Accounting & Auditing Update

Deloitte Japan has agreed to a $2 million penalty to settle charges with the SEC over auditor independence violations.

After discovering a bad batch of accounting, Molson Coors Brewing Co. has restated financials back to 2016 to unravel improperly reported earnings.

To make it easier for companies to adopt CECL for credit losses, FASB is considering a change that would permit more use of fair value.

EY may be taking steps to draw a broader line between audit and consulting services in the U.K., but the U.S. firm has no such plans. Meanwhile, PwC is silent.

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.

Companies are changing their revenue recognition approach as they move from quarter to quarter, and they’re tallying higher-than-expected costs, poll says

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.

Grant Thornton is joining the Big 4 in appointing more leadership to its firm governance to drive more focus on audit quality.

Apparently thumbing their noses at internal control requirements, four public companies have now settled charges with the SEC over prolonged failures to maintain ICFR.

Making no promises about what action, if any, it will take, FASB will meet in March to discuss the CECL standard on credit losses.

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.

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.

Absent a strong audit committee, management can get an upper hand over auditors when it releases unaudited earnings results to the market, a new study says.

As restatements numbers have fallen in recent years, so too have out-of-period adjustments, according to a recent analysis by Audit Analytics.

EY has elected Carmine Di Sibio as its new global chairman and CEO to succeed Mark Weinberger when he departs July 1, 2019.

With new professional standards soon to be finalized, auditors are working on a plan to improve the quality of employee benefit plan audits.

The U.S. Treasury and the Internal Revenue Service have issued proposed regulations on the base erosion and anti-abuse tax established under the Tax Cuts and Jobs Act.

To answer CECL implementation questions, FASB issued a Q&A focusing on the weight average remaining maturity, or WARM, method some entities are exploring.

Still on its soap box over non-GAAP reporting, the SEC issued an enforcement action against home security company ADT focused on problems with prominence.

After a 15-part comment letter exchange with the SEC over its compliance with new revenue recognition rules, Kingsway Financial Services opted to restate.

Deloitte & Touche’s recently published 2017 audit inspection report reflects the lowest deficiency rate the firm has ever earned.

The SEC recently settled charges with a company over accounting and control errors tied to sales incentives, but imposed no monetary penalty.

The latest analysis of audit and non-audit fees shows audit fees paid by public companies crept upward in 2017 for the fifth straight year.

Goodwill impairments are rising on corporate balance sheets, according to the latest analysis from advisory firm Duff & Phelps, suggesting impairment will be a source of heartburn in year-end reporting.

Given big changes companies are undertaking in their accounting processes, staff at the SEC plan to pay special attention to internal controls.