KPMG LLP has resigned as auditor at the nutritional products maker Herbalife Ltd. and the footwear retailer Skechers USA Inc. because a senior partner at the accounting firm who was involved with their accounts was being investigated for insider trading.
The SEC says companies may use social media (e.g., Facebook, Twitter) to disclose key information and still be in compliance with Regulation FD, as long as investors know where to look for the information.
The latest Kroll "Global Fraud Report" shows the incidence and cost of fraud have decreased over the last year, yet fraud still remains an important issue for all companies around the world. And a DOJ suit against Standard & Poor's highlights the need for oversight of the credit rating industry.
One only has to look at the many complex issues on the agendas of the SEC and PCAOB to get an idea of the challenges CPAs face, AICPA Chairman Caturano said at the AICPA Conference on Current SEC and PCAOB Development.
The SEC has approved a new rule directing national securities exchanges to adopt specific listing standards governing the independence of public company compensation committees and compensation advisers.
The IESBA has issued an exposure draft intended to encourage accountants to blow the whistle on unethical companies or individuals; some of the changes may conflict with other ethical responsibilities.
The SEC has charged a former CFO of a Minnesota-based computer networking device manufacturer for secretly diverting company funds to cover unauthorized personal expenses and other employees' entertainment expenses.
Sometimes overlooked in the debate about SOX are the contributions it has made in generating a greater focus on improved corporate governance and stronger ethics and compliance programs. Needed improvement in audit quality is a continuing concern.
The PCAOB released its report on the interim inspection program for auditors of brokers and dealers. It gives an overview of the new program and audit deficiencies identified in the initial group of inspected audits of brokers and dealers.
SEC Chairperson, Mary Schapiro, has named Paul Beswick acting chief accountant. As such, he is the commission's new principal spokesperson in the debate over whether the United States should switch to IFRS.