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Auditing

Editors' Picks

  • Internal Auditors Urged to Heed New SEC Proxy Disclosure Rules

    February 8, 2010

    The SEC’s 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.

  • Auditors See Increase in Fraud

    February 5, 2010

    Fraudulent 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.

  • Auditors Get More Involved in Credit Card Security

    January 21, 2010

    Internal auditors will soon be playing a larger role in ensuring the security of credit card information.

  • SEC Approves Engagement Quality Review Standard

    January 18, 2010

    The 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.

  • IRS to Audit Harvard in Nonprofit Probe

    January 12, 2010

    The Internal Revenue Service plans to audit Harvard University and about 39 other colleges as part of an overall review of tax-exempt nonprofit organizations.

  • PCAOB Offers Q&As on Special Reporting, Succession

    January 12, 2010

    The Public Company Accounting Oversight Board has published two sets of staff questions and answers to provide guidance about a registered auditing firm’s obligation to report certain events to the PCAOB in special reports, and the process through which a firm can succeed to a predecessor firm’s registration status.

  • What to Expect from SAS 70 Audits in 2010

    January 12, 2010

    I have performed over 700 SAS 70 audits, but they are hardly ever the same.

  • Supreme Court takes up the fate of the PCAOB

    January 11, 2010

    In 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.

  • KPMG Lists Top 10 Priorities for Audit Committees

    January 7, 2010

    KPMG’s Audit Committee Institute has provided a list of the top 10 “to-do’s” for audit committee members this year.

  • Overstock Hires New Auditor, Disses Previous One

    December 30, 2009

    Overstock.com has engaged KPMG as its new outside auditor, but not without a parting shot at its previous auditing firm, Grant Thornton.

  • Protiviti Introduces Risk Oversight Newsletter

    December 29, 2009

    Business consulting and internal audit firm Protiviti has begun publishing “Board Perspectives: Risk Oversight,” a new monthly newsletter aimed at corporate boards of directors.

  • PCAOB Creates Academic Fellowship

    December 23, 2009

    The Public Company Accounting Oversight Board has established an academic fellowship program to recruit accounting researchers to spend a year at the PCAOB’s headquarters in Washington, D.C.

  • CAQ to Provide $200,000 to Fund Audit Research

    December 18, 2009

    The Center for Audit Quality has issued a request for proposals to fund independent academic research on projects of interest to the auditing profession.

  • 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.

  • PCAOB Revises Audit Risk Assessment Proposals

    December 17, 2009

    The Public Company Accounting Oversight Board has decided to re-propose seven auditing standards and amendments that would change the requirements for assessing audit risks.

  • Supreme Court Could Prove to Be PCAOB’s Undoing

    December 9, 2009

    The 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.

  • Audit Committee Comp Influences Auditor Support

    December 7, 2009

    Audit 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.

  • Companies Cut Internal Audit Departments

    December 7, 2009

    A 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.

  • SEC Charges Financial Firm That Faked KPMG Audit

    December 2, 2009

    The 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.

  • Officials Warn Auditors Not to Overly Rely on Specialists

    December 2, 2009

    Officials 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.

  • PCAOB Plans Tougher Inspections with Budget Increase

    December 1, 2009

    Looking 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.

  • Overstock CEO Escalates Battle with Grant Thornton

    November 30, 2009

    The dispute between Overstock.com and Grant Thornton heated up after the Internet retailer’s chief accused the firm of “inconsistencies and inaccurate statements.”

  • IDEA Teams with Audimation on Risk Monitoring

    November 20, 2009

    CaseWare IDEA and Houston-based Audimation Services have launched SymSure for IDEA continuous auditing and monitoring risk management software.

  • The Staying Power of ERM in Internal Auditing

    November 19, 2009

    Many may feel that enterprise risk management is a passing fad, but evidence shows otherwise.

  • Overstock CEO Objects to Grant Thornton Audit

    November 18, 2009

    Internet retailer Overstock.com has dismissed Grant Thornton as its auditor and opted to file an unaudited version of its third-quarter financials.

