It may be an understatement to say that the general public is rarely engrossed by a story about the trials and tribulations of an accountant at work. Time will tell whether "Extraordinary Circumstances" by Cynthia Cooper will be that rare…
I'm going to write about auditing in this post, and my remarks are motivated by a report published by Audit Analytics on the number of restatements engendered by the adoption of SEC Staff Accounting Bulletin No. 108 (SAB 108) on…
In a story whose main subject was increasing auditor vigilance, the Associated Press wrote as follows on November 2, 2007: "Merrill Lynch last week reported a bigger-than-expected $8.4 billion in writedowns.... On Oct. 5, the investment bank had initially said…
Did you know that: The Sarbanes Oxley Act requires the Public Company Accounting Oversight Board (PCAOB) to inspect audit firms with one or more public companies as clients at least once every three years, and that firms with more than…
About 10 years ago (maybe more... the older I get, the faster time flies), I attended a conference at the SEC where an FASB board member, Michael Crooch, averred that IFRS was no better or worse than GAAP--but that GAAP…
Jonathan Weil, the accounting and corporate finance columnist for Bloomberg News, has written an excellent column (read it!) on auditors failing to provide going concern qualifications in reports when they are clearly warranted. I want to comment briefly on the…