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Auditing
Editors' Picks
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AUDIT FIRM REGULATION: No Autographs
Firms decry PCAOB's proposal on requiring audit signatures Read more
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Internal Auditors Urged to Heed New SEC Proxy Disclosure Rules
February 8, 2010The SECs recently issued proxy disclosure rules provide chief audit executives with opportunities to help companies improve their governance and risk management practices, according to the Institute of Internal Auditors.
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Auditors See Increase in Fraud
February 5, 2010Fraudulent acts by employees and outsiders have risen since the beginning of the recession, and internal auditors predict the trend will continue through the rest of the year, according to a new poll of nearly 300 chief audit executives by the Institute of Internal Auditors.
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Auditors Get More Involved in Credit Card Security
January 21, 2010Internal auditors will soon be playing a larger role in ensuring the security of credit card information.
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SEC Approves Engagement Quality Review Standard
January 18, 2010The Securities and Exchange Commission has approved a new auditing standard that aims to toughen the requirements for concurring reviews of the work of audit teams.
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IRS to Audit Harvard in Nonprofit Probe
January 12, 2010The Internal Revenue Service plans to audit Harvard University and about 39 other colleges as part of an overall review of tax-exempt nonprofit organizations.
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PCAOB Offers Q&As on Special Reporting, Succession
January 12, 2010The Public Company Accounting Oversight Board has published two sets of staff questions and answers to provide guidance about a registered auditing firms obligation to report certain events to the PCAOB in special reports, and the process through which a firm can succeed to a predecessor firms registration status.
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What to Expect from SAS 70 Audits in 2010
January 12, 2010I have performed over 700 SAS 70 audits, but they are hardly ever the same.
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Supreme Court takes up the fate of the PCAOB
January 11, 2010In a case that carries the potential to reshape the regulatory landscape of the accounting profession, the U.S. Supreme Court last month heard oral arguments in a lawsuit challenging the constitutionality of the Public Company Accounting Oversight Board - with several justices appearing to take the plaintiffs' side in the case.
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KPMG Lists Top 10 Priorities for Audit Committees
January 7, 2010KPMGs Audit Committee Institute has provided a list of the top 10 to-dos for audit committee members this year.
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Overstock Hires New Auditor, Disses Previous One
December 30, 2009Overstock.com has engaged KPMG as its new outside auditor, but not without a parting shot at its previous auditing firm, Grant Thornton.
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Protiviti Introduces Risk Oversight Newsletter
December 29, 2009Business consulting and internal audit firm Protiviti has begun publishing Board Perspectives: Risk Oversight, a new monthly newsletter aimed at corporate boards of directors.
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PCAOB Creates Academic Fellowship
December 23, 2009The Public Company Accounting Oversight Board has established an academic fellowship program to recruit accounting researchers to spend a year at the PCAOBs headquarters in Washington, D.C.
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CAQ to Provide $200,000 to Fund Audit Research
December 18, 2009The Center for Audit Quality has issued a request for proposals to fund independent academic research on projects of interest to the auditing profession.
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Ernst & Young to Pay $8.5M to SEC over Bally Audits
December 18, 2009.Ernst & Young has agreed to pay $8.5 million to the Securities and Exchange Commission after the firm and six of its former and current partners were charged with playing a role in accounting fraud at Bally Total Fitness Holding Corp.
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PCAOB Revises Audit Risk Assessment Proposals
December 17, 2009The Public Company Accounting Oversight Board has decided to re-propose seven auditing standards and amendments that would change the requirements for assessing audit risks.
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Supreme Court Could Prove to Be PCAOBs Undoing
December 9, 2009The Public Company Accounting Oversight Board is facing an uncertain future after several justices on the high court appeared to side with the accounting firm and conservative group that hope to prove the board is unconstitutional.
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Audit Committee Comp Influences Auditor Support
December 7, 2009Audit committee members are more likely to support the auditor over management in an accounting disagreement when the compensation of members of the board audit committee includes long-term stock options, according to a new study.
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Companies Cut Internal Audit Departments
December 7, 2009A new online poll by Deloitte Financial Advisory Services found that 27.4 percent of executives reported cuts in their companies compliance and internal audit departments.