  • CRISIS NEWS

    November 16, 2009

    Crowe unveils app for ARRA; and internal audit staff impacted by recession.

  • New CPA Firm Formed in Tampa

    November 12, 2009

    The former CFO of the American Cancer Society has formed her own CPA firm.

  • Grant Thornton Partner Joins PCAOB Advisory Group

    November 12, 2009

    Grant Thornton’s national managing partner of professional standards, John Archambault, has been appointed to the Public Company Accounting Oversight Board’s Standing Advisory Group.

  • Grant Thornton CEOs on the PCAOB

    November 11, 2009

    Grant 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.

  • IAASB Wants to Improve Audit Confirmations

    November 10, 2009

    A new audit practice alert from the International Auditing and Assurance Standards Board aims to help auditors plan more effective use of external confirmations.

  • Court Reinstates Malpractice Suit Against Deloitte

    November 5, 2009

    A malpractice lawsuit against Deloitte that was filed by Holtsville, N.Y.-based Symbol Technologies can proceed, an appeals court in New York has ruled.

  • House Panel Exempts Small Companies from SOX Audits

    November 4, 2009

    The House Financial Services Committee voted to exempt small and midsized public companies from Sarbanes-Oxley audit requirements.

  • International Auditing Standards Spread to 126 Countries

    November 3, 2009

    The International Federation of Accountants has released a new online chart showing the growing adoption of International Standards on Auditing.

  • PCAOB May Scrap Auditor Sign-off Proposal

    November 2, 2009

    The 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.

  • ASSURANCE NEWS

    November 2, 2009

    PCAOB sees room for improvements in AS5 audits, and accountants are divided over regulatory overhaul

  • Fraud never sleeps

    November 2, 2009

    Get proactive with continuous auditing/continuous monitoring

  • THE SPIRIT OF ACCOUNTING: Paul M at 300; Paul B at 200

    November 2, 2009

    On 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.

  • Insurance assurance

    November 2, 2009

    With over $3 trillion in cash values, life insurance ranks second only to the mutual fund industry in magnitude.

  • GAO: DoD audit oversight rife with problems

    November 2, 2009

    The 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.

  • PCAOB Mulls New Related-Party Standards

    October 23, 2009

    Worried 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.

  • Auditing Board Works on Greenhouse Gas Standard

    October 23, 2009

    The 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.

  • Richard Chambers Podcast

    October 21, 2009

    Institute of Internal Auditors president Richard Chambers comments on the role of internal audit in the risk management function.

  • IAASB Develops Fair Value Auditing Guidance

    October 16, 2009

    The International Auditing and Assurance Standards Board is seeking views on developing fair value auditing guidance for a new consultation paper.

  • Video: Grant Thornton CEOs Discuss Supreme Court’s PCAOB Case

    October 15, 2009

    Current Grant Thornton CEO Ed Nusbaum and incoming CEO Stephen Chipman talked about the Supreme Court’s upcoming hearing of a challenge to the constitutionality of the Public Company Accounting Oversight Board.

  • Internal Audit Staff Hit Hard by Recession

    October 8, 2009

    The staffing level of internal audit departments was hurt badly by the recession, but the worst might be over, according to a new survey.

  • Small Public Companies Get Final SOX Reprieve

    October 5, 2009

    The 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.

  • Reznick Group Launches SAS 70 Microsite

    October 5, 2009

    Accounting firm Reznick Group has created a SAS 70 site that contains information on the auditing standard and the firm’s services.

  • PwC, KPMG Offices Raided in Iceland

    October 2, 2009

    Police have raided the offices of PricewaterhouseCoopers and KPMG in Iceland searching for information related to banking clients that went bust.

  • Tech Glitches Push Back Date of PCAOB Reports

    October 1, 2009

    The 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.

  • Internal Audit Organization Offers Fellowships

    October 1, 2009

    The 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.

  • PCAOB Sees Room for Improvement in AS5 Audits

    September 24, 2009

    Many 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.

