All Accounting & Auditing articles – Page 50
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Blog
BDO acquires Global Trade Strategies, Lootok
Accounting and advisory firm BDO USA announced the separate acquisitions of customs and international trade regulation consulting firm Global Trade Strategies and crisis management company Lootok.
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Blog
Comment letters show SEC forced restatement on ASC 606
After a 15-part comment letter exchange with the SEC over its compliance with new revenue recognition rules, Kingsway Financial Services opted to restate.
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Blog
PCAOB report gives Deloitte its lowest deficiency rate
Deloitte & Touche’s recently published 2017 audit inspection report reflects the lowest deficiency rate the firm has ever earned.
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Article
CECL queues up as next big accounting change in 2019
The long-awaited new accounting for credit losses, better known as CECL, is moving forward in 2019 unless someone takes definitive action to delay or alter it.
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Study: Audit costs on rise again in 2017
The latest analysis of audit and non-audit fees shows audit fees paid by public companies crept upward in 2017 for the fifth straight year.
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SEC settles accounting charges with no monetary penalty
The SEC recently settled charges with a company over accounting and control errors tied to sales incentives, but imposed no monetary penalty.
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Goodwill impairments are on the rise, latest study says
Goodwill impairments are rising on corporate balance sheets, according to the latest analysis from advisory firm Duff & Phelps, suggesting impairment will be a source of heartburn in year-end reporting.
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Hertz to pay $16M civil penalty for accounting violations
Car rental company Hertz Global Holdings will pay a $16 million civil penalty to settle a case concerning inaccurate financial reporting, the Securities and Exchange Commission announced in an order filed Dec. 31.
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ArticleWeary from accounting change? Brace for more in 2019
Change has become the new normal in public company accounting offices, and 2019 promises to deliver even more of the same.
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SEC plans focus on internal controls at year-end
Given big changes companies are undertaking in their accounting processes, staff at the SEC plan to pay special attention to internal controls.
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SEC disciplines Crowe, two partners over audit failures
The SEC has settled charges against Crowe and two of its partners for “significant audit failures” connected to a payroll services firm that went bankrupt.
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PCAOB finalizes new standards on estimates, specialists
Auditors have new rules to follow in auditing accounting estimates and in relying on the work of specialists to arrive at audit opinions.
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ISACA issues COBIT 2019 to help reboot IT governance
ISACA has updated its COBIT framework and issued some accompanying guidance to help companies refresh their information and technology governance.
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FASB plans January roundtable to address CECL tension
Amid growing tension over a pending new standard on recognizing credit losses, the Financial Accounting Standards Board says it will convene a roundtable in January.
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Banking regulators approve CECL relief measure
Banking regulators issued some relief for banks worried about the effects of adopting CECL, but bankers are still concerned it won’t go far enough.
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ArticleAuditors finalize hot topic lists for 2018 year-end
As calendar-year companies approach their year-end close, audit firms are prepping teams for the big issues they need to scrutinize closely in their 2018 year-end audits.
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Article
CMA looks at tackling Big Four’s stranglehold of U.K. audit market
The audit market is facing serious scrutiny from the U.K. Competition and Markets Authority, which hopes to carve out external audit from consulting, impose a “joint audit” regime, and increase audit committee chair accountability.
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PCAOB names Megan Zietsman chief auditor
The Public Company Accounting Oversight Board announced that it has named Megan Zietsman chief auditor and director of professional standards.
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Blog
GE audit committee considers replacing KPMG as auditor
GE’s audit committee has initiated a tender process to consider replacing KPMG as its external auditor.
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Blog
PCAOB plans continued focus on review controls in 2019
The PCAOB saw some improvement in the audit of management review controls during its 2018 inspections, but it’s still an area of focus into 2019.