AICPA Issues New Interpretation of Auditor Reports

The American Institute of CPAs’ Auditing Standards Board has issued a new auditing interpretation on audit reports.

AICPA Completes Clarity Project for Attestation Standards

The American Institute of CPAs’ Auditing Standards Board has completed its Clarity Project by issuing its final standard.

Most Audit Firms Complied with PCAOB Standard on Communications with Audit Committees

The Public Company Accounting Oversight Board released a report Tuesday indicating that the vast majority of audit firms were doing a good job of complying with a recent standard on communications with their client’s audit committees.

KPMG Cuts Ties With Zuma-Linked Guptas amid Influence Probes

KPMG Southern Africa, a member of the global advisory network, has ended a 15-year stint auditing companies controlled by the Johannesburg-based Gupta family, after the ruling party and the national graft ombudsman announced investigations into its alleged influence over the state.

Internal Audit Outsourcing More Externally

One out of three internal audit departments worldwide are now outsourcing at least some of their work to a third party, according to a new study.

Securities Class-Action Lawsuits Reach Highest Level Since 2010

Securities class-action lawsuits, including claims against auditing firms, have reached a five-year high, according to a new report.

IAASB Revises Auditing Standard on Summary Financial Statements

The International Auditing and Assurance Standards Board has released ISA 810 (Revised), Engagements to Report on Summary Financial Statements.

Toshiba Said to Face U.S. Probe over Westinghouse Accounting

Toshiba Corp. is under investigation by the U.S. over allegations that it hid $1.3 billion in losses at its nuclear power operations, according to two people familiar with the matter. Shares plunged in Tokyo.

PCAOB Sanctions Broker-Dealer Audit Firms

The Public Company Accounting Oversight Board announced settled disciplinary orders Tuesday sanctioning five audit firms for violating independence requirements in connection with audits of brokers and dealers.

SEC OKs Increase in PCAOB Accounting Support Fee

The Securities and Exchange Commission has approved a 2016 budget for the Public Company Accounting Oversight Board of $257.7 million, a 3 percent increase over last year, and a 12 percent increase in the accounting support fee to $253.3 million.