  • Financial Statement Fraud 2nd Edition

    September 22, 2009

    Published: September 2009
    Published by: Wiley
    Author: Razaee
    FREE SHIPPING

  • Fraud 101 3rd Edition

    September 22, 2009

    Published: September 2009
    Published by: Wiley
    Author: Pedneault
    FREE SHIPPING

  • Protiviti Unveils Crisis Advisory Board

    September 21, 2009

    Business 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.

  • CCH Offers Learning Academy

    September 14, 2009

    CCH has launched the CCH Learning & Development Academy, a training program for accounting firms of all sizes.

  • PCAOB Backs FASB Codification

    September 4, 2009

    The 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.

  • Niemeier to Leave PCAOB

    September 2, 2009

    Public Company Accounting Oversight Board member Charles Niemeier said he plans to leave the board in the near future.

  • Accountant Disciplined for Using High School Grads to Perform Audits

    August 28, 2009

    The 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.

  • Auditing Standards Don’t Have Far to Converge

    August 21, 2009

    A new study indicates that differences between the international and U.S. auditing standards are fairly negligible and won’t present the challenge now facing the convergence of U.S. GAAP with International Financial Reporting Standards.

  • Richard Chambers

    August 21, 2009

    The president of the Institute of Internal Auditors explains why the role of internal audit is evolving from Sarbanes-Oxley to risk management.

  • PCAOB Reporting Rules Take Effect October 12

    August 14, 2009

    The SEC has approved rules requiring registered public accounting firms to report events such as legal proceedings and changes in a firm’s contact information within 30 days to the Public Company Accounting Oversight Board, as well as file annual reports on disciplinary matters and other issues.

  • PCAOB Publishes Foreign Firm Inspection Lists

    August 13, 2009

    The 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.

  • CCH Improves Audit Management in TeamMate

    August 10, 2009

    CCH has released the latest version of its TeamMate audit management software with enhanced management reportlng and issues-tracking features.

  • PCAOB Forms Investor Advisory Group

    July 31, 2009

    The Public Company Accounting Oversight Board has created an Investor Advisory Group to solicit input from investors on how to carry out the board’s responsibilities in overseeing public auditing firms.

  • PCAOB Adopts Engagement Quality Review Standard

    July 28, 2009

    The 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.

  • Goelzer Named PCAOB Acting Chairman

    July 27, 2009

    Daniel L. Goelzer was named acting chairman of the Public Company Accounting Oversight Board and will take office August 1.

  • PCAOB Considers Audit Engagement Changes

    July 24, 2009

    The Public Company Accounting Oversight Board has scheduled an open meeting next week to discuss making changes in engagement quality auditing and sign-off requirements.

  • Ernst & Young to Pay $10.2M for Negligent Audits

    July 23, 2009

    Ernst & 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.

  • CCH Intros Knowledge Coach for Audits

    July 23, 2009

    CCH has created new software to make the audit process more efficient.

  • CAQ Governing Board Re-elected

    July 20, 2009

    The Center for Audit Quality has re-elected four members of its governing board.

  • Audit Problems Found at BDO and Grant Thornton

    July 15, 2009

    The Public Company Accounting Oversight Board has released reports on the audit deficiencies that its inspectors found last year at BDO Seidman and Grant Thornton.

  • CAQ Funds Audit Research Projects

    July 14, 2009

    The Center for Audit Quality’s Research Advisory Board has chosen five auditing-related academic research projects to fund.

  • Tips on Curbing Corporate Fraud

    July 13, 2009

    Accounting firm Crowe Horwath LLP has advice on the top 10 ways that corporations can reduce occupational fraud.

  • Sageworks Handles Government and Bank Audits

    July 2, 2009

    Sageworks has released two new analytical procedure modules for auditing government entities, banks and other financial institutions.

  • Guidebook Helps Manage Spreadsheet Risk

    July 1, 2009

    A new guidebook aims to help companies mitigate the risks of spreadsheets being misused for corporate fraud or causing multimillion-dollar reporting errors.

  • Deloitte Tries to Help Canada Find Missing Gold

    June 30, 2009

    Deloitte & 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.

  • PCAOB Delays Foreign Firm Inspections

    June 25, 2009

    The 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.

