Accounting and Auditing News
May 08, 2012 Regulator Predicts U.S. Will Soon Take Part In Chinese Inspections Of Auditors- The chairman of the United States regulator that inspects audit firms — an agency that has been frustrated by its inability to review audits of Chinese companies that turned out to be frauds — said Tuesday that he expected that his...
April 10, 2012 Lax Treasury Practices Aided MF Global Fall, Experts Say- Poor accounting of the movement of funds between bank accounts and outdated treasury systems contributed to the chaos of the final days of securities dealer MF Global — and ultimately to the loss of $1.6 billion in customer funds.
April 04, 2012 IRS May Allow Virtual Face-to-Face Audits Via Videoconference- The Taxpayer Advocate Service at the Internal Revenue Service is beginning to pilot test a way for taxpayers to engage in face-to-face teleconferences with case workers to help them deal with their tax problems, and the program may expand to...
April 03, 2012 MF Global’s Inscrutable Accounting Error- While securities dealer MF Global was melting down financially, the company’s finance and treasury departments — in conjunction with futures-market regulators — were on the hunt for the accounting error that wasn’t.
MF...
April 02, 2012 When The Jobs Inspector Calls- “Death to Apple executives,” a protester shouted after a recent performance of “The Agony and Ecstasy of Steve Jobs”, a popular off-Broadway play. Apple executives must have been delighted when Mike Daisey, the playwright...
March 28, 2012 Auditor Rotation: an Example Of "Mission Creep"?- Pressed
by members of Congress to jettison a plan to require companies to
rotate auditors, Public Company Accounting Oversight Board chairman
James Doty stressed today that the proposal is in a very early stage and
may not become a rule.
March 19, 2012 Debate Continues Over Auditor Independence And Audit Firm Rotation- On Wednesday and Thursday, what’s likely to be a robust discussion on audit firm rotation for public companies in the United States kicks off. Meanwhile, markets will get a glimpse of the U.S. housing situation, and FASB and the...
March 16, 2012 Schapiro: "Contours" of SEC's Consolidated Audit Trail Nearly Final- It is nearly two years after the May 6, 2010 Flash Crash that precipitated its proposal.
But the Securities and Exchange Commission is close to finalizing the "contours" of the policies that will establish a system for pulling in all details of...
March 14, 2012 CFOs Shout Down Idea Of Mandatory Auditor Rotation- Senior
finance executives are loudly urging the Public Company Accounting
Oversight Board to abandon thoughts of requiring corporations to switch
their accounting firms every few years.
March 12, 2012 Will Auditors Influence How Executives Are Paid?- PCAOB proposals would have auditors reading the employment and
compensation contracts of corporate leaders and, possibly, forcing
changes to comp programs due to unacceptable risks of material
restatement.
March 07, 2012 The Ethics Of Risk Management: No Easy Answers- Let’s
start with a scenario: suppose you are the risk manager for a small
town of 10,000 people that lies just downstream from a reservoir created
by a large dam. After several days of torrential spring rains, the town
engineer rushes...
January 19, 2012 IRS Auditing More Big Earners - I f your income is high, your chances of
getting a visit from the Tax Man are on the rise -- and there isn't much
you can do about it.
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