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Accounting & Auditing Update

The "Accounting & Auditing Update" is written by Tammy Whitehouse, a veteran business writer who has been a regular contributor to Compliance Week since 2005. Her work has also appeared in industry journals and periodicals including Journal of Business Strategy, Strategy & Leadership, Compensation & Benefits Review, Inc, Buyside, and myriad others. Whitehouse welcomes questions and comments from readers; she can be reached via e-mail at twhitehouse@complianceweek.com.
21 results found, filtered by:
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Accounting & Auditing Update Blog
SEC settles with 4 companies over prolonged control lapses
Tammy Whitehouse | January 30, 2019
Apparently thumbing their noses at internal control requirements, four public companies have now settled charges with the SEC over prolonged failures to maintain ICFR.
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Accounting & Auditing Update Blog
PCAOB report gives Deloitte its lowest deficiency rate
Tammy Whitehouse | January 8, 2019
Deloitte & Touche’s recently published 2017 audit inspection report reflects the lowest deficiency rate the firm has ever earned.
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Accounting & Auditing Update Blog
SEC plans focus on internal controls at year-end
Tammy Whitehouse | December 27, 2018
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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Accounting & Auditing Update Blog
PCAOB plans continued focus on review controls in 2019
Tammy Whitehouse | December 12, 2018
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.
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Accounting & Auditing Update Blog
New GAAP rules drive audit fee increases, poll says
Tammy Whitehouse | December 11, 2018
New accounting standards and M&A activity are driving modest increases in audit fees for public companies, according to a new FERF survey.
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Accounting & Auditing Update Blog
Companies plan to automate internal controls, poll says
Tammy Whitehouse | July 17, 2018
Companies are migrating toward automating their internal control over financial reporting, according to a recent survey by Financial Executives Research Foundation.
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Accounting & Auditing Update Blog
FERF finds more evidence of audit cost creep in 2016
Tammy Whitehouse | January 17, 2018
Another new study confirms public company audit costs inched upward in 2016, albeit by a smaller amount than in 2015.
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Accounting & Auditing Update Blog
New report on Deloitte shows no change in audit findings
Tammy Whitehouse | December 19, 2017
Audit regulators found problems with 24 percent of the audits they inspected at Deloitte in 2016, the same number inspectors flagged in 2015.
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Accounting & Auditing Update Blog
Calling out usual audit ills, PCAOB also ponders next steps
Tammy Whitehouse | November 14, 2017
While acknowledging audit firms have taken measures to address adverse inspection findings, the PCAOB also is starting to ask if the firms are doing enough.
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Accounting & Auditing Update Blog
Adverse internal control findings tapered off in 2016
Tammy Whitehouse | November 6, 2017
For the first time since 2012, a slightly smaller number of companies in 2016 reported adverse findings on internal control, according to a new analysis.
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Accounting & Auditing Update Blog
Audit leaders issue another year-end alert on key risks
Tammy Whitehouse | October 13, 2017
Audit leaders have handed out yet another alert to auditors to dig into high-risk areas as they prepare for the upcoming year-end audit cycle.
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Accounting & Auditing Update Blog
PCAOB alerts auditors to scrutinize revenue recognition
Tammy Whitehouse | October 6, 2017
The PCAOB is putting auditors on notice to take a careful look at the work companies have done to implement the new revenue recognition standard.
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Accounting & Auditing Update Blog
With revenue adoption lagging, grim predictions unfold
Tammy Whitehouse | October 2, 2017
Evidence is mounting that companies are way behind in complying with new revenue rules, prompting predictions of late filings, internal control weaknesses, even restatements.
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Accounting & Auditing Update Blog
PCAOB sees some improvement, yet room for more
Tammy Whitehouse | August 30, 2017
Based on its latest round of audit inspections in 2017, the PCAOB found some improvement at some firms, but still plenty of work to do to meet standards.
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Accounting & Auditing Update Blog
Audit tensions often precede control weaknesses, study says
Tammy Whitehouse | August 18, 2017
If tensions are rising between a given company and its external auditor, there’s a greater chance the company will be reporting internal control weaknesses.
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Accounting & Auditing Update Blog
House panel ponders rollbacks, including internal control audits
Tammy Whitehouse | July 19, 2017
A House sub-committee is asking whether federal regulation has hindered the growth of public companies, including Sarbanes-Oxley auditing of internal controls.
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Accounting & Auditing Update Blog
Auditors get notice to scrutinize SAB 74 disclosures
Tammy Whitehouse | June 29, 2017
Auditors have been notified to be alert to whether corporate SAB 74 disclosures about pending new accounting standards are adequate.
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Accounting & Auditing Update Blog
SOX exemption saves plenty, costs more, study says
Tammy Whitehouse | June 21, 2017
A new study calculates the cost and benefit of exempting smaller companies from SOX internal control audits — and it suggests investors aren't better off.
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Accounting & Auditing Update Blog
Senators press PCAOB for answers on KPMG audit of Wells Fargo
Tammy Whitehouse | May 1, 2017
U.S. Senators are asking how KPMG could know Wells Fargo had fake accounts on the books, but not flag it as relevant to the financial statement audit.
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Accounting & Auditing Update Blog
To combat fraud, check accounting policies, internal controls
Tammy Whitehouse | March 17, 2017
In the battle against fraud and restatements, a company’s best allies are strong accounting policies and well-documented internal controls, a new report says.
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Accounting & Auditing Update Blog
SEC signals continued intensity around internal controls
Tammy Whitehouse | November 29, 2016
As the year-end audit cycle approaches, regulators are signaling that their expectations around internal control over financial reporting are not diminishing. Tammy Whitehouse reports.
Displaying 21 results