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SEC Charges Financial Firm That Faked KPMG Audit
December 2, 2009The Securities and Exchange Commission has filed fraud charges against a health care financial services company after it allegedly provided investors with forged financial statements and audit reports to lure them into a $75 million investment scheme.
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Officials Warn Auditors Not to Overly Rely on Specialists
December 2, 2009Officials from the Security and Exchange Commission and the Public Company Accounting Oversight Board cautioned a group of auditors against placing too much reliance on specialists hired for their expertise in areas such as fair value measurement.
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PCAOB Plans Tougher Inspections with Budget Increase
December 1, 2009Looking forward to 2010, the Public Company Accounting Oversight Board is bracing for a surge in litigation from the targets of its enforcement staff, a series of new regulatory responsibilities triggered by the Madoff Ponzi scheme, and corner-cutting by accounting firms squeezed by the ongoing economic crisis.
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Overstock CEO Escalates Battle with Grant Thornton
November 30, 2009The dispute between Overstock.com and Grant Thornton heated up after the Internet retailers chief accused the firm of inconsistencies and inaccurate statements.
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IDEA Teams with Audimation on Risk Monitoring
November 20, 2009CaseWare IDEA and Houston-based Audimation Services have launched SymSure for IDEA continuous auditing and monitoring risk management software.
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The Staying Power of ERM in Internal Auditing
November 19, 2009Many may feel that enterprise risk management is a passing fad, but evidence shows otherwise.
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Overstock CEO Objects to Grant Thornton Audit
November 18, 2009Internet retailer Overstock.com has dismissed Grant Thornton as its auditor and opted to file an unaudited version of its third-quarter financials.
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CRISIS NEWS
November 16, 2009Crowe unveils app for ARRA; and internal audit staff impacted by recession.
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New CPA Firm Formed in Tampa
November 12, 2009The former CFO of the American Cancer Society has formed her own CPA firm.
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Grant Thornton Partner Joins PCAOB Advisory Group
November 12, 2009Grant Thorntons national managing partner of professional standards, John Archambault, has been appointed to the Public Company Accounting Oversight Boards Standing Advisory Group.
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Grant Thornton CEOs on the PCAOB
November 11, 2009Grant Thornton CEO Ed Nusbaum and incoming CEO Stephen Chipman talk to Accounting Today editor-in-chief Bill Carlino about the Supreme Court case involving the SEC's oversight of the Public Company Accounting Oversight Board and Sarbanes-Oxley.
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IAASB Wants to Improve Audit Confirmations
November 10, 2009A new audit practice alert from the International Auditing and Assurance Standards Board aims to help auditors plan more effective use of external confirmations.
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Court Reinstates Malpractice Suit Against Deloitte
November 5, 2009A malpractice lawsuit against Deloitte that was filed by Holtsville, N.Y.-based Symbol Technologies can proceed, an appeals court in New York has ruled.
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House Panel Exempts Small Companies from SOX Audits
November 4, 2009The House Financial Services Committee voted to exempt small and midsized public companies from Sarbanes-Oxley audit requirements.
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International Auditing Standards Spread to 126 Countries
November 3, 2009The International Federation of Accountants has released a new online chart showing the growing adoption of International Standards on Auditing.
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PCAOB May Scrap Auditor Sign-off Proposal
November 2, 2009The Public Company Accounting Oversight Board has received mostly negative comments on a recent proposal to require engagement partners with final responsibility for an audit to sign the audit report, and it may end up abandoning the idea.
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ASSURANCE NEWS
November 2, 2009PCAOB sees room for improvements in AS5 audits, and accountants are divided over regulatory overhaul
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THE SPIRIT OF ACCOUNTING: Paul M at 300; Paul B at 200
November 2, 2009On Jan. 22, 1996, Accounting Today published the first version of The Spirit of Accounting, titled 'Self-regulation: Oxymoronic or just plain moronic?' The current column is the 300th, and we're going to present our individual perspectives on this milestone.
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Insurance assurance
November 2, 2009With over $3 trillion in cash values, life insurance ranks second only to the mutual fund industry in magnitude.
