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Happy 11th birthday to us! - Our online community became 11 years old on 1 April (no - not an April fool - we really have been doing it this long and our newswire - Double Entries - was going for some years before this and is now in its 16th volume!)
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Latest News
APB EMPHASISES THE IMPORTANCE OF SCEPTICISM FOR AUDIT QUALITY
11 August 2010
The UK and Irish Auditing Practices Board (APB) of the FRC has issued for comment a Discussion Paper entitled ‘Auditor scepticism: Raising the bar’. This has been developed in close co-operation with the Professional Oversight Board (POB) and its Audit Inspection Unit (AIU), which monitors the conduct of audits of larger entities. Click through for further details. [AL]
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IFRS FOUNDATION APPOINTS MEMBERS OF THE SME IMPLEMENTAITON GROUP
11 August 2010
The IFRS Foundation, the body responsible for the adoption of International Financial Reporting Standards (IFRSs) and the oversight of the International Accounting Standards Board (IASB), has announced the membership of the newly created SME Implementation Group. The mission of the Group is to support the international adoption of the IFRS for Small and Medium-sized Entities (IFRS for SMEs) and to monitor its implementation. Further details can be found in our news item. [AL]
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IFAC RELEASE THIRD ARTICLE IN BUSINESS REPORTING SERIES - INVESTORS' VIEWPOINTS
11 August 2010
IFAC has completed the third article in a series of five articles on business reporting. This article is entitled, Business Reporting Through the Lens of the Investor. The articles are based on and refer to interviews with 25 key business leaders from around the world and focus on their practical recommendations to improve corporate governance, business reporting, and auditing in the aftermath of the financial crisis. More details in our full news item. [AL]
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PCAOB ISSUES RELEASE ON FAILURE TO SUPERVISE
11 August 2010
The US Public Company Accounting Oversight Board has issued a Release discussing the provision of the Sarbanes-Oxley Act of 2002 that authorizes the PCAOB to impose sanctions on registered public accounting firms and their supervisory personnel for failing to reasonably supervise associated persons. More details can be found in our full news item. [AL]
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EXISTING AND FORTHCOMING ISA TRAINING MODULES
11 August 2010
IAASB staff has developed a series of ISA Modules focusing on some of the new and more significantly revised ISAs. Each module consists of a short video and slides that explain the key principles of, and major changes in, individual ISAs. This non-authoritative material is designed to be of assistance to auditors in the field, trainers, and those responsible for promoting adoption and implementation of the clarified ISAs. See our full news item for further details. [AL]
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OPEN FOR COMMENT - ED OF ISA 610, USING THE WORK OF INTERNAL AUDITORS
11 August 2010
The IAASB has issued an Exposure Draft (ED) for the proposed revision of ISA 610, Using the Work of Internal Auditors. The standard is being revised in recognition of developments in the internal auditing environment as well as the evolving relationship between internal and external auditors. Click through for further details. [AL]
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ARNOLD SCHILDER REAPPOINTED TO CHAIR IAASB FROM 2012-2014
11 August 2010
The IFAC Board has reappointed Prof. Arnold Schilder to lead the IAASB for the period 2012-2014. Prof. Schilder's appointment to a second three-year term as IAASB Chairman begins on January 1, 2012. The appointment was approved by the Public Interest Oversight Board-an independent body that oversees IAASB activities-at its latest meeting in Madrid, Spain on June 28-29, 2010.
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CHANGING THE RULES - MULTINATIONAL TAX HIKES PAY FOR SPENDING PRIORITIES
11 August 2010
The US Congress has approved and the president is expected to sign legislation that includes $11 billion in provisions to tighten foreign tax credit rules and close perceived international tax loopholes. But in a departure from their usual practice, lawmakers are using these revenue raisers to pay for spending priorities—not to offset the cost of tax relief. See our full news item for further details. [AL]
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FORMER WESTPOINT CHIEF FINANCIAL CONTROLLER TO STAND TRIAL ON ASIC CHARGES
11 August 2010
Former Westpoint chief financial controller, Mr Graeme Rundle, will stand trial in the Sydney District Court on criminal charges brought by ASIC. Mr Rundle, of Perth, Western Australia, appeared yesterday in Sydney’s Central Local Court and was committed to stand trial in relation to two charges of making a false statement with intent to obtain a financial advantage in contravention of section 178BB of the NSW Crimes Act. He faces up to five years’ imprisonment on each charge. More in our full news item. [AL]
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Journal of the Month
Accounting, Auditing and Accountability Journal
SPECIAL OFFER! - Emerald is pleased to offer all users of AccountingEducation.com FREE access to selected articles from AAAJ. The journal, now in its 23rd volume, will publish eight issues in 2010. At least one article from each issue will be freely accessible!
Latest addition - "Accounting for the city by Irvine Lapsley, Peter Miller and Fabrizio Panozzo (AAAJ - Vol. 23 Iss. 3)
Access other articles from the 2008, 2009 and 2010 volumes here.
Course of the Week
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