MEETING DETAILS The PCAOB open meeting, which will consider proposing an auditing standard “for reporting on the elimination of material weaknesses in companies’ internal controls over financial reporting,” will be held: When Thursday, March 31, 10 a.m. Where PCAOB Open Meeting Room, K St. NW, Washington, D.C. Listen Click Here To Listen To A Webcast […]
Accounting & Auditing
Posted inAccounting & Auditing
SEC Chair To Directors: Tie Exec. Pay To Performance
While the Securities and Exchange Commission is considering ways to “modernize” disclosure rules regarding executive compensation, corporate directors need to pay closer attention to their duty to investors. That’s according to SEC chairman William Donaldson, who addressed the topic of executive pay at a directors’ forum at Duke University last week. Donaldson Donaldson said he […]
Posted inAccounting & Auditing
Cos. Accelerate Vesting To Avoid Accounting Treatment
As the effective date approaches for the controversial new accounting rule requiring companies to expense stock options, a handful of companies are accelerating vesting to get stock options off the books before they become a drain on earnings. Donaldson The Securities & Exchange Commission has been quiet on whether it would approve or disapprove of […]
Posted inAccounting & Auditing
FASB Moves Closer To Convergence With Two Projects
On the long and winding road toward convergence with international accounting standards, the Financial Accounting Standards Board is rethinking how companies should look back at prior periods based on the adoption of new accounting rules. In its project with the International Accounting Standards Board to achieve short-term convergence on certain rules, FASB plans to require […]
Posted inAccounting & Auditing
Vendors Weigh Costs, Benefits Of SAS 70 Type II Audits
That companies outsource myriad business functions is no surprise these days. What is a surprise, however, is the lengths to which public companies must go to ensure that those vendors’ internal controls don’t become their undoing. That’s because, no matter what service is outsourced—like payroll, for example—responsibility for financial controls stays in place. But the […]
Posted inAccounting & Auditing
Vendors Weigh Costs, Benefits Of SAS 70 Type II Audits
That companies outsource myriad business functions is no surprise these days. What is a surprise, however, is the lengths to which public companies must go to ensure that those vendors’ internal controls don’t become their undoing. That’s because, no matter what service is outsourced—like payroll, for example—responsibility for financial controls stays in place. But the […]
Posted inAccounting & Auditing
AICPA Calls For GAAP Review To Benefit Private Cos.
With its role in public company reporting diminished in the post-Sarbanes-Oxley era, the American Institute of Certified Public Accountants is turning its attention to private company accounting, recommending standard setters begin a process of evaluating and potentially rewriting Generally Accepted Accounting Principles to make financial reporting more useful for private companies. An AICPA task force […]
Posted inAccounting & Auditing
Searchable Database: Executive Certifications
Compliance Week is pleased to offer its subscribers this searchable database of certifications. The collection, which includes certifications filed by officers of the largest 3,000 publicly traded companies, includes the names and titles of signing officers.
Posted inAccounting & Auditing
2004 Review Of Financial Reporting Matters
Annual report from Huron Consulting addresses major events impacting the financial reporting world.
Posted inAccounting & Auditing
Auditors’ “Pass/Fail” Assessment Debated Among Advisors
A recent roundtable with the Standing Advisory Group of the Public Company Accounting Oversight Board became the stage for a debate over whether auditors should issue more information in their audit reports than the standard “pass/fail” assessment. Barbara Roper, director of investor protection for the Consumer Federation of America, said she favors more detail because […]
