European Union - Reform of the audit market: Proposal for a regulation on the quality of audits of public-interest entities and proposal for a directive to enhance the single market for statutory audits (November 2011) resource Agency Guidances OCEG Reviewed
Brussels, 30 November 2011 - The 2008 financial crisis highlighted considerable shortcomings in the European audit system. Audits of some large financial institutions just before, during and since the crisis resulted in 'clean' audit reports despite the serious intrinsic weaknesses in the financial health of the institutions concerned.
Government Auditing Standards: 2010 Exposure Draft (GAO) resource Agency Guidances OCEG Reviewed
Summary: This letter describes the process used by GAO for revising GAGAS, summarizes the proposed major changes, discusses proposed effective dates, and provides instructions for submitting comments on the proposed standards.
SEC, Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuers: Exploring a Possible Method of Incorporation (May 2011) resource White Papers OCEG Reviewed
A Staff Paper from the Office of the Chief Accountant at the SEC (May 26, 2011).
FASB, In Focus - Accounting Standards Update No. 2011-04: Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (May 2011) resource Articles OCEG Reviewed
Introduction: The FASB and the International Accounting Standards Board (IASB) issued their converged guidance on fair value measurement, which represents meaningful progress toward the stated goal of their Memorandum of Understanding to create a common set of high-quality global accounting standards.
In Focus, May 12, 2011 (FASB)
FASB, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (May 2011) resource Standards and Guidelines OCEG Reviewed
Accounting Standards Update No. 2011-04, May 12, 2011: A FASB/IASB converged guidance on fair value measurement.
AICPA, Technical Practice Aid 8700.03, “Auditor’s Responsibilities for Subsequent Events Relative to a Conduit Debt Obligor" (September 2010) resource Standards and Guidelines OCEG Reviewed
The TPA provides guidance on the effect of FASB Accounting Standards Update no. 2010-09 on ASC Topic 855, Subsequent Events, regarding the auditor’s responsibilities for subsequent events relative to a conduit debt obligor and the date of the auditor’s report.
Publication of the Revision on the Designation of the International Financial Reporting Standards for their Voluntary Application in Japan (2010) resource National Regulations OCEG Reviewed
Introduction: The Financial Services Agency (FSA) completed the public consultation and updated the list of Designated International Financial Reporting Standards (IFRSs), allowing all IFRSs and International Financial Reporting Interpretations Committee (IFRIC) interpretations approved and issued by the International Accounting Standards Board (IASB) on or before December 31, 2009, to be used
GAO, Government Auditing Standards (The Yellow Book) resource Agency Guidances OCEG Reviewed
Government Auditing Standards, July 2007 Revision (GAO-07-731G)
UK, Audit Commission Act 1998, c. 18 resource National Laws OCEG Reviewed
- to raise standards of financial management and financial reporting.
- to challenge public bodies to deliver better value for money.
- to encourage continual improvement in public services so they meet the changing needs of diverse communities and provide fair access for all.