Companies have new reasons to dial up internal audit in light of recent DOJ guidance on how its prosecutors should evaluate corporate compliance programs.
Tammy Whitehouse
Posted inAccounting & Auditing
FASB revises CECL to resolve dual measurement glitch
FASB has finalized a small change to CECL to help companies that were facing a conundrum based on a fair-value election elsewhere in GAAP.
Posted inAccounting & Auditing
Non-banks still have plenty of work ahead to adopt CECL
Efforts to adopt CECL are generally underway in the banking sector, but companies outside financial services may still have plenty to do.
Posted inAccounting & Auditing
SOX did not end audit opinion shopping, study says
Despite regulatory efforts to make auditors more independent and more skeptical, companies have been able to shop for audit opinions, a new study says.
Posted inAccounting & Auditing
Some companies are ready for CECL, some are not
Citigroup raised its expected loan loss reserves under CECL as it prepares for parallel testing of its methodology, but plenty of organizations have barely started.
Posted inAccounting & Auditing
Audit committees get some help overseeing CECL
The Center for Audit Quality is giving audit committees a hand in overseeing implementation of the new credit losses standard.
Posted inAccounting & Auditing
PCAOB inspectors find recurring problems, but evidence of effort
Auditors are still struggling with many of the same issues that have appeared prominently in inspection reports the past several years—but many firms are taking steps to address recurring problems, audit regulators say.
Posted inUncategorized
Leo Mackay, Jr.: The compliance commander
The former Navy pilot brings military tenets into business ethics and compliance.
Posted inInternal Investigations
Stephen C. King: The intrepid investigator
In an effective, disarming style, this Top Mind is using investigations to guide compliance, not just club noncompliance.
Posted inAccounting & Auditing
Citing misconduct in procurement, Kraft will restate
Kraft Heinz will restate nearly three years of financial results after determining employee misconduct in procurement caused a net $208 million misstatement in product costs.
