Auditing

Tax

Extra Funding Leads to Layoffs at IRS

On the heels of winning extra funding for enforcement and taxpayer services from a Senate panel last week, the New York Times is reporting that nearly half of the lawyers responsible for auditing the tax returns of wealthy American taxpayers may be losing their jobs.The Senate Appropriations Committee has voted unanimously to approve a 2007 fiscal year budget of $10.7 billion for the Internal Revenue Service (IRS). The IRS budget is part on a larger $69 billion bill funding the Treasury, Judiciary, Transportation and Housing and Urban Development departments beginning October 1.

Survey Reveals Section 404 Compliance Results in Committee Agenda Refocus

A survey recently conducted by the Audit Committee Institute (ACI) of KPMG International and the National Association of Corporate Directors found that although a majority of audit committee members rate their committees as "very effective", many feel some improvement can be made-including oversight of accounting judgments and estimates, risk management and agenda setting. While about 70 percent of the 317 audit committee members rated their committee as "very effective" and nearly 85 percent rated themselves "very effective" on ensuring the independence of external auditors from manag

New Resources for Auditors Available

Two new resources are available for auditors.

IFAC Issues New Standard on Auditor Competence

“A primary way that the accountancy profession protects the public interest is by requiring that all audit professionals have the necessary skills and training to perform their roles effectively,” Henry Saville, International Accounting Education Standards Board (IAESB) chair, said in a prepared statement announcing the new standard.
Community News

Japan’s Oversight Board Faults Operations, Controls at Big Four Firms

Japan’s Certified Public Accountants and Auditing Oversight Board (CPAAOB), a subsidiary of the Financial Services Agency (FSA) with independent investigatory power, asked the FSA on Friday to issue business improvement orders to Japan’s Big Four audit firms, Mainichi news reports.
Community News

Auditors Spotlighted As Options Scandals Come To Light

Auditors are in the spotlight as the number of stock-option scandals expands. It seems the manipulation of option prices was more common than previously believed.
Tax

Information Technology Audits Are Priority for Small Business Owners

Small businesses, whether public companies gearing up for Sarbanes Oxley (SOX) compliance, or privately held companies responding to customers’ demands for secure storage of personal data, are hiring internal Information Technology (IT) auditors in record numbers, according to networkworld.com. Also, internal and external auditors and IT personnel focused on security are working together to meet their goals.
Technology

Proviti Partners with Oracle in Cost-Effective, Sustainable Compliance Program

Proviti Inc., last week announced the company is working with Oracle to provide companies with an integrated compliance solution that leverages its consulting experience with Oracle applications and technologies.
Tax

Survey Shows Fear of SOX Keeps Accounting Functions in U.S.

Companies are looking first to automation before moving their finance functions offshore, even as manufacturing and customer-service jobs are sent overseas.Advertisement

SEC Announces Next Steps for SOX Implementation Includes Smaller Companies

The Securities and Exchange Commission (SEC) on Wednesday announced a series of actions intended to improve the implementation of the Section 404 internal control requirements of the Sarbanes-Oxley Act 2002.

PCAOB to Look at Audit Efficiency in 2006 Inspections

The Public Company Accounting Oversight Board (PCAOB) announced Monday that their inspections of audit firms, which began this week, will focus on progress made by the firms toward efficient implementation of the Board’s Accounting Standard No. 2, An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements (AS-2).
Technology

Healthcare Audit Resource Center Launched

A multiple-component membership center, the Healthcare audit Resource Center, designed to help auditing and compliance professionals build and maintain an effective auditing process, was launched this week by HCPro, Inc.

SEC Approves 7 PCAOB Rules for Auditors

The Securities and Exchange Commission (SEC) has approved Public Company Accounting Oversight Board (PCAOB) ethics and independence rules concerning independence, tax services, and contingent fees, according to a statement issued Friday by the PCAOB.
Tax

Court Orders IRS to Turn Over Statistical Data by April 17

A federal court, on Monday, ordered the Internal Revenue Service (IRS) to turn over extensive statistical information to Susan Long, the co-director of the Transactional Records Access Clearinghouse (TRAC) and a professor at Syracuse University. The decision comes a week after TRAC released a report stating that only 30 of the nation’s 180,000 millionaires were subject to face-to-face audits during fiscal year 2005.

IAASB Proposes New Requirements for the Audit of Group Financial Statements

The International Auditing and Assurance Standards Board (IAASB) recently approved and is issuing a re-exposure draft (ED) of the proposed International Standard on Auditing (ISA) 600 (Revised and Redrafted), the Audit of Group Financial Statements. The IAASB has modified the proposals and reissued the ED following earlier consultations, and is seeking reaction and comments on two specific matters:
Practice Management

PPC Expert Accounting & Auditing Guidance Available on RIA’s Checkpoint

On March 27, 2006, accounting firms can look to one platform for their research, guidance and workflow needs as PPC’s complete line of Accounting & Auditing guidance and e-Practice Aids become available on RIA’s Checkpoint ®. More than 90 PPC titles, including Guide to Public Company Audits, Guide to Audits of Small Businesses, Guide to Compilations and Review Engagements and the 1040 Deskbook will be integrated and linked with primary source material.“Customers tell us that the PPC engagement guidance and tools have become a critical part of their workflow.
Tax

Enron Accountant Admits to Raiding Reserves to Boost Earnings

An Enron accountant testified in court Monday that he plundered reserve funds to inflate earnings and make look Enron look more successful than it was.Advertisement
Community News

Miller Accounting and Auditing Titles to Adopt CCH Brand

CCH, a Wolters Kluwer business, announced on Tuesday that its premier line of Miller accounting and auditing books and update services are adopting the CCH brand identity.
Community News

CCH Disclosures Checklist Available on the Center

Members of the American Institutes of Certified Public Accountants (AICPA) Center for Public Company Audit Firms (CPCAF or the Center) will now have access to CCH’s SEC Disclosures Checklist tool to assist them in performing high quality public company audits by ensuring they are complying with the disclosure requirements under the rules and regulations of the Securities and Exchange Commission (SEC).

Canadian Think Tank Calls for Auditor Oversight Reform

A Vancouver-based economic think tank has called for reform of the watchdogs overseeing the North American auditing industry.Advertisement

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