All Accounting & Auditing articles – Page 30
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ArticleQ&A: IIA president Chambers on Three Lines update, COVID-19, more
In the wake of drastic updates to the “Three Lines Model” for managing risk, IIA President and CEO Richard Chambers catches up with Compliance Week to discuss the changes, how COVID-19 has impacted the internal audit profession, and more.
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ArticleDespite pandemic, ‘time to act is now’ on LIBOR transition
Focus on LIBOR transition may have slipped during the coronavirus pandemic, but the recent conversation among regulators is once again looking toward life after the soon-expiring reference rate.
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FASB ASU simplifies liabilities, equities guidance
The Financial Accounting Standards Board finalized changes to accounting standards meant to simplify complexities surrounding liabilities and equities.
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ArticlePCAOB: Increased audit communication a silver lining of pandemic
The PCAOB’s latest “Conversations with Audit Committee Chairs” update highlights the benefits committee chairs say they have gleaned from increased communications with auditors during the coronavirus pandemic.
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ArticleBausch Health to pay $45M for misleading disclosures
The Securities and Exchange Commission charged Bausch Health (formerly Valeant Pharmaceuticals) and three former executives for improper revenue recognition and misleading disclosures in SEC filings and earnings presentations.
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ArticleAnalysis: Comparing the IIA’s new ‘Three Lines Model’ to the old one
The biggest improvement in the IIA’s new “Three Lines Model” of risk management is it allows for greater flexibility between “lines” and is less likely to be interpreted so literally.
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ArticleUnder Armour facing potential SEC enforcement over accounting practices
Under Armour revealed in a regulatory filing that its accounting practices are the subject of a pending enforcement action by the Securities and Exchange Commission.
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ArticleFASB proposes new chapter for financial reporting framework
The Financial Accounting Standards Board has proposed a new chapter to Concepts Statement No. 8 that would define 10 elements of financial statements.
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ArticleAccounting execs arrested as Wirecard probe continues
German prosecutors arrested three Wirecard executives, including the former CFO and head of accounting, as an investigation into the company’s inflated balance sheet and a missing $2 billion continues to expand.
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ArticleIIA CEO Chambers to step down
The Institute of Internal Auditors announced longtime President and Chief Executive Officer Richard Chambers plans to step down at the end of March.
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ArticleEx-FASB head Golden to lead PwC independent advisory committee
Big Four audit firm PwC announced the addition of former Financial Accounting Standards Board head Russell Golden as chair of its recently formed, independent Assurance Quality Advisory Committee.
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ArticleFRC closes accounting investigation into Mitie Group
The U.K. Financial Reporting Council announced the closure of its nearly three-year-long investigation into the financial statements of facility management firm Mitie Group for the year ended March 31, 2016.
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ArticleFRC audit inspections: Deloitte leads way as quality declines as a whole
The Financial Reporting Council published the results of its latest round of audit inspections, concluding one-third of the reviewed audits conducted by the seven largest U.K. firms required a notable level of improvement.
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ArticleFASB proposes delay to long-duration insurance standard
The Financial Accounting Standards Board proposed a one year delay to its standard on accounting for long-duration contracts at insurance companies as a result of the ongoing coronavirus pandemic.
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Grant Thornton UK fined $2.4M for ethical, independence failures
The U.K. Financial Reporting Council fined Grant Thornton £1.95 million (U.S. $2.4 million) for firmwide ethical and independence failures concerning an audit of alcohol retailer Conviviality Retail.
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ArticleWill U.K. mandate that Big Four separate audit units make a difference?
The FRC hopes its demand that the Big Four isolate their audit units from their other businesses by 2024 will improve their ethical behavior … but some are skeptical.
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ArticleWirecard scandal will have cascading impact on Germany’s audit, regulatory landscape
Wirecard already is shaping up to be to Germany what Enron was to the United States: An accounting oversight failure so epic in its scope and scale that its aftermath is likely to forever alter the country’s auditing and accounting profession as it exists today.
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ArticleIn time of crisis, Wirecard has turned to its would-be CCO to lead
Reeling from a $2 billion accounting scandal, Wirecard has turned to its would-be chief compliance officer as its interim CEO. It’s the first smart move the company has made in a while, writes Martin Woods.
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ArticleVEREIT to pay $8M to settle SEC fraud charges
VEREIT, a publicly traded real estate investment trust, will pay an $8 million penalty to resolve SEC fraud charges over intentionally overstating a key non-GAAP performance metric.
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ArticleFRC to probe EY, PwC audits of London Capital & Finance
The U.K. Financial Reporting Council has commenced three investigations into the audits of collapsed investment firm London Capital & Finance, including audits carried out by Big Four firms EY and PwC.