Auditing

A&A

SEC Shadow NAV rule means greater transparency for investors

The Securities and Exchange Commission (SEC) has announced that, for the first time, investors can access detailed information that money market funds file with the Commission.
A&A

Texas Society of CPAs recommends separate standards for private companies under FAF

TSCPA officials said that the society has long supported the development of accounting standards that meet the needs of privately held companies in the United States, especially those that are the backbone of the economy, and are not adequately served through current GAAP financial statements.
A&A

FASB's Seidman signals emphasis on converged standards, needs of private companies

Leslie Seidman, the newly appointed chairman of the FASB, repeatedly emphasized the board's intention to communicate with constituents and to produce standards in "an open process that encourages and values input."
A&A

State of the Union provides hope for accountants

President Obama delivered his State of the Union address to the nation Tuesday night and included verbiage that offers encouragement for accountants struggling with issues surrounding the new 1099 regulations.
A&A

James Doty to chair SEC accounting oversight board

James Doty, a partner at Washington, D.C.-based law firm Baker Botts LLP who served as general counsel for the SEC in the early 1990s, recently was appointed by SEC chairman Mary Schapiro to lead the agency’s Public Company Accounting Oversight Board.
A&A

PCAOB to conduct audits of U.S. accounting firms operating in the UK

The Public Company Accounting Oversight Board and the Professional Oversight Board in the UK have signed an agreement that will allow the PCAOB, working in cooperation with the POB, to resume audits of accounting firms registered in the UK.
A&A

Public companies must submit XBRL exhibits to SEC in 2011

The SEC in 2009 issued rules requiring public companies and foreign private issuers that prepare financial statements in accordance with US GAAP to attach an exhibit with all periodic filings that contains computer readable tags written in XBRL.
A&A

Reality check: Fraud in the workplace

We like to believe that everyone is honest, no one cheats or takes unfair advantage, but the reality is that workplaces can be breeding grounds for bad behavior. Here are some steps for spotting and circumventing fraudulent activity.
A&A

PwC provides top 10 questions for audit committees

Wondering where to start with your next audit? PwC US's Center for Board Governance has announced its annual list of questions and insights to help audit committees oversee their companies' 2010 year-end financial reporting process.
A&A

Ernst & Young charged with civil fraud for role in Lehman collapse

The New York Attorney General has filed a lawsuit against Ernst & Young, accusing the firm of helping Lehman Brothers hide its financial weakness from investors from 2001 until the investment bank collapsed in 2008.
A&A

PCAOB establishes new Office of Outreach and Small Business Liaison

The Public Company Accounting Oversight Board announced yesterday the establishment of the Office of Outreach and Small Business Liaison.
A&A

SEC has five prominent fraud cases in one month

July was a busy month for the SEC. Five of the enforcement cases charged or settled that month involved large, well-known companies, including KBR, Goldman Sachs, Dell, General Electric, and Citigroup.
A&A

Panel works on final recommendation for separate standards board for private companies

The Blue Ribbon Panel continued its discussion on how to modify existing standards-setting process for private companies during its meeting last week.
A&A

Thomson Reuters Tax and Accounting asks the question: "r u ready?"

Approximately 800 accounting professionals from around the country gathered recently in Washington, D.C., not to try to lobby Congress or push a tax agenda, but to learn and absorb tools and tips from the mother ship, Thomson Reuters Tax & Accounting.
Practice Development

Filomeno & Co. turning audits into profit centers

Filomeno & Company, a West Hartford, CT-based CPA and business advisory firm, is turning financial audits into profit centers.
A&A

Pass, fail, or adapt: How to respond to changing DCAA audit rules

The Defense Contract Audit Agency, the agency which audits Department of Defense contracts, changed the rules last year to make its audits very simple: you pass or you fail.
A&A

Rosenberg MAP Survey: CPA firms weather recession nicely

The recession hit the CPA industry with full force in 2009, and the results were quite different than in years past. Growth for CPA firms has been steady for 20 years or more, so firms had to rapidly adapt to the reality that the gravy days are gone for the time being.
A&A

PCFRC's O'Dell discusses FASB, concerns of private companies

At its fourth public meeting, earlier this month, the Blue Ribbon Panel, formed by the Financial Accounting Foundation to define the issues faced by private companies with U.S. GAAP, agreed that a new model for private company reporting was required.
Practice Development

CPA as trusted advisor: Why, and is it deserved?

In many client relationships, the CPA is counted on to be a trusted business advisor, to be available when the entrepreneur needs advice, to be the quarterback of the team of professionals who help to guide the company.
A&A

FASB clarifies accounting for troubled debt restructurings by creditors

The FASB has issued an Exposure Draft of a proposed Accounting Standards Update intended to increase transparency in financial reporting about troubled debt restructurings.

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