PCAOB Budget

includes costs related to implementing Dodd Frank provisions.  The budget is still pending SEC approval  http://www.journalofaccountancy.com/Web/20103597.htm

Test your knowledge

of professional ethics courtesy of the Journal of Accountancyhttp://www.journalofaccountancy.com/Issues/2010/Oct/20103166.htm

Plan for fraud detection

laid out by the Center for Audit Quality.  The 55 page document is embedded in the url at this link from the Journal of Accountnacy.  http://www.journalofaccountancy.com/Web/20103434.htm

auditing resources

From this site http://auditeducation.info/index.html

SSARS #19

video from the AICPA http://link.brightcove.com/services/player/bcpid586641293001

PCAOB

The Public Company Accounting Oversight Board, which oversees company auditors, sent lawmakers a draft bill that would repeal a requirement that its enforcement proceedings remain secret. Daniel Goelzer, acting chairman of the PCAOB, said the public does not have access to information about accountants who have been charged or sanctioned by the board.  http://www.journalofaccountancy.com/Web/20103172
also the Wall Street Journal http://online.wsj.com/article/SB10001424052748704206804575467582668103578.html?mod=dist_smartbrief

White Collar Crime blog

Reformed felon  http://blogs.forbes.com/walterpavlo/

Audit fee trend

According to Tim Reason of CFO Magazine, a three-year slide in audit fees may be beginning to bottom out. Fees have been dropping for several years now, first as Sarbanes-Oxley work became more routine and then as companies scrutinized expenses in response to the economic crisis.  http://www.cfo.com/article.cfm/14519712/?f=rsspage

Short component of fraud video

at this link http://www.xtranormal.com/watch/7030879/

Bernie Madoff's prison life

CNBC has this article with a few videos describing Bernie Madoff's current life in prison  http://www.cnbc.com/id/38771172/

American Apparel continues troubles

with resignation of Deloitte  http://www.bloomberg.com/news/2010-08-17/american-apparel-drops-after-receiving-subpoena-on-change-in-accountants.html

PCAOB recent inspection report comparisons

for 8/12/2010 are in this blog posting http://goingconcern.com/2010/08/pcaob-is-still-overachieving-issues-inspection-reports-for-bdo-grant-thornton-pwc/

Confirmation Standard released for comment

http://www.journalofaccountancy.com/Web/20103112.htm 
Journal of accountancy article discusses the PCAOB proposed standard that has been released for commnet.

Center Audit Quality sends quarter updates

http://www.complianceweek.com/blog/whitehouse/2010/07/20/caq-checklist-summarizes-all-q2-pronouncements/
Helpful for those wanting to keep current

Nearly one out of five public companies expected

to have a going concern opinion.  This 6-10-10 update from CFO also discusses the results of last year's slightly higher than that % of going concerns.  8 % of those are no longer registered with the SEC.  These are hard times indeed
http://cfo.com/article.cfm/14504227/c_14504896

Bernie Madoff now

http://nymag.com/news/crimelaw/66468/  This article about Bernie Madoff in prison was interesting.  Prison has set him free!  He can just be who he is...notice how he has similar company with others including the two Rigas family members (Adelphia) in the same prison. 

Keeping fraud at bay discussion

http://www.journalofaccountancy.com/Issues/2010/Jun/20102852.htm  Interview with Joseph Wells

COSO report on fraud updated

The report looks at the companies that were caught with fraud and provides some statistics on the industries involved, auditors, changing auditors, types of frauds, methods of perpetuating, amount of fraud etc.
http://www.coso.org/

Supreme Court decision on PCAOB constitutionality is expected soon

The issues are outlined in this Journal of Accountancy article.
http://www.journalofaccountancy.com/Web/20102871.htm

tips help detect kickbacks

http://www.fraud-magazine.com/article.aspx?id=4294967730  An interesting fraud story inclusive of red flags.  Article is from the Fraud Magazine, published by ACFE

PCAOB and issues in jurisdiiction external to the US

http://www.webcpa.com/news/PCAOB-Provides-Guidance-Firms-Outside-US-54426-1.html
Story here also links to the PCAOB site information.

http://www.technologyreview.com/blog/arxiv/25155/?nlid=2963
Benfords Law and the theory of everything

Negotiating with the auditor

http://www.cfo.com/article.cfm/14485723/c_14487989?f=home_todayinfinance

This article is talking about impact of compliance on audit fees

Big 4 blog tracks events

http://bigfouralumni.blogspot.com/

How CPAs should handle "comfort letter" requests

The AICPA helps clarify professional ethical obligations when asked for "comfort letters" by lenders and mortgage brokers. Depending on how practitioners respond to such requests, they may be at risk for failing to comply with AICPA professional standards. The letter at issue is usually associated with stated-income loans, which are mortgages that do not require borrowers to document their income. Read this AICPA article to see how CPAs can protect themselves against the risks associated with these situations
http://www.aicpa.org/download/acctstd/How_CPAs_Should_Handle_Requests_from_Mortgage_Brokers.pdf

IAASB standard on controls at service organizations

IAASB issued an assurance standard on controls at service organizations,
Recognizing the widespread international use of outsourcing, it released International Standard on Assurance Engagements (ISAE) 3402, Assurance Reports on Controls at a Service Organization. The standard addresses reports on the description, design and operating effectiveness of controls relating to the broad range of services that service organizations provide. It is effective for service auditors' reports covering periods ending on or after June 15, 2011. The Journal of Accountancy has this story at http://www.journalofaccountancy.com/Web/20092446.htm

SSARS #19

Statement on Standards for Accounting and Review Services No. 19, Compilation and Review Engagements, was officially issued Dec. 30, 2009 and is effective for compilations and reviews of financial statements for periods ending on or after Dec. 15, 2010, with one exception. That exception, which may be implemented immediately, permits an accountant to include a description in the accountant's compilation report regarding the reason(s) for an independence impairment. Major new provisions that will be effective on or after Dec. 15, 2010, include introducing the term "review evidence," incorporating a discussion of materiality in the context of a review engagement and requiring the CPA to obtain an engagement letter for all SSARS engagements. For resources related to the new standard, visit www.aicpa.org/reliability.

Contingent Liability clarification

IASB issued an exposure draft to offer clarity on liabilities related to legal settlements as well as the decommissioning of major assets like factories. This draft is available for comment until April 2010.
http://cfo.com/article.cfm/14466024/c_14466158?f=home_todayinfinance