  • Audit Watchdog Finds IFRS Discrepancies

    June 19, 2009

    A 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.

  • Jury Finds BDO International Not Liable for Audits

    June 18, 2009

    A 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.

  • Samuel A. DiPiazza, Jr.

    June 18, 2009

    PricewaterhouseCoopers International's CEO has some thoughts to share about the accounting profession, his firm and the state of the economy, before his retirement.

  • Ernst & Young to Pay $109M for HealthSouth Audits

    June 17, 2009

    Ernst & Young has agreed to a record-setting $109 million nationwide settlement for failing to uncover the financial problems at health care giant HealthSouth.

  • Call Me Curious

    June 11, 2009

    I 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.

  • PCAOB Chairman Olson Resigns

    June 8, 2009

    Mark 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.

  • Audit Fees Rose Slightly Last Year

    June 3, 2009

    Companies paid a bit more in audit fees in fiscal year 2008 compared to the previous year, according to a new survey.

  • A Supreme Debate on the PCAOB’s Fate

    June 3, 2009

    The 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?

  • Audit Committee Members Get Involved in Crisis

    May 20, 2009

    Three 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.

  • Biggest Ready for XBRL

    May 20, 2009

  • Fraud Examiners Call for Executive Comp Transparency

    May 19, 2009

    The Association of Certified Fraud Examiners wants top executives at public companies to open up their finances to scrutiny by auditors and regulators.

  • An Accounting Tragedy

    May 19, 2009

    Among 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.

  • Is the auditing profession falling behind?

    May 18, 2009

    Over the last several years, a substantial number of highly complex professional auditing and accounting standards have been issued by numerous standard-setters.

  • Commentary: Authentic audit reform: Abolish the monopoly

    May 18, 2009

    Customers are best served and protected when they have many competitive alternatives. We are suspicious of self-serving monopolies.

  • Audit Watchdog Group Warns About Starbucks

    May 15, 2009

    Research 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.

  • NYSE Chief Wants Accounting Firms to Cut SOX Fees

    May 12, 2009

    NYSE 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.

  • CAQ Releases Public Auditing Guide

    May 7, 2009

    The 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.

  • PNC Equity Buys Apex Analytix

    May 7, 2009

    PNC Equity Partners II LP has acquired Apex Analytix, a firm that provides recovery audit services to more than a third of the Fortune 100.

  • Ohio CPAs Beef up Employee Benefit Plan Audits

    May 6, 2009

    The 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.

  • Commentary: An accounting tragedy

    May 4, 2009

    Among 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.

  • Former SEC Chief Accountant Turner Joins LECG

    April 23, 2009

    Lynn 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.

  • Madoff Auditor in Legal Limbo

    April 21, 2009

    Bernard Madoff's accountant, David Friehling, is facing an extra month of uncertainty over his legal status after prosecutors filed a continuance with the court.

  • Economy causes internal audit upheaval

    April 19, 2009

    Among the many changes born of the financial crisis that's sweeping the globe are changes in internal auditing departments

  • Chicago CPA Firm Gets High Marks on Peer Review

    April 16, 2009

    Porte Brown earns bragging rights.

  • Nader Calls CPAs 'MIA' in Financial Crisis

    April 14, 2009

    Consumer advocate Ralph Nader lashes out at accountants.

  • PCAOB Mulls Revising Audit Confirmation Standards

    April 14, 2009

    Board considers changes in the wake of scandals.

  • CAQ Makes Recommendations on IFRS Adoption

    April 14, 2009

    Group encourages a firmer deadline for roadmap.

  • Final Mark-to-Market Rules Make Subtle Changes

    April 14, 2009

    Some critics begin to see positive signs.

  • PCAOB Plans International Inspections

    April 8, 2009

    The Public Company Accounting Oversight Board has released a list of countries abroad where it intends to conduct inspections of auditing firms.

  • PwC India Auditors Charged in Satyam Case

    April 8, 2009

    Two auditors from PricewaterhouseCoopers' Indian member firm have been charged in the Satyam accounting scandal.

