A funny acronym that rhymes with GAAP

This article references that GAAP can sometimes be CRAP   (Cleverly Rigged Accounting Ploys).   The article is summarized at http://accounting.smartpros.com/x73821.xml

A Fraud quiz oriented to banking

From the Journal of  Accountancy  http://www.journalofaccountancy.com/Issues/2012/May/Fraud-IQ-20124994.htm

The questions and answers to the quiz are informative.

COSO release postponed to

first quarter 2013, to allow Board to look at comment letter.http://www.journalofaccountancy.com/News/20125621.htm 

AICPA on COSO

A whitepaper at http://www.aicpa.org/InterestAreas/FRC/AuditAttest/DownloadableDocuments/COSO/COSO-2012_Whitepaper.pdf

Congress, PCAOB, and auditor rotation

An amendment to Sarbanes-Oxley Act has been proposed to prevent the Public Company Accounting Oversight Board from requiring companies to rotate auditors. http://www.complianceweek.com/congress-moves-to-block-pcaob-on-auditor-rotation/article/233485/

Also see this letter where AICPA opposes mandatory audit rotation, so AICPA and PCAOB appear to disagree on this topic.http://www.aicpa.org/InterestAreas/ProfessionalEthics/Community/CommentLetters/DownloadableDocuments/aicpa-letter-pcaob-concept-release-mfr.pdf

This article from Journal of Accountancy covers related issues http://journalofaccountancy.com/Web/20125365.htm

Also panelists highlight issues http://www.cgma.org/Magazine/News/Pages/20125371.aspx

Risk Appetite in ERM

Thought Paper published by COSO http://www.coso.org/documents/ERM-Understanding%20%20Communicating%20Risk%20Appetite-WEB_FINAL_r9.pdf

PCAOB reflects on audit committees

One of the founding members as he retires looks back on the experience http://www.accountingtoday.com/news/PCAOB-Daniel-Goelzer-Reflects-History-Future-61908-1.html