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Censuring E&Y, PCAOB Hits Firm's Lack of Skepticism
The regulator has imposed its largest penalty, $2 million, on Ernst & Young over the auditor's review of a company's revenue-recognition practices.
February 9, 2012
The Public Company Accounting Oversight Board has censured and penalized Ernst & Young $2 million, its largest penalty against an accounting firm, for violating the audit firm watchdog's rules. The accounting industry regulator said the firm "failed to properly evaluate" how a pharmaceutical company calculated its reserve for sales returns. Read more...
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IRS Sparks Confusion on Property Upgrades
New tax rules rekindle the repair versus improvement controversy. February 7, 2012
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FASB Change Could Trim Intangibles Tests
The standard-setter proposes simplifying compliance with an accounting rule in a way that could cut companies' valuation costs. February 2, 2012
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The Cost of Confidence
Two proposals aim to increase auditor independence, but may cause problems for CFOs. February 1, 2012
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SEC Claws Back a CFO's Bonus for Alleged Fraud at a Subsidiary
Clawbacks are becoming a more common mandate in SEC settlements. In the latest case, a finance chief will return $185,000 to his company. January 30, 2012
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Sorry, Friends
Facebook, the giant social network, is castigated for serious privacy failings. December 5, 2011
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A Loss of Independents?
Regulators have rewritten the rules regarding the use of independent contractors, forcing companies to make hard choices – and possibly pay heavy fines. December 1, 2011
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Smoothing the IPO Path
A new SEC committee wants to help smaller companies find less costly ways to raise capital. December 1, 2011
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Cutting Costs Out of the Last Audit Mile
Audit complexity is a growing – and costly – problem for CFOs of big and small companies. November 28, 2011
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PCAOB: Deloitte Trusted Management Too Much
In a rare release of information about one of its inspections, the regulator noted deficiencies stemming from Deloitte's culture. October 17, 2011
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