More good stuff for you to ponder – FRF-SMEs (aka small GAAP from the AICPA) and naming the parters on public company audits:
Going Concern – NASBA Stands Behind FASB’s Private GAAP, Can’t Believe the AICPA’s Chutzpah– NASBA is so opposed to FRF-SMEs that it is developing model language that would prohibit the use of that form of OCBOA (that’s the old term) unless a state board approved it.
Going Concern – AICPA Knows NASBA is Mad But It’s Okay, NASBA Gets Mad Sometimes – AICPA sends an email to the state societies CEOs reminding them it is the responsibility of organizations and their CPAs to figure out which financial reporting framework is most appropriate.
I’m not quite sure when NASBA gained the authority to decide what reporting frameworks are acceptable.
Accounting Onion – NASBA Blackballs AICPA from the Standard Setters’ Club – Tom Selling gives background on why AICPA moved out of the standard setter role and why they should stay out. Points out the FRF-SME has so much flexibility that financial staetments under that frameword won’t mean much.
Forbes – PwC Partner At MF Global Has Long, And Mixed, Track Record– Francine McKenna highlights the career path of one PwC partner that seems to intersect a high proportion of the accounting fiascos over the last few decades. A depressingly effective argument for disclosing names of the lead partner on audits.
re: The Auditors – Who Is The PwC Partner Responsible for MF Global? Someone With A Lot of Baggage – Continued discussion by Ms. McKenna about the PwC partner. A very minor secondary point is lesson-learned for all of us to clean up our LinkedIn profile – it could reveal information you’d rather not get too much visibility. By the way, reporters read them too, not just coworkers from back when. Major point of this discussion for me is that this issue, and also disclosure of the name of lead partner, is about auditor quality, not improving audit quality.
Both of those articles make for a depressingly effective argument in favor of disclosing the names of key partners on public audits.