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.
Maria L. Murphy
Maria L. Murphy, CPA, is a regular contributor to Compliance Week. She is a senior content management analyst, accounting and auditing products, CCH tax and accounting North America for Wolters Kluwer. She is also a freelance writer for the AICPA (Journal of Accountancy and CPA Insider) and LegalZoom and a prior contributor to Thomson Reuters products. She writes content for corporate websites, newsletters, blogs, and press releases. She is the former editor in chief of the NYSSCPA’s CPA Journal. She spent her career in public accounting and private industry controllership, with extensive experience in accounting, auditing, quality control, and SEC reporting. Her passion is translating technical subject matter into user-friendly language and getting readers excited about accounting and compliance topics.
Posted inAccounting & Auditing
Hot topics for 2019 year-end audits
As auditors get ready for year-end audits, internal controls and new accounting standards are on their radar.
Posted inAccounting & Auditing
FASB 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.
Posted inAccounting & Auditing
Goodwill impairments more than doubled in 2018, says recent study
Goodwill impairment recorded by U.S. public companies is on the rise. According to Duff & Phelps’ 2019 U.S. Goodwill Impairment study, it climbed 125 percent in 2018.
Posted inAccounting & Auditing
New auditor reporting standards: What has changed
A closer look at new standards issued in May by the Auditing Standards Board will aid auditors in conferring with clients before 2020 reports arrive.
Posted inAccounting & Auditing
At rare open meeting, PCAOB says it’s on path to change
A recent PCAOB open meeting reviewed details about shareholder outreach and offered a view into its five-year strategic plan.
Posted inAccounting & Auditing
Report: Investor confidence in audit committees high; more transparency needed
The 2019 Audit Committee Transparency Barometer indicated investor confidence in audit committee effectiveness was strong (81 percent) and had increased 10 percentage points since the first report was issued in 2014.
Posted inAccounting & Auditing
What FASB’s recent updates might mean for you
The Financial Accounting Standards Board has issued updates to its standards on hedging and share-based payments and is offering guidance on reference rate reform.
Posted inAccounting & Auditing
Survey: Data use, security among top audit risk areas
Research and advisory firm Gartner has released its annual “Audit Hot Spots” report, which reveals the three top risk areas for internal audit teams and chief audit executives in 2020.
