Audit Analytics

Audit Analytics discusses early adoption of ASC 606.

While Audit Analytics was reviewing the results of its recent annual report on financial restatements, the company noticed an interesting—although not unexpected—trend. Restatements are most commonly disclosed in the spring.

According to new information from Audit Analytics, recent statements and papers from regulators and advisory firms suggest a lack of compliance with non-GAAP accounting rules could be perceived as a key regulatory risk.

Accounting & auditing blogger Tammy Whitehouse looks at market share for the whole population of U.S. public companies. While not very drastic, says Whitehouse, there have been some notable changes to the top 10 firms.

Data gathered by Protiviti and Audit Analytics from fiscal 2015 annual reports show that the implementation of the COSO framework for audited internal control over financial reporting is almost complete: 96 percent of companies reviewed used the 2013 Framework, in comparison to 82 percent for fiscal 2014. Tammy Whitehouse reports.

A gold mining company’s recent disclosure of its cost for obtaining assurance with respect to its use of conflict materials might be the first of its kind, but the lack of standards in this area, coupled with a lack of independent third-party assurance points to a need for higher-quality reports of this kind. Derryck Coleman of Audit Analytics reports.

A recent earnings statement by one of the world’s leading semiconductor manufacturers offers what looks like good news at first blush, but in reality might suggest that a bigger, and more negative trend might be underway. At the heart of it: a potential slowdown in Moore’s Law itself, the law which for decades has set the pace for increasing computing power, and has essentially provided the semiconductor world with its business plan. That all might be about to change.

Jan. 7—Enthusiasts of XBRL technology, including the SEC, like to talk about its potential as a tool to make financial information easier to use. That future remains unclear. Here and now, however, errors in XBRL filings might be serving a more practical purpose: They can indicate other financial reporting problems such as late filings or restatements. A guest post from Audit Analytics explores the connections. See inside.