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GAO: DoD audit oversight rife with problems
November 2, 2009The Pentagon's Defense Contract Audit Agency - the federal watchdog responsible for providing critical accounting and auditing oversight of military contractors - is riddled with audit quality problems that include serious breaches of auditor independence, congressional investigators charged.
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PCAOB Mulls New Related-Party Standards
October 23, 2009Worried that corporate auditors are being duped by widespread related-party transaction frauds, officials at the Public Company Accounting Oversight Board are considering new standards establishing stiffer and more specific requirements for accountants who encounter these arrangements.
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Auditing Board Works on Greenhouse Gas Standard
October 23, 2009The International Auditing and Assurance Standards Board has published a consultation paper seeking views on a new assurance standard it is developing for greenhouse gas emission reporting.
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Richard Chambers Podcast
October 21, 2009Institute of Internal Auditors president Richard Chambers comments on the role of internal audit in the risk management function.
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IAASB Develops Fair Value Auditing Guidance
October 16, 2009The International Auditing and Assurance Standards Board is seeking views on developing fair value auditing guidance for a new consultation paper.
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Video: Grant Thornton CEOs Discuss Supreme Courts PCAOB Case
October 15, 2009Current Grant Thornton CEO Ed Nusbaum and incoming CEO Stephen Chipman talked about the Supreme Courts upcoming hearing of a challenge to the constitutionality of the Public Company Accounting Oversight Board.
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Internal Audit Staff Hit Hard by Recession
October 8, 2009The staffing level of internal audit departments was hurt badly by the recession, but the worst might be over, according to a new survey.
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Small Public Companies Get Final SOX Reprieve
October 5, 2009The Securities and Exchange Commission has again delayed the deadline for small public companies to begin providing an audited assessment of internal controls over financial reporting, but said this will be the last time.
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Reznick Group Launches SAS 70 Microsite
October 5, 2009Accounting firm Reznick Group has created a SAS 70 site that contains information on the auditing standard and the firms services.
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PwC, KPMG Offices Raided in Iceland
October 2, 2009Police have raided the offices of PricewaterhouseCoopers and KPMG in Iceland searching for information related to banking clients that went bust.
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Tech Glitches Push Back Date of PCAOB Reports
October 1, 2009The Public Company Accounting Oversight Board has delayed the effective date of its new rules requiring accounting firms to report on events such as litigation so it can resolve technical issues with the Web-based system it plans to use for receiving the reports.
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Internal Audit Organization Offers Fellowships
October 1, 2009The Institute of Internal Auditors is asking companies to lend some of their brightest and budding internal audit practitioners to serve on six-month rotational fellowships at the institute and influence the evolution of the internal audit profession.
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PCAOB Sees Room for Improvement in AS5 Audits
September 24, 2009Many accounting firms are doing a good job of following new standards for conducting risk-based audits of internal controls, but others are not applying the standards properly, according to a new report by the Public Company Accounting Oversight Board.
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Financial Statement Fraud 2nd Edition
September 22, 2009Published: September 2009
Published by: Wiley
Author: Razaee
FREE SHIPPING -
Fraud 101 3rd Edition
September 22, 2009Published: September 2009
Published by: Wiley
Author: Pedneault
FREE SHIPPING -
Protiviti Unveils Crisis Advisory Board
September 21, 2009Business consulting and internal audit firm Protiviti Inc said it has formed an advisory board to assist its clients with navigating the unstable economic and regulatory environment.
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CCH Offers Learning Academy
September 14, 2009CCH has launched the CCH Learning & Development Academy, a training program for accounting firms of all sizes.
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PCAOB Backs FASB Codification
September 4, 2009The Public Company Accounting Oversight Board has published a set of staff questions and answers intended to address how auditors should use the recently issued FASB Codification.
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Niemeier to Leave PCAOB
September 2, 2009Public Company Accounting Oversight Board member Charles Niemeier said he plans to leave the board in the near future.
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Accountant Disciplined for Using High School Grads to Perform Audits
August 28, 2009The Securities and Exchange Commission has charged Las Vegas accountant Michael J. Moore and his auditing firm Moore & Associates with issuing false auditing reports prepared by high school graduates who had little to no experience with accounting or auditing.
