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AUDITOR INDEPENDENCE AND AUDIT FIRM ROTATION

On Wednesday and Thursday, what’s likely to be a robust discussion on audit firm rotation for public companies in the United States kicks off. Meanwhile, markets will get a glimpse of the U.S. housing situation, and FASB and the International Accounting Standards Board (IASB) will meet in London to discuss insurance contracts Tuesday.

U.S. audit firm rotation

One of the most hotly contested issues in accounting and auditing will be debated when the PCAOB holds an open meeting on auditor independence and audit firm rotation on Wednesday and Thursday in Washington.

The PCAOB’s Aug. 16 concept release asked stakeholders to consider mandatory audit firm rotation as a means to bolster auditor independence and skepticism. Critics, including the AICPA, have raised concerns about mandatory rotation, citing studies that conclude rotation is costly for companies and has the potential to hinder audit quality.

Former U.S. Comptroller General Charles Bowsher, former SEC Chairman Richard Breeden, and former Federal Reserve Chairman Paul Volcker will open the meeting, which will be available via webcast on the PCAOB’s site, at 8:30 a.m. EDT Wednesday. Business leaders, including directors from Dell Inc. and SanDisk Corp., will join public accounting and audit firm CEOs and educators on the roster of speakers.

The comment period has been extended until April 22; comments can be sent from the PCAOB’s website.

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Posted by Eduardo Bravo Losada, CPA on March 20, 2012 at 11:57 AM in Auditoría - Audit, Business, Doing Business, PCAOB | Permalink | Comments (0)

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Enron brought down Arthur Andersen, “Will Lehman Brothers do the same for E&Y?”

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Posted by Eduardo Bravo Losada, CPA on March 18, 2010 at 09:08 PM in Auditoría - Audit, Business, Current Affairs, Doing Business, SEC | Permalink | Comments (0)

Technorati Tags: Accountancy, Accounting, Accoutants, Arthur Andersen, Auditing, Auditors, Banking, Banks, CPAs, E&Y, Enron, Ernst & Young, Investments, Investors, Lehman, Lehman Brothers

Lehman investors prepare claim against E&Y

A Dutch and a Belgian law firm are preparing what is believed to be the first class action against Ernst & Young (E&Y) for allowing Lehman Brothers’ use of the Repo 105 accounting trick.

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Posted by Eduardo Bravo Losada, CPA on March 17, 2010 at 04:38 PM in Auditoría - Audit, Business, Current Affairs | Permalink | Comments (0)

Technorati Tags: Accountants, Accounting, Auditing, Auditors, Business, E&Y, Ernst & Young, Finance, Lehman

Lehman investigator alleges E&Y malpractice

Ernst & Young’s US firm has been accused of professional negligence by US investigators for allowing Lehman Brothers’ accounting practices to go unchallenged in the year before the bank’s collapse.

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Posted by Eduardo Bravo Losada, CPA on March 12, 2010 at 07:45 PM in Auditoría - Audit, Business, Current Affairs, Doing Business, NYSE, SEC | Permalink | Comments (0)

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ASOCIACION INTERAMERICANA DE CONTABILIDAD - FEDERACION DE COLEGIOS DE CONTADORES PUBLICOS DE VENEZUELA

Deseo agradecer muy sinceramente al Sr. Presidente Lic. Rafael Rodríguez Ramos y al Sr. Secretario de Estudios e Investigaciones, Lic. Rafael J. Dugarte Rivas, de la Federación de Colegios de Contadores Públicos de Venezuela, la invitación que me han cursado para brindar una conferencia sobre:

Control de Calidad de las Firmas Auditoras

en oportunidad de celebrarse el Seminario Interamericano sobre la Estandarización de la Información Financiera, en Isla Margarita, Estado de Nueva Esparta, organizado por la Asociación Interamericana de Contabilidad (AIC) y la precitada Federacíón.

Información sobre la AIC

La Asociación Interamericana de Contabilidad (AIC) se constituyó en 1949 con el objetivo principal de unir a los Contadores Públicos del continente americano, asumir el compromiso de su representación en el hemisferio y promover la elevación constante de su calidad profesional, de sus conocimientos y de sus deberes sociales. Se incorporó en 1974 bajo las leyes del estado Libre Asociado de Puerto Rico. Desde 1949 hasta esa fecha, la AIC existió con el nombre de Conferencia Interamericana de Contabilidad.

En el transcurso de su medio siglo de trabajo institucional, la AIC ha contribuido a fortalecer las organizaciones profesionales de Contadores Públicos en los países americanos que la patrocinan y participan activamente en desenvolvimiento armónico de sus conceptualizaciones y de su práctica.

A la fecha ha cumplido con su misión de ser la entidad de carácter profesional que une a los Contadores Públicos del continente americano, representados en cada país por organismos profesionales de libre agremiación.

La profesión contable debe sentirse orgullosa por haber logrado organizarse a nivel internacional y trabajado a un nivel de efectividad que es igualado por muy pocas organizaciones profesionales.

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