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  • PCAOB Gives Better Grades to BDO Seidman

    The PCAOB's third report on BDO Seidman is the first not to find errors that could be material to the audit firm's clients, but nonetheless notes 11 instances where testing or paperwork was inadequate. May 16, 2007

  • The Great GASB: A Novel Benefits-Accounting System

    Rather than accounting for retiree-benefit payouts as they come due, GASB 45 requires the agencies to account for the expenses as the benefits accrue for their current employees. May 15, 2007

  • AS5 Could Trim Audit Bills by 10%

    The PCAOB revised Auditing Standard No. 2 mainly for small companies' benefit. But large companies tell the regulator the new AS5 will also reduce their audit costs. May 4, 2007

  • PCAOB Finds Slip-ups in E&Y Audits

    A PCAOB inspection turns up 11 significant deficiencies in E&Y audits of eight public companies, including some errors that "appeared likely to be material to the issuer's financial statements." May 3, 2007

  • FASB, IASB Begin Rethinking Leases

    The accounting standard setters take another step toward amending lease accounting, though a new standard remains at least two years away. April 26, 2007

  • Could Small Biz Get Another Sarbox Reprieve?

    As the SEC and PCAOB continue to revise their internal-control standards, what should small businesses do in the meantime? A few are asking senators for an extension. April 19, 2007

  • PCAOB Identifies Flaws in AS2 Use

    Board reviews second year of auditor work under the standard, and sees problems. April 18, 2007

  • Oxley: I'm Not Happy with Sarbox

    Retired Congressman Michael Oxley blames the PCAOB for starting "all the problems" with the Sarbanes-Oxley Act. April 6, 2007

  • Restatement: Screw-up or True-up?

    The PCAOB says auditor reports should distinguish between restatements caused by errors and those made simply because a company adopted a new accounting principle. April 5, 2007

  • SEC Tells Staff to Revise AS5

    Commissioners gave the SEC staff the go-ahead to work with the PCAOB on making the proposed internal-control auditing standard less prescriptive and more aligned with Section 404. April 5, 2007

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