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Auditing Standards Dont Have Far to Converge
August 21, 2009A new study indicates that differences between the international and U.S. auditing standards are fairly negligible and wont present the challenge now facing the convergence of U.S. GAAP with International Financial Reporting Standards.
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Richard Chambers
August 21, 2009The president of the Institute of Internal Auditors explains why the role of internal audit is evolving from Sarbanes-Oxley to risk management.
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PCAOB Reporting Rules Take Effect October 12
August 14, 2009The SEC has approved rules requiring registered public accounting firms to report events such as legal proceedings and changes in a firms contact information within 30 days to the Public Company Accounting Oversight Board, as well as file annual reports on disciplinary matters and other issues.
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PCAOB Publishes Foreign Firm Inspection Lists
August 13, 2009The Public Company Accounting Oversight Board has published two lists of accounting firms that have not yet been inspected and jurisdictions in which it has inspected registered non-U.S. firms.
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CCH Improves Audit Management in TeamMate
August 10, 2009CCH has released the latest version of its TeamMate audit management software with enhanced management reportlng and issues-tracking features.
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PCAOB Forms Investor Advisory Group
July 31, 2009The Public Company Accounting Oversight Board has created an Investor Advisory Group to solicit input from investors on how to carry out the boards responsibilities in overseeing public auditing firms.
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PCAOB Adopts Engagement Quality Review Standard
July 28, 2009The Public Company Accounting Oversight Board has voted to adopt a new auditing standard on engagement quality review and to issue a concept release on requiring the engagement partner to sign the audit report.
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Goelzer Named PCAOB Acting Chairman
July 27, 2009Daniel L. Goelzer was named acting chairman of the Public Company Accounting Oversight Board and will take office August 1.
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PCAOB Considers Audit Engagement Changes
July 24, 2009The Public Company Accounting Oversight Board has scheduled an open meeting next week to discuss making changes in engagement quality auditing and sign-off requirements.
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Ernst & Young to Pay $10.2M for Negligent Audits
July 23, 2009Ernst & Young will have to pay $10.2 million in damages after a Florida jury determined that the firm was negligent in its audits of the now-defunct Sovereign Bank.
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CCH Intros Knowledge Coach for Audits
July 23, 2009CCH has created new software to make the audit process more efficient.
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CAQ Governing Board Re-elected
July 20, 2009The Center for Audit Quality has re-elected four members of its governing board.
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Audit Problems Found at BDO and Grant Thornton
July 15, 2009The Public Company Accounting Oversight Board has released reports on the audit deficiencies that its inspectors found last year at BDO Seidman and Grant Thornton.
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CAQ Funds Audit Research Projects
July 14, 2009The Center for Audit Qualitys Research Advisory Board has chosen five auditing-related academic research projects to fund.
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Tips on Curbing Corporate Fraud
July 13, 2009Accounting firm Crowe Horwath LLP has advice on the top 10 ways that corporations can reduce occupational fraud.
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Sageworks Handles Government and Bank Audits
July 2, 2009Sageworks has released two new analytical procedure modules for auditing government entities, banks and other financial institutions.
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Guidebook Helps Manage Spreadsheet Risk
July 1, 2009A new guidebook aims to help companies mitigate the risks of spreadsheets being misused for corporate fraud or causing multimillion-dollar reporting errors.
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Deloitte Tries to Help Canada Find Missing Gold
June 30, 2009Deloitte & Touche has conducted a review for the Royal Canadian Mint to try to account for a $15.3 million discrepancy between a rolling inventory and a physical count of gold owned by the mint and its customers, and Goldfinger is apparently not to blame.
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PCAOB Delays Foreign Firm Inspections
June 25, 2009The Public Company Accounting Oversight Board has voted to delay inspections of foreign accounting firms for up to three years after hearing an outcry over the legality of the inspections from regulators and firms overseas.
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Audit Watchdog Finds IFRS Discrepancies
June 19, 2009A new study of accounting-related fraud in Western Europe has found substantial differences in the approach taken to International Financial Reporting Standards by different countries and companies.
