Auditing

A&A

What is known, unknown about financial reform law

At 2,300 pages, the Dodd-Frank Wall Street Reform and Consumer Protection Act is, by most definitions, a monumental piece of legislation. It also is one of the most sweeping reforms of the American financial system since the Great Depression.
AccountingWEB Life

Converting to a Roth IRA easier in 2010

A provision within the Small Business Jobs and Credit Act of 2010 passed by the House Thursday will allow participants in 401(k), 403(b), and 457 tax deferred plans to convert those savings into a Roth IRA account if employers sponsor a Roth IRA in their plan.
A&A

Obama seeking additional spending before November elections

The Obama administration last week submitted to lawmakers a spending proposal that would cost, according to Republican estimations, between $20 billion and $30 billion.
A&A

Warren named Consumer Financial Protection Bureau czar

Is Harvard Law Professor Elizabeth Warren a pioneer of consumer financial protection issues or is she too critical of Wall Street and the banking industry? Americans will have to find out while she is on the job.
A&A

CAQ survey: Investors remain confident in U.S. companies and audited information

Despite fluctuating markets over the past year, individual investors remain confident in investing in U.S. companies that are publicly traded and in audited financial information.
A&A

SEC wants public companies to disclose more info about short-term borrowing

The Securities and Exchange Commission has voted unanimously to propose measures that would require public companies to disclose additional information to investors about their short-term borrowing arrangements.
A&A

PCAOB announces participants in roundtable on new proposed communications standard

The Public Company Accounting Oversight Board has announced the names of the participants in the roundtable discussion on its proposed standard on auditors' communications with audit committees.
A&A

Russell Golden appointed to FASB, replacing Herz

The Board of Trustees of the Financial Accounting Foundation has announced the appointment of Russell G. Golden to the Financial Accounting Standards Board, effective October 1, 2010. Golden will fill the board member vacancy on the FASB resulting from the retirement of Robert H. Herz
A&A

Profile of a fraudster: Does your company have one?

More than 80 percent of the frauds in the ACFE study were committed by individuals in accounting, operations, sales, executive/upper management, customer service or purchasing.
A&A

Businesses await new standard for lease accounting

The Financial Accounting Standards Board and the International Accounting Standards Board are on track to publish the final version of a common standard on lease accounting during the second quarter of 2011. The standard could go into effect as early as 2013.
A&A

PCAOB adopts new auditing standards on risk assessment

The Public Company Accounting Oversight Board has adopted a suite of eight auditing standards related to the auditor's assessment of, and response to, risk in an audit.
A&A

Blue Ribbon Panel leans toward separate GAAP for private companies

At its most recent meeting the Financial Accounting Foundation's (FAF) Blue Ribbon Panel chairman asked the panel to define the problem that private companies faced with U.S. GAAP and to narrow the field for proposed alternative models.
Tax

AICPA asks Congress to repeal new 1099 reporting provision

The AICPA has asked Congress to repeal the section of the new health care law that requires businesses to report to the IRS any purchase from a vendor of goods or services worth $600 or more during the calendar year.
A&A

Tax planning for IFRS adoption might be slowing

A sense of urgency once felt in tax departments to prepare for the potential implications of IFRS might have been replaced in recent months by uncertainty, as regulatory bodies issued statements seeming to indicate a slowing in the pace of movement toward adoption of IFRS.
A&A

Former Arizona congressman's accountant convicted of embezzling insurance premiums

Dwayne Lequire was found guilty by a federal jury in Tucson, Arizona, last week of eight counts of embezzling insurance premiums and one count of conspiracy.
A&A

AICPA publishes guide to help CPAs comply with engagement letter requirement

The AICPA has developed a new guide, Compilation and Review Engagements, for CPAs at smaller firms who perform financial audits. The guide is designed to help them comply with a new engagement letter requirement.
A&A

Small company suffers massive embezzlements

The discovery of alleged fraud at Koss Corporation highlights some of the potential dangers that can lead to fraud within a company and demonstrates how small companies can be susceptible to massive losses.
A&A

Audit partner shares glimpse of his life

AccountingWEB has teamed up with its UK sister site, AccountingWEB.co.uk, to present a new series that explores the lives of members of the accounting profession. In the first installment of this new series, Jim Brown, assurance partner of BDO in Bristol, UK, shares his working life with us.
A&A

SEC opens broad inquiry into accounting for repurchase transactions

Chief financial officers from 24 financial institutions received a Dear CFO letter from the chief accountant of the SEC last week asking for detailed information about their accounting for repurchase agreements.
Community News

Crowe Horwath takes first place in Public Accounting Report's SEC audit rankings

Public Accounting Report named Crowe Horwath LLP, one of the largest public accounting and consulting firms in the U.S., the winner of its annual analysis of auditor changes for SEC entities.

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