Accounting and Auditing Section News

Miami’s Financial Records for 2011 Get Thumbs Up from Outside Auditor

Thu, 24 May 2012 15:50:09 GMT

Nearly two months after missing the deadline, Miami on Tuesday published the city's annual financial report. Ernst & Young, an outside auditing firm, gave an “unqualified” opinion on the accuracy of the city’s records for...

Regulator Predicts U.S. Will Soon Take Part In Chinese Inspections Of Auditors

Mon, 14 May 2012 18:24:34 GMT

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...

West Palm watchdog's departure raises question: How independent should auditor be?

Mon, 21 May 2012 14:55:32 GMT

"Chilling" is how the head of an international auditing organization described a letter from a commissioner to the city's internal auditor this week that led to the auditor's resignation. The letter also raised a host of questions about the...

Lax Treasury Practices Aided MF Global Fall, Experts Say

Wed, 11 Apr 2012 20:53:13 GMT

Poor accounting of the movement of funds between bank accounts and outdated treasury systems contributed to the chaos of the final days of securities dealer MF Global — and ultimately to the loss of $1.6 billion in customer funds.

IRS May Allow Virtual Face-to-Face Audits Via Videoconference

Thu, 05 Apr 2012 19:23:50 GMT

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...

MF Global’s Inscrutable Accounting Error

Thu, 05 Apr 2012 19:19:17 GMT

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...

When The Jobs Inspector Calls

Thu, 05 Apr 2012 19:22:30 GMT

“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...

Auditor Rotation: an Example Of "Mission Creep"?

Mon, 02 Apr 2012 12:05:10 GMT

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.

Debate Continues Over Auditor Independence And Audit Firm Rotation

Tue, 20 Mar 2012 12:11:22 GMT

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...

Schapiro: "Contours" of SEC's Consolidated Audit Trail Nearly Final

Tue, 20 Mar 2012 12:12:47 GMT

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...