal Auditors Play Greater Role in Business

Internal audit leaders from top organizations share how they've reshaped the internal audit function to meet new risk and compliance needs.
A&A

Educational Institution and Nonprofit Audits Fast Approaching for June 30 Fiscals

June 30, the day on which many educational institutions and nonprofits end their fiscal year, is fast approaching. This brings "joy" to many internal accountants because they know that an annual visit from the auditors is just around the corner.
A&A

IRS Cannot Extend Three-Year Limitation Due to Overstatement of Basis

In a recent decision that considers the authority of the IRS to issue retroactive regulations, the Supreme Court ruled in United States v. Home Concrete that the IRS may not apply an extended six-year limitations period in certain tax shelter cases.
A&A

CAQ's New Report on the Evolving Role of the Public Company Auditor

The Center for Audit Quality (CAQ) has released a report summarizing its recent workshop on the evolving role of the public company auditor.
A&A

TIGTA: IRS Can Take Action to Recognize/Investigate Fraud Indicators

By better ensuring that fraud indicators are recognized and properly investigated during field audits of individual tax returns, the IRS could increase revenue by an estimated $20 million a year, according to a report publicly released today by the Treasury Inspector General for Tax Administration (TIGTA).
A&A

GAO Find Weaknesses in SEC Information Systems Security Program

In a letter dated April 12 to SEC Chairwoman Mary Schapiro, James Dalkin, GAO director of financial management and assurance, and Gregory Wilshusen, GAO director of information security issues, stated that "improvements were needed in the SEC's internal controls and accounting procedures."
A&A

IIA Launches Enhanced North American Website

The Institute of Internal Auditors (IIA) has redesigned and enhanced its North American website. Like the IIA's global website, which was introduced last October, the improved North American site features a clean, professional design with an array of user-friendly features.
Community News

Big Win for Accounting Profession in New Jersey Supreme Court

In a unanimous decision, the New Jersey Supreme Court on February 16 reversed an Appellate Court decision in a case brought by a third party that found KPMG LLP guilty of negligence for failing to uncover accounting fraud by a former client, Papel Entities.
A&A

PCAOB Proposes Auditing Standard on Related Parties

On February 28, the PCAOB issued for public comment a proposed auditing standard - Related Parties. The proposed standard would improve the auditor's evaluation of a public company's identification of, accounting for, and disclosure about its relationships and transactions with related parties.
A&A

Study Shows Benefits of Shareholder Involvement in Auditor Selection

In December 2011, the SEC gave GE, Alcoa, and others leave to exclude from their 2012 annual meetings the proposals of shareholders calling for rotation of the companies' external auditors. This was counter to a decades-old rule excluding from proxy materials proposals that will affect firms' "ordinary business."
A&A

Review of the PCAOB's Enforcement and Investigations Program

In his January 2012 letter to Mary Schapiro, chairman, SEC, James Doty, Chairman, PCAOB, stated, "I am pleased to transmit to you a summary of the PCAOB's most recent performance review, Review of the Public Company Accounting Oversight Board's Enforcement and Investigations Program."
Tax

Video News Update for Week of January 9, 2012

AccountingWEB's Weekly News Update for the week of January 9, 2012 is available in video format!
A&A

Is Your Accounting Firm 'Future-Ready'?

Speaking at the 2012 CCH User Conference in San Antonio, TX, Mike Sabbatis, CEO of CCH North America talked to the approximately 1,200 conference about the future-ready firm.
A&A

PCAOB Proposal Would Bring Greater Transparency to Public Company Audits

On October 11, 2011, the Public Company Accounting Oversight Board (PCAOB) voted to issue for public comment proposed amendments to its standards that would bring greater transparency to public company audits.
A&A

FAF Rejects Independent Standard Setting Board for Private Companies

A new council with the authority to identify, propose, and vote on specific improvements to U.S. accounting standards for private companies has been proposed by the Board of Trustees of the Financial Accounting Foundation (FAF).
A&A

Privately held companies are overwhelmingly in favor of separate reporting standards

Nearly 2,500 letters were sent to the Financial Accounting Foundation demanding the creation of an independent separate board to develop different standards for privately held businesses. According to the AICPA's review, 99 percent of privately held businesses are in favor.
A&A

FASB, GASB: Accountants can be heard on upcoming controversial issues

A series of hearings and roundtables scheduled by the standard-setting boards during October will address two controversial issues: (1) the GASB proposals on accounting for government pensions, and (2) standard setting for private companies and nonprofit entities.
A&A

PCAOB to initiate broad discussion of issues relating to auditor independence

The PCAOB is conducting an open meeting at its headquarters in Washington DC to consider a concept release on ways that auditor independence, objectivity, and professional skepticism could be enhanced.

Pages


Already a member? log in here.