  • PCAOB Plans Small Business Audit Forums

    April 7, 2009

    The Public Company Accounting Oversight Board has scheduled a series of forums around the country on auditing in the small business environment.

  • Commentary: Build a better financial statement

    April 5, 2009

    Are 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?

  • Companies Foresee More Tax Audits

    April 6, 2009

    As 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.

  • Former KPMG Execs Sentenced in Tax Case

    April 3, 2009

    Two former KPMG managers received prison terms and multimillion-dollar fines in a long-running tax shelter case.

  • 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, 2009

    The Center for Audit Quality plans to award $200,000 in research grant funds to academics working on topics related to auditing and accounting.

  • Vitale Caturano Shortens Name

    March 31, 2009

    Accounting firm Vitale Caturano has changed its name to Caturano and Co. in a bid to distance itself from a scandal-tainted co-founder.

  • Obama Nominates Tax Policy Head

    March 31, 2009

    President Barack Obama has nominated a California professor, Helen Elizabeth Garrett, as his Assistant Treasury Secretary for Tax Policy.

  • Prosecutors Ask for the Max for Tax Shelter Execs

    March 27, 2009

    Prosecutors 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.

  • BearingPoint to Divest Key Ops to Big Four Firms

    March 26, 2009

    Consulting giant BearingPoint, which filed for Chapter 11 last month, agreed to divest several of its units to Big Four firms Deloitte and PricewaterhouseCoopers.

  • Survey: Recession Not Stopping Divestitures

    March 25, 2009

    Despite 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.

  • 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.

  • Audit Committees Change Oversight

    March 24, 2009

    About 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.

  • IRS Audit Rates for Millionaires Plummet

    March 23, 2009

    Audits by the Internal Revenue Service of the tax returns of millionaires nosedived in the just-ended fiscal year, according to a new report.

  • Restatements Drop to Five-Year Low

    March 23, 2009

    Financial 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.

  • Bentley Receives $400K Grant from E&Y

    March 23, 2009

    Big Four Firm Ernst & Young has given Bentley University a $400,000 grant to revamp the school's accountancy and finance curriculum.

  • Ernst & Young, UBS Sued over Madoff Feeder Fund

    March 20, 2009

    Ernst & 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.

  • Internal Audit Teams Face Reduced Budgets

    March 19, 2009

    The economic crisis will force many companies to cut costs at their internal audit departments, according to a new study from PricewaterhouseCoopers.

  • Leisha John

    March 19, 2009

    Environmental sustainability director makes Ernst & Young a greener firm.

  • Madoff's Auditor Arrested

    March 18, 2009

    David 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.

  • Small business to face closer audit scrutiny

    March 15, 2009

    The 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.

  • How much should financial reports tell?

    March 15, 2009

    One 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.

  • Accounting Today Releases Top 100 Firms Ranking

    March 16, 2009

    Accounting Today has published its latest annual ranking of the Top 100 accounting firms.

  • IRS Audits Credit Card Counseling Industry

    March 13, 2009

    The 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.

  • Madoff Goes to Jail

    March 12, 2009

    Bernard Madoff pleaded guilty to 11 charges in connection with a gigantic Ponzi scheme that swindled his clients out of up to $65 billion.

  • Audit Software Vendor Sues SEC

    March 12, 2009

    A trio of related companies have filed suit to stop the Securities and Exchange Commission from infringing the trademark of their auditing software product.

  • CPA to Oversee Tennessee's Stimulus Spending

    March 10, 2009

    Tennessee Governor Phil Bredesen has tapped a CPA, Charles L. Harrison, to lead the state's "implementation" of the stimulus funding it receives.

  • Frank & Freedman Merges with Hirsch Subelsky

    March 10, 2009

    Michigan CPA firms Frank & Freedman and Hirsch, Subelsky & Associates have merged to form Frank, Hirsch, Subelsky & Freedman.

  • Quality Control Tips for Small, Midsized Audit Firms

    March 9, 2009

    To 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."

  • Internal Audit Critical in Financial Crisis

    March 6, 2009

    The 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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