Accounting & Auditing Update

A sizable chunk of Rite Aid’s shareholders has told the board it would like to dismiss Deloitte and hire a new audit firm.

FEI’s corporate reporting group has developed its own guides for preparers on how to assure sound controls with major new accounting adoptions.

More than 15 percent of public companies surveyed in late October had not yet begun implementing the new lease accounting standard that takes effect Jan. 1.

As companies get closer to their first annual disclosures under new revenue recognition rules, staff members at the SEC are stocking up on red pens.

As turmoil over the British exit from the European Union deepens, the Securities and Exchange Commission is looking for public companies to start disclosing more about how they’ll be affected.

Amid calls for a delay or changes to CECL, the SEC's chief accountant is defending the rulemaking process under FASB and its independence.

FASB has decided to follow the advice of an advisory group and make some changes to CECL to address implementation issues.

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.

The FASB continues to field and answer one-off questions on revenue recognition, with the most recent installments on collaborative arrangements and franchise fees.

Whatever changes technology might bring to financial reporting, auditors still face the same auditing standards and expectations from regulators.

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.

The PCAOB has disciplined three partners at Deloitte Mexico, citing failures in cross-border audits that affected U.S. opinions.

A third ex-KPMG partner has consented to a guilty plea in connection with charges of fraud and conspiracy in regulatory inspections.

The SEC has expanded its investigation into accounting issues at GE and is now looking into a $22 billion impairment charge, the company reported.

Accounting expertise coupled with high levels of executive compensation can increase the risk of misstatements, according to a new academic study.

FASB has finalized a change to the new hedge accounting standard to expand the list of permissible U.S. benchmark interest rates.

A new approach to audit inspections will begin in 2019, with changes intended to  focus on prevention and deterrence, new PCAOB chairman says.

Big changes in tax and accounting rules should produce big changes in goodwill impairment testing this year, according to a new report from Mercer.

Banks are asking Treasury to intervene on CECL and delay it, worried implementation will threaten financial stability in a future recession.

A former KPMG leader has pled guilty to four counts of fraud and conspiracy in connection with an operation to subvert the regulatory inspection process.

The SEC has put companies on notice that their internal controls need to consider the risk of cyber-attack, especially e-mail “phishing” scams.

Two new enforcement actions give audit committees some textbook reminders to keep tabs on auditors regarding their compliance with professional standards.

Despite assumptions that companies would flock to simpler accounting, most are holding back in adopting new hedge rules.

Business operations may be adopting robotic process automation technology at a faster clip than internal auditors, a new poll suggests.

KPMG has appointed an independent member to its U.S. board, only the third such appointment across the entire Big 4.