All Accounting & Auditing articles – Page 35
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ArticleTip sheet: 2020 priorities for accounting and audit regulators
With the new year under way, we highlight some focus areas of accounting and audit regulators—SEC, PCAOB, and FASB—that should be top of mind for boards of directors.
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ArticleChartered IIA publishes new Internal Audit Code of Practice
The Chartered Institute of Internal Auditors announced the publication of new guidance intended to serve as an industry benchmark to improve the effectiveness of internal audit functions.
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ArticleHot topics for 2019 year-end audits
As auditors get ready for year-end audits, internal controls and new accounting standards are on their radar.
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Chartered IIA names interim CEO
The Chartered Institute of Internal Auditors announced the appointment of John Wood as interim CEO.
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ArticlePCAOB: Best practices in improving audit quality
The PCAOB has published a document that offers insights from audit committee chairs on what procedures have worked best for them in improving audit quality.
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ArticleSEC plans to ease auditor conflict-of-interest rules
A proposed update to auditor independence rules relaxes restraints on affiliate relationships and initial public offerings.
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ArticleFASB cloud computing cost standard to soon take effect
An updated cloud computing standard from the Financial Accounting Standards Board will clarify expenses associated with Web hosting arrangements for cloud computing.
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PremiumTop ethics and compliance failures of 2019
From antitrust and privacy concerns in the tech world to compliance officer liability in the pharmaceutical industry to unethical practices in the banking and accounting professions, more than a dozen companies made Compliance Week’s list of the biggest compliance fails in 2019.
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ArticleIRS issues proposed regs on compensation rules under tax reform
Companies have a little more clarity from the Internal Revenue Service about how to interpret provisions under tax reform affecting executive compensation.
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ArticleEY chief accountant to succeed Golden as FASB chair
The Financial Accounting Standards Board announced the appointment of EY Chief Accountant Richard Jones to succeed Russell Golden as chair, effective July 1, 2020.
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ArticleMetLife to pay $10M for ‘longstanding’ accounting errors
MetLife will pay a civil penalty of $10 million to resolve charges the insurance company violated the books and records and internal accounting controls provisions of federal securities laws.
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ArticleEx-WorldCom CEO released from prison early
Former WorldCom CEO Bernard Ebbers was granted early release from prison due to deteriorating health. Ebbers had served 13 years of a 25-year sentence for participating in one of the biggest accounting frauds in U.S. history.
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ArticleFASB finalizes simplification of income tax standard
The Financial Accounting Standards Board has issued an Accounting Standards Update to finalize changes to income tax accounting meant to simplify the process.
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ArticleReview urges changes to U.K. audit profession
The latest report to examine the shortcomings of the U.K. audit market recommends separating audit from the accountancy profession, among other suggested changes.
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PCAOB appoints general counsel
The Public Company Accounting Oversight Board announced Kenneth Lench has been named general counsel.
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ArticlePCAOB seeks input on modernizing QC standards
The PCAOB is accepting public comment on a potential approach to revising the board’s quality control standards in place since 2003 and outdated by modern technology.
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ArticleSFO charges two former Serco directors with fraud, false accounting
The U.K. Serious Fraud Office has charged two individuals with fraud and false accounting concerning Serco’s electronic monitoring contract with the Ministry of Justice.
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ArticleLife after LIBOR: Shell throws weight behind SOFR
Royal Dutch Shell has announced the signing of one of the world’s first credit facilities linked to the new Secured Overnight Financing Rate.
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ResourceWhite paper: 6 Ways to Improve Audit Readiness
Even for the best-prepared accounting teams, the annual audit can be a time of immense anxiety and sometimes frustration. Between client and audit team miscommunication, haphazard PBC lists, fluctuating trial balances, and the simple fact that the in-house accounting team has already moved on to a new fiscal year, it’s ...
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ArticlePCAOB CAMs report: Goodwill, revenue recognition lead way
Goodwill and other intangible assets and revenue recognition are among the most frequently communicated critical audit matters, according to the Public Company Accounting Oversight Board’s first report on the new disclosure.