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Jury Finds BDO International Not Liable for Audits
June 18, 2009A jury in Miami has found BDO International not liable for failing to uncover fraud in audits conducted by its U.S. member firm, BDO Seidman.
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Samuel A. DiPiazza, Jr.
June 18, 2009PricewaterhouseCoopers International's CEO has some thoughts to share about the accounting profession, his firm and the state of the economy, before his retirement.
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Ernst & Young to Pay $109M for HealthSouth Audits
June 17, 2009Ernst & Young has agreed to a record-setting $109 million nationwide settlement for failing to uncover the financial problems at health care giant HealthSouth.
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Call Me Curious
June 11, 2009I am increasingly curious as to how those responsible for filing, auditing, exercising oversight and investing in today's market setting answer a small set of queries.
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PCAOB Chairman Olson Resigns
June 8, 2009Mark Olson, chairman of the Public Company Accounting Oversight Board, said he is resigning his post at the end of July, but did not elaborate on the reasons.
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Audit Fees Rose Slightly Last Year
June 3, 2009Companies paid a bit more in audit fees in fiscal year 2008 compared to the previous year, according to a new survey.
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A Supreme Debate on the PCAOBs Fate
June 3, 2009The Supreme Court has agreed to rule on the question of whether the Public Company Accounting Oversight Board is unconstitutional, but what can we expect the justices to say?
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Audit Committee Members Get Involved in Crisis
May 20, 2009Three out of four audit committee members say they have increased their hands-on involvement with management, and are reassessing risk management and oversight as a result of the economic crisis, according to a new survey.
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Biggest Ready for XBRL
May 20, 2009 -
Fraud Examiners Call for Executive Comp Transparency
May 19, 2009The Association of Certified Fraud Examiners wants top executives at public companies to open up their finances to scrutiny by auditors and regulators.
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An Accounting Tragedy
May 19, 2009Among the tragedies inflicted on thousands of victims by Bernard Madoff was that perpetrated on a tiny accounting firm in New City, N.Y., a hamlet some 30 miles north of New York City.
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Is the auditing profession falling behind?
May 18, 2009Over the last several years, a substantial number of highly complex professional auditing and accounting standards have been issued by numerous standard-setters.
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Commentary: Authentic audit reform: Abolish the monopoly
May 18, 2009Customers are best served and protected when they have many competitive alternatives. We are suspicious of self-serving monopolies.
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Audit Watchdog Group Warns About Starbucks
May 15, 2009Research firm Audit Integrity issued a negative report to investors and auditing firms about Starbucks Corp., warning that the coffee retailer rates poorly on several risk factors, including equity risk, class-action litigation and financial restatements.
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NYSE Chief Wants Accounting Firms to Cut SOX Fees
May 12, 2009NYSE Euronext CEO Duncan Niederauer thinks accounting firms are charging small companies too much to comply with Sarbanes-Oxley requirements and suggested the SEC may pressure the firms to reduce their fees.
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CAQ Releases Public Auditing Guide
May 7, 2009The Center for Audit Quality has released a new guidebook to explain to investors, managers and other interested parties the important role played by auditors of public companies.
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PNC Equity Buys Apex Analytix
May 7, 2009PNC Equity Partners II LP has acquired Apex Analytix, a firm that provides recovery audit services to more than a third of the Fortune 100.
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Ohio CPAs Beef up Employee Benefit Plan Audits
May 6, 2009The Ohio Society of CPAs is teaming up with the U.S. Department of Labor to improve the quality of audits of employee benefit plans in the Buckeye State.
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Commentary: An accounting tragedy
May 4, 2009Among the tragedies inflicted on thousands of victims by Bernard Madoff was that perpetrated on a tiny accounting firm in New City, N.Y., a hamlet some 30 miles north of New York City.
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Former SEC Chief Accountant Turner Joins LECG
April 23, 2009Lynn Turner, former chief accountant of the Securities and Exchange Commission, has a new job: senior advisor and managing director of the forensic accounting practice at LECG.
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Madoff Auditor in Legal Limbo
April 21, 2009Bernard Madoff's accountant, David Friehling, is facing an extra month of uncertainty over his legal status after prosecutors filed a continuance with the court.
