Mondaq USA: Accounting and Audit
Shearman & Sterling LLP
On 27 May 2014, the directive amending the Statutory Audit Directive and a new regulation regarding the statutory audit of public interest entities were published.
Morgan Lewis
The SEC recently approved the PCAOB’s proposed standards and amendments to establish auditing and attestation standards applicable to audits of brokers and dealers registered with the SEC.
Shearman & Sterling LLP
The SEC charged Ernst & Young LLP with violations of auditor independence rules that require firms to maintain their objectivity and impartiality with clients.
Shearman & Sterling LLP
On 10 June 2014, the Public Company Accounting Oversight Board adopted a new auditing standard and amendments to its auditing standards.
Cadwalader, Wickersham & Taft LLP
In almost every capital markets securities offering, a significant amount of time and party resources are spent on conducting a thorough due diligence investigation into the affairs of the issuer.
Morrison & Foerster LLP
On June 24, 2014, the Public Company Accounting Oversight Board released staff guidance to help auditors of brokers and dealers registered with the SEC plan.
HMWC
The overhaul of the revenue recognition accounting standard has been on the convergence agenda of the FASB and the IASB since 2002.
Ostrow Reisin Berk & Abrams
By themselves, financial statements provide limited insight into a manufacturer’s performance.
Fox Rothschild LLP
In January 2014, two new accounting standards were issued providing accounting alternatives specifically for private companies.
Scott & Scott LLP
In a typical Microsoft audit of software licensed under perpetual licenses, the auditors usually will compare installations of Microsoft products against licenses owned.
Scott & Scott LLP
Autodesk, Inc. uses a variety of resources to identify potential audit targets.
Scott & Scott LLP
During a software audit, the timing and course of the project typically follows a fairly well-worn path.
Reinhart Boerner Van Deuren S.C.
Sometimes you don’t know who won an appeal until the very last pages of the decision, but not so in "San Allen, Inc. v. Buehrer".
PwC Malta
IFRS continues to receive attention in the US despite the recent end to an era of joint standard setting.
Morgan Lewis
Recommendations that audit committees provide more robust discussions in their reports that are included by public companies in their proxy statements are getting more attention.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
If you have received a software audit request from your software vendor, you are not alone.
Reinhart Boerner Van Deuren S.C.
New York law is full of inconsistency when it comes to the treatment of actuaries and accountants in professional negligence suits.
Morgan Lewis
The FASB decided in February to draft a final Accounting Standards Update that will eliminate the special accounting treatment for development stage entities.
Morgan Lewis
The FASB recently issued an Accounting Standards Update that should reduce reporting of discontinued operations (disc ops) in some circumstances.
Morgan Lewis
Most commenters at the PCAOB’s April 2–3 public meeting on the Auditor’s Reporting Model proposal expressed support for additional reporting by auditors.
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Ostrow Reisin Berk & Abrams
Cash contributions are fundamental sources of revenue for your organization; however, do not underestimate the importance and value of receiving gifts-in-kind.
Morrison & Foerster LLP
Much has changed since the collapse of Enron in 2001 and the ensuing avalanche of financial fraud cases brought by the SEC.
Duane Morris LLP
Despite the Department of the Treasury's Financial Crimes Enforcement Network publishing final regulations for reporting bank accounts, securities accounts and other financial accounts located in a foreign country on Form TD 90-22.1, Report of Foreign Bank and Financial Accounts, many taxpayers remain confused regarding the filing requirements, including the fast-approaching and accelerated filing deadline.
Archer & Greiner P.C.
If your company is a staffing agency contracting with independent contractors to provide services to third parties or you regularly contract with independent contractors to fill staffing needs, be prepared for a new and aggressive attack by the Internal Revenue Service ("IRS").
WilmerHale
The American Bar Association Business Law Section has issued the Auditor’s Letter Handbook—Second Edition.
Grant Thornton LLP
A summary on the FASB’s Exposure Draft on the impairment of financial instruments.
McDermott Will & Emery
Once a business attains a certain level of success, an aircraft often becomes a valued asset.
HMWC
The overhaul of the revenue recognition accounting standard has been on the convergence agenda of the FASB and the IASB since 2002.
Hughes Hubbard & Reed LLP
Governor Andrew M. Cuomo signed into law the Nonprofit Revitalization Act of 2013, the first major revision to New York's nonprofit laws in over 40 years.
Cadwalader, Wickersham & Taft LLP
The alleged failure to comply with U.S. Securities and Exchange Commission requests under Section 106 of Sarbanes-Oxley has led to an unprecedented six-month ban for the China affiliates of the Big Four — Ernst & Young, KPMG, Deloitte & Touche and PricewaterhouseCoopers — and a censure for a China affiliate of a fifth firm, BDO International.
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