SEC

A&A

KPMG Resigns as Herbalife and Skechers Auditor Over Alleged Insider Trading

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.
A&A

SEC Says Social Media for Company Announcements Is OK

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.
A&A

New Report Shows Changing Fraud Environment

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.
A&A

PCAOB Report Says PwC Failed to Remedy Audit Shortcomings

The PCAOB last week released its quality-control criticisms of audits conducted by PricewaterhouseCoopers contained in the board's March 25, 2009, and August 12, 2010, inspection reports.
A&A

SEC Approves 2013 PCAOB Budget and Accounting Support Fee

On February 13, 2013, the SEC unanimously approved the 2013 budget of the PCAOB and the related annual accounting support fee as required by the Sarbanes-Oxley Act of 2002.
A&A

Credit Rating Agency Performance Needs Improvement

The continued poor performance of the credit rating agencies in providing adequate assurance of the creditworthiness of debt instruments requires stronger action from regulatory bodies.
A&A

Not a Good Year for IFRS Adoption in the US

It is no longer clear that the US Securities and Exchange Commission (SEC) will recommend the adoption of International Financial Reporting Standards (IFRS) by US public companies.
A&A

US GAAP Financial Reporting Taxonomy Now Available

On December 21, 2012, the Financial Accounting Standards Board (FASB) announced the availability of the 2013 US GAAP Financial Reporting Taxonomy pending final acceptance by the SEC.
A&A

Auditing Standard No. 16 and Amendments to Other Standards Approved by SEC

The PCAOB has announced that the SEC approved Auditing Standard No. 16, "Communications with Audit Committees," and amendments to other PCAOB standards.
A&A

AICPA Committed to Constructive Dialogue with Regulators

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.
A&A

PCAOB Approves 2013 Budget and Strategic Plan

On November 28, the Public Company Accounting Oversight Board (PCAOB) approved its 2013 fiscal-year budget of approximately $245.6 million and its 2012-2016 Strategic Plan.
Community News

Leadership Transition at the SEC

US Securities and Exchange Commission Chairman Mary Schapiro, who took the agency's helm in 2009, will depart the SEC on December 14. Elisse Walter has been designated the new chairman.
A&A

SEC Issues Rule for Compensation Committees

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.
A&A

Proposed Whistleblower Standard Presents Challenges

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.
A&A

SEC Charges CFO with Diverting Company Dollars

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.
A&A

Has SOX Been Successful?

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.
A&A

PCAOB Issues Interim Inspection Program Report

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.
A&A

A Disturbing Thirty Days

Within a single thirty-day period beginning on June 12, 2012, a number of fraud and ethics-related items made news throughout the business world.
A&A

FASB and IASB Not Ready to Agree on Impairment

The FASB, the US accounting body, announced in a joint meeting with the IASB on July 17 that it had not voted to release a joint Exposure Draft on accounting for loan losses.
A&A

Paul Beswick Named SEC Acting Chief Accountant

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.

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