Auditing

PCAOB Chair James R. Doty this week expressed optimism about ongoing efforts to open Chinese accounting firms to inspections from U.S.

A six-line amendment to the Sarbanes-Oxley Act of 2002 could put to bed a controversial Public Company Accounting Oversight Board’s proposal to mandate audit firm rotation, reports Compliance Week.

The State Integrity Investigation, a project of the nonpartisan Center for Public Integrity, has given the Empire State low ratings on a new Corruption Risk Report Card. At least it's in good company: 16 other states also received a D or worse and no one got an "A."

In a case with wide implications for the accounting profession, the N.J. Supreme Court has set limits on auditor lawsuits and explored the nature of privity.

The U.S. Government Accountability Office now offers a free app for Apple devices, such as iPhones and iPads, that lets users access new reports, testimonies, videos and podcasts.

Everyone knows that the Office of the New York State Comptroller has responsibility for state audits and the pension fund. But it also covers elevators—at least those run by the state.

The fate of R. Allen Stanford, the mustachioed billionaire arrested in 2009 for his alleged role in a $7 billion Ponzi scheme, is now in the hands of a 12-person jury after the defense and prosecution in his fraud trial finished their closing statements, according to the New York Times.

The Public Company Accounting Oversight Board (PCAOB) released a proposed new standard today intended to improve auditor evaluation of a public company's identification of, accounting for, and disclosure about its relationships and transactions with related parties, enhance the auditor's identification and evaluation of a company's significant unusual transactions, and improve understanding of a company's financial relationships with its executive officers, according to a PCAOB press release.

The New York State Education Department’s Quality Review Oversight Committee approved on Feb. 8 the NYSSCPA as a sponsoring organization that may administer and oversee mandatory quality reviews in New York State.

The PCAOB has imposed a $2 million civil money penalty against Ernst & Young and sanctioned four of its current and former partners for violating board rules and standards, according to a Feb. 8 statement.