Audit firms are only days away from facing a U.S. Defense requirement to provide information on disciplinary proceedings as a condition of winning audit contracts.
Tammy Whitehouse
Posted inAccounting & Auditing
Companies adjust revenue disclosures, grapple costs
Companies are changing their revenue recognition approach as they move from quarter to quarter, and they’re tallying higher-than-expected costs, poll says
Posted inAccounting & Auditing
FASB tees up CECL issues, but not deferral
The FASB will meet to discern implementation issues associated with CECL, but the possibility of a deferral in the effective date is not on the agenda.
Posted inAccounting & Auditing
FASB considers how to answer CECL proposal
The FASB is reviewing a request from a group of mid-sized financial institutions to revise CECL in a way the board has apparently already considered and dismissed.
Posted inAccounting & Auditing
IOSCO report gives marching orders to audit committees
Securities regulators globally have banded together to call on audit committees to take a fresh look at their role in promoting and supporting quality audits.
Posted inAccounting & Auditing
Grant Thornton forms audit quality advisory panel
Grant Thornton is joining the Big 4 in appointing more leadership to its firm governance to drive more focus on audit quality.
Posted inAccounting & Auditing
SEC settles with 4 companies over prolonged control lapses
Apparently thumbing their noses at internal control requirements, four public companies have now settled charges with the SEC over prolonged failures to maintain ICFR.
Posted inAccounting & Auditing
FASB hears CECL concerns, plans March meeting date
Making no promises about what action, if any, it will take, FASB will meet in March to discuss the CECL standard on credit losses.
Posted inAccounting & Auditing
PCAOB releases KPMG’s 2016 report, 3 others
The PCAOB has published its report on KPMG’s scandal-ridden 2016 inspection, along with three other reports, describing high levels of audit deficiencies and mismanagement of quality.
Posted inAccounting & Auditing
EY forms independent audit quality committee
EY has joined the rest of the Big Four in seeking independent consult on audit quality, forming a committee of outside experts to advise firm leaders.
