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SEC Ups The Ante in Subpoena Dispute With Deloitte Touche Shanghai By Filing An Administrative Proceeding Against the Chinese Accounting Firm Threatening Its Ability to Appear Before the Commission

On May 9, 2012, the SEC announced that it has filed an Administrative Proceeding against Deloitte Touche Tohmatsu CPA Ltd. ("D&T Shanghai") for its refusal to provide the agency with audit work papers in connection with the Commission’s investigation of the accounting firm’s client for alleged accounting fraud. The Administrative Proceeding was filed while the … Continue Reading

Should U.S. Issuers Have the Option to Prepare Financial Statements in Accordance with International Financial Reporting Standards, Instead of U.S. GAAP?

The SEC believes that the global capital markets and investors could benefit from globally accepted accounting standards, and is therefore considering permitting U.S. issuers to prepare financial statements in accordance with International Financial Reporting Standards, as opposed to generally accepted accounting principles as used in the United States. In its concept release, the SEC explains … Continue Reading

New Audit Standard for Internal Controls

One day after the SEC approved interpretive guidance to assist management in creating a process for evaluating internal controls over financial reporting, the PCAOB adopted Auditing Standard No. 5, An Audit of Internal Control over Financial Reporting that Is Integrated with an Audit of Financial Statements. This new standard replaces Auditing Standard No. 2.  The PCAOB … Continue Reading