Accounting & Auditing Update

A PwC analysis shows about half of Fortune 500 companies expect revenue recognition changes to be immaterial, but nearly 20 percent are still evaluating.

After several years of steadily improving results, Crowe Horwath saw an increase in adverse findings in its latest PCAOB inspection report.

Half of public company board members say critical audit matters will not make audit reports more useful to investors, but instead will make their jobs more difficult.

FASB has completed its annual update to the GAAP taxonomy and has added a new taxonomy for companies to consider addressing international standards.

COSO has released its newly revised enterprise risk management framework, giving companies a new tool to consider in building out their ERM approaches.

Academics say they have identified a link between internal control weaknesses and later revelations of fraud, lending fresh support to key provisions of SOX.

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.

The FASB has issued its long-awaited standard to simplify hedge accounting, allowing companies to adopt the new approach almost immediately if they choose.

Where there are problems with audit quality, it appears to be more of a problem with people than with institutional approaches to audit work.

The SEC is telling companies its historic staff guidance on revenue recognition will not trump the new revenue standard when it takes effect in 2018.

A recent study of Fortune 100 proxy materials shows audit committees continue to voluntarily explain their oversight of the external audit.

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.

New leadership will soon take over the helm of the PCAOB after SEC Chairman Jay Clayton opens a public search for as many as four board positions.

The SEC has extracted a $6.2 million settlement from KPMG over charges that the firm and an engagement partner failed to properly audit valuations in 2011.

Companies may soon have some new instructions to follow in deciding how to account for various types of grants and contributions.

The Financial Accounting Standards Board is preparing to propose a modification to the pending lease accounting standard to amend the transition guidance.

The PCAOB has disciplined PwC over a broker-dealer audit lapse and Crowe Horwath HK over an investigation involving a China-based company.

Big 4 firms say the SEC won’t object if certain “public business entities” adopt new revenue and leasing rules under private company effective dates.

Half way from publication to adoption of new lease accounting rules, C-suite executives are worried about whether implementation will get done on time. 

Companies with any lingering worries about the impending effects of a new audit report have one last opportunity to appeal for change.

As the prospects for healthcare reform hit the skids, the accounting profession is offering Senate leaders some ideas to help get tax reform off the ground.

A House sub-committee is asking whether federal regulation has hindered the growth of public companies, including Sarbanes-Oxley auditing of internal controls.

New academic research suggests audit firms may be shielding low-performing partners from client scrutiny by remaining coy about PCAOB inspection results.

Here’s a call to attention for audit committees. Audit regulators are rolling out a powerful new gift that will help you assess the quality of your external audit.

The Institute of Management Accountants has issued new guidance reminding members of the most basic behavior they should embrace. Be ethical.