Related party transactions

http://www.journalofaccountancy.com/News/201410276.htm PCAOB is considering adopting new related party transaction audit rules next week. This standard was re-proposed in May of 2013, after comments from the 2012 proposal. There have been two rounds of comments thus far.

A fraud IQ quiz

This Journal of Accountancy article has a short 8 question quiz (with answers) on interviews related to fraud. http://www.journalofaccountancy.com/Issues/2014/Jun/20149666.htm

Challenges discussed for the telecommunications industry

Predicted issues for revenue recognition in the telecommunications industry. This podcast by ATT Accounting director presents some of the issues. http://jofa.podomatic.com/entry/2014-05-29T12_58_17-07_00

Companies face internal control compliance challenges

A survey of 600 audit executives indicated 48% had not yet begun to implement the new COSO internal control framework changes. Other challenges were discussed with PCAOB, and SOX compliance. http://www.accountingtoday.com/news/sarbanes_oxley/companies-face-compliance-challenges-from-sox-pcaob-and-coso-70779-1.html

Preparing for the revenue recognition standard

This Journal of Accountancy article highlights some of the issues for implementing the new revenue standard. http://www.journalofaccountancy.com/News/201410219.htm

4 broad types of indicators of audit quality

have been suggested by the Center for Audit Quality. 1. Leadership and tone at the top 2. engagement team knowledge, experience and workload. 3.Monitoring 4. Auditor reporting. The Center intends to pilot test these indicators with audit committees. http://www.journalofaccountancy.com/News/201410007.htm

SOC reports and the cloud

See this AICPA discussion about SOC reports The link is http://blog.aicpa.org/2014/03/before-your-clients-run-to-the-cloud-remember-soc.html#sthash.fWdXavzS.hGExjdpZ.dpbs