All Accounting & Auditing articles – Page 24
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ArticleSEC settles with 8 companies over untimely reporting disclosures
The Securities and Exchange Commission announced settlements with eight companies for incomplete reporting related to “not timely” form disclosures.
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ArticlePCAOB reaches cooperative agreement with Belgian counterpart
The PCAOB has added Belgium to its list of countries with which it has a cooperative agreement to exchange information concerning the oversight of audit firms.
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ArticleFASB advances targeted updates to leases standard
The Financial Accounting Standards Board has tentatively ruled to move forward with a pair of updates to its leases standard aimed at certain sales-type leases and discount rates for lessees.
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ArticleEx-PCAOB risk officer files lawsuit alleging harassment, discrimination
The former chief risk officer of the PCAOB says she was subjected to a campaign of harassment and discrimination before she was unlawfully fired last year.
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ArticleNew York law provides LIBOR fallbacks as rate nears end
A new law in New York provides contracts that reference LIBOR with a fallback provision and safe harbor once the benchmark interest rate permanently ceases to be published at the end of the year.
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ArticleAccounting considerations for companies merging with SPACs
The Securities and Exchange Commission recently reinforced its focus on the importance of corporate governance and financial reporting by special purpose acquisition companies (SPACs).
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ArticleIIA survey: COVID-19 impact on internal audit smaller than expected
The impact of the coronavirus pandemic on internal audit was not nearly as severe as it was for organizations overall, states a new report from the Institute of Internal Auditors.
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ArticleHow might U.K. mandate for audit to find fraud work in practice?
Experts weigh in on the hurdles to be overcome and clarifications needed if U.K. auditors are going to be mandated to detect and prevent fraud as spelled out in new proposals.
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ArticleStudy: Financial services leads way in COVID-related CAMs
More than a quarter of companies citing COVID-19 in their critical audit matters filed with the PCAOB are part of the financial services industry, according to research from Audit Analytics.
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ArticleFASB finalizes goodwill triggering event standard update
The Financial Accounting Standards Board announced the adoption of an accounting standards update that provides an alternative for goodwill triggering event evaluation.
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Enforcement an option as LIBOR deadline nears
Examiners from the Federal Reserve are being encouraged to consider supervisory actions against firms not ready to stop issuing LIBOR-based contracts by Dec. 31.
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Five key going concern considerations for 2021 reporting
Evaluating potential going concern issues was a hot topic for companies and their auditors in 2020. With first-quarter 2021 reporting around the corner, Maria Murphy offers five key considerations to be thinking about.
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ArticleSEC seeking comment on new foreign audit oversight rules
The SEC is seeking comment on new submission and disclosure rules related to foreign public companies that are not allowing U.S.-based auditors to review their financial statements.
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ArticleInternal audit’s role in cyber-security testing: Where to start
Nathan Anderson, senior director of internal audit at McDonald’s, discusses ways internal audit can better answer management questions about cyber-risks and become a more independent cyber-security testing function overall.
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ArticleU.K. government proposals spell out Big Four breakup, new audit responsibilities
The U.K. government has unveiled proposals designed to end the Big Four accounting firms’ dominance of the region’s audit market while also making companies and executives more directly accountable—and liable—for failures in corporate reporting.
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ArticleOch-Ziff ex-CFO fined $35K for role in bribery case
The former chief financial officer at then-Och-Ziff Capital Management Group has agreed to pay $35,000 in a settlement with the SEC for his role in the firm’s notorious bribery scheme.
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ArticleFRC to investigate Deloitte over Lookers’ audits
The U.K. Financial Reporting Council has commenced an investigation into Deloitte over its audit work of car dealership chain Lookers.
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ArticleAudit client turnover 2020: EY ends Deloitte’s streak; PwC, KPMG lag behind
Ernst & Young and Deloitte each had net increases in new public company audit engagements in 2020, while Big Four peers PwC and KPMG saw net decreases, according to the latest annual study.
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ArticleFCA confirms Dec. 31 end date for LIBOR
The U.K. Financial Conduct Authority put the nail in the coffin of LIBOR, confirming the widely used benchmark interest rate will cease to be available in most forms at the end of this year.
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ArticleHow audit can support increased ESG mandates
The Center for Audit Quality and American Institute of Certified Public Accountants released a new roadmap that provides tools for independent auditors to support companies in achieving their ESG reporting goals.