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Economy causes internal audit upheaval
April 19, 2009Among the many changes born of the financial crisis that's sweeping the globe are changes in internal auditing departments
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Nader Calls CPAs 'MIA' in Financial Crisis
April 14, 2009Consumer advocate Ralph Nader lashes out at accountants.
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PCAOB Mulls Revising Audit Confirmation Standards
April 14, 2009Board considers changes in the wake of scandals.
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CAQ Makes Recommendations on IFRS Adoption
April 14, 2009Group encourages a firmer deadline for roadmap.
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Final Mark-to-Market Rules Make Subtle Changes
April 14, 2009Some critics begin to see positive signs.
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PCAOB Plans International Inspections
April 8, 2009The Public Company Accounting Oversight Board has released a list of countries abroad where it intends to conduct inspections of auditing firms.
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PwC India Auditors Charged in Satyam Case
April 8, 2009Two auditors from PricewaterhouseCoopers' Indian member firm have been charged in the Satyam accounting scandal.
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PCAOB Plans Small Business Audit Forums
April 7, 2009The Public Company Accounting Oversight Board has scheduled a series of forums around the country on auditing in the small business environment.
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Commentary: Build a better financial statement
April 5, 2009Are you able to get what you need from reviewing financial statements? Do you think there are ways to enhance the usefulness of the presentation of the information?
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Companies Foresee More Tax Audits
April 6, 2009As governments desperately seek all kinds of additional revenue, senior business professionals see the increased possibility of an audit by taxing authorities as the most significant tax risk facing their organizations today, according to a new survey.
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Former KPMG Execs Sentenced in Tax Case
April 3, 2009Two former KPMG managers received prison terms and multimillion-dollar fines in a long-running tax shelter case.
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Accounting & Auditing Briefs
March 31, 2009 -
Support, Questions for IFRS
March 31, 2009 -
Auditors' Resource Online
March 31, 2009 -
Guidance on Internal-Control Audits
March 31, 2009 -
SOUTHEAST: Taking Action While Numbers Are Good
March 31, 2009 -
SOUTHWEST: Building Strong Numbers
March 31, 2009 -
NORTH CENTRAL: Local Concentration, Global Goals
March 31, 2009 -
NORTHEAST: Big Regionals, Similar Issues
March 31, 2009 -
MIDWEST: Finding the Right Niches
March 31, 2009 -
WEST: Growing Amid the Struggle
March 31, 2009 -
Top National Firms
March 31, 2009 -
NORTHEAST: Top 15 Firms
March 31, 2009 -
MIDWEST: Top 15 Firms
March 31, 2009 -
WEST: Top 15 Firms
March 31, 2009 -
CAQ to Spend $200,000 on Audit Research
April 1, 2009The Center for Audit Quality plans to award $200,000 in research grant funds to academics working on topics related to auditing and accounting.
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Vitale Caturano Shortens Name
March 31, 2009Accounting firm Vitale Caturano has changed its name to Caturano and Co. in a bid to distance itself from a scandal-tainted co-founder.
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Obama Nominates Tax Policy Head
March 31, 2009President Barack Obama has nominated a California professor, Helen Elizabeth Garrett, as his Assistant Treasury Secretary for Tax Policy.
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Prosecutors Ask for the Max for Tax Shelter Execs
March 27, 2009Prosecutors maintain that two former executives of Big Four firm KPMG should be sentenced as much as 24 years in prison for their part in marketing illegal tax shelters.
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BearingPoint to Divest Key Ops to Big Four Firms
March 26, 2009Consulting giant BearingPoint, which filed for Chapter 11 last month, agreed to divest several of its units to Big Four firms Deloitte and PricewaterhouseCoopers.
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Survey: Recession Not Stopping Divestitures
March 25, 2009Despite the economic slump, a high number of executives are continuing to pursue divestitures or carve-outs, according to a survey conducted by Deloitte Corporate Finance.
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Internal Auditors Weigh In on Financial Crisis
March 25, 2009-- More than 40 percent of internal auditors within the financial services sector felt that better risk management practices could have helped prevent their organization's current financial situation, according to a just-released study from the Institute of Internal Auditors.
