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AccountingWEB Weekly Insight Audimation
Editor's Insight
Remember Enron? There is so much that accountants have to be thankful for as a result of The Enron Situation - Sarbanes Oxley, the PCAOB, and auditor independence rules to name a few. One of the issues that was raised during the height of The Enron Situation had to do with trying to decide what constituted a "related party" situation that needed to be reported to shareholders.
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Gail Perry, CPA
Editor-in-Chief
editor@accountingweb.com
News
PCAOB Proposes Auditing Standard on Related Parties
On February 28, the PCAOB issued for public comment a proposed auditing standard - Related Parties. The proposed standard would improve the auditor's evaluation of a public company's identification of, accounting for, and disclosure about its relationships and transactions with related parties.
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Big Win for Accounting Profession in New Jersey Supreme Court
In a unanimous decision, the New Jersey Supreme Court on February 16 reversed an Appellate Court decision in a case brought by a third party that found KPMG LLP guilty of negligence for failing to uncover accounting fraud by a former client, Papel Entities.
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IRS Ends Tax Rule Unpopular with Small Businesses
The IRS has eliminated an unpopular rule relating to how credit card and debit card payments are accounted for on tax returns, prompting relief from small business owners.
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