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Audit Committees Change Oversight
March 24, 2009About 89 percent of the 150 audit committee members at a recent KPMG conference said that the financial crisis had caused their company's board or audit committee to change the nature and scope of its oversight.
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IRS Audit Rates for Millionaires Plummet
March 23, 2009Audits by the Internal Revenue Service of the tax returns of millionaires nosedived in the just-ended fiscal year, according to a new report.
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Restatements Drop to Five-Year Low
March 23, 2009Financial restatements in 2008 dipped 49 percent from the prior year, the lowest level in the past five years, according to a report compiled by proxy researcher Glass Lewis.
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Bentley Receives $400K Grant from E&Y
March 23, 2009Big Four Firm Ernst & Young has given Bentley University a $400,000 grant to revamp the school's accountancy and finance curriculum.
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Ernst & Young, UBS Sued over Madoff Feeder Fund
March 20, 2009Ernst & Young and Swiss bank UBS have been sued by a group of investors in Luxembourg who put money in a fund that directed 95 percent of their assets to Bernard Madoff's firm.
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Internal Audit Teams Face Reduced Budgets
March 19, 2009The economic crisis will force many companies to cut costs at their internal audit departments, according to a new study from PricewaterhouseCoopers.
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Leisha John
March 19, 2009Environmental sustainability director makes Ernst & Young a greener firm.
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Madoff's Auditor Arrested
March 18, 2009David Friehling, the accountant who ran the tiny auditing firm that serviced Bernard Madoff's broker/dealer firm, has been arrested and charged with securities and investment advisor fraud.
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Small business to face closer audit scrutiny
March 15, 2009The nation's small businesses are squarely in Washington's crosshairs - targeted for more rigorous, more painful scrutiny by both federal tax enforcement officials and the nation's auditing standard-setters.
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How much should financial reports tell?
March 15, 2009One of the many problems the ongoing financial crisis has brought to light is the fact that generally accepted accounting principles do not necessarily give investors all the information they need to foresee the perils that a company faces. And though auditors have to certify that an entity is a "going concern," they do not have to note that the concern is going over a cliff.
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Accounting Today Releases Top 100 Firms Ranking
March 16, 2009Accounting Today has published its latest annual ranking of the Top 100 accounting firms.
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IRS Audits Credit Card Counseling Industry
March 13, 2009The Internal Revenue Service has been spending tens of thousands of hours auditing nonprofit credit counseling agencies and ordering changes at the vast majority of them, according to newly released data.
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Madoff Goes to Jail
March 12, 2009Bernard Madoff pleaded guilty to 11 charges in connection with a gigantic Ponzi scheme that swindled his clients out of up to $65 billion.
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Audit Software Vendor Sues SEC
March 12, 2009A trio of related companies have filed suit to stop the Securities and Exchange Commission from infringing the trademark of their auditing software product.
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CPA to Oversee Tennessee's Stimulus Spending
March 10, 2009Tennessee Governor Phil Bredesen has tapped a CPA, Charles L. Harrison, to lead the state's "implementation" of the stimulus funding it receives.
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Frank & Freedman Merges with Hirsch Subelsky
March 10, 2009Michigan CPA firms Frank & Freedman and Hirsch, Subelsky & Associates have merged to form Frank, Hirsch, Subelsky & Freedman.
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Quality Control Tips for Small, Midsized Audit Firms
March 9, 2009To help small and midsized accounting firms cope better with implementing international auditing standards, the International Federation of Accountants has published a "Guide to Quality Control for Use by Small- and Medium-sized Practices."
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Internal Audit Critical in Financial Crisis
March 6, 2009The internal audit function has become crucial to helping companies cope with the economic crisis and complex regulatory requirements, according to a new guidebook.
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Better ways to get paid
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IRS Overdue on Paying Hazardous Waste Fee
An IRS processing center in Kansas City, Mo., is overdue on paying a $172.50 fee for a hazardous waste removal permit dating back to 2006.
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Should 401(k) plans be scrapped?
Some have bemoaned the failure of 401(k) plans to provide for our retirement.
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