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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.
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Accounting & Auditing Update Blog
Deloitte Japan settles $2 million independence charge
Tammy Whitehouse | February 13, 2019
Deloitte Japan has agreed to a $2 million penalty to settle charges with the SEC over auditor independence violations.
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Accounting & Auditing Update Blog
Molson Coors recalls bad batch of earnings figures
Tammy Whitehouse | February 12, 2019
After discovering a bad batch of accounting, Molson Coors Brewing Co. has restated financials back to 2016 to unravel improperly reported earnings.
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Accounting & Auditing Update Blog
FASB preps CECL edit to allow more fair value
Tammy Whitehouse | February 11, 2019
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.
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Accounting & Auditing Update Blog
EY holds fast to U.S. audit model; PwC silent
Tammy Whitehouse | February 8, 2019
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.
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Accounting & Auditing Update Blog
Defense requires auditors to disclose disciplinary actions
Tammy Whitehouse | February 6, 2019
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.
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Accounting & Auditing Update Blog
Companies adjust revenue disclosures, grapple costs
Tammy Whitehouse | February 5, 2019
Companies are changing their revenue recognition approach as they move from quarter to quarter, and they’re tallying higher-than-expected costs, poll says
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Accounting & Auditing Update Blog
IOSCO report gives marching orders to audit committees
Tammy Whitehouse | February 1, 2019
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.
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Accounting & Auditing Update Blog
Grant Thornton forms audit quality advisory panel
Tammy Whitehouse | February 1, 2019
Grant Thornton is joining the Big 4 in appointing more leadership to its firm governance to drive more focus on audit quality.
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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
FASB hears CECL concerns, plans March meeting date
Tammy Whitehouse | January 29, 2019
Making no promises about what action, if any, it will take, FASB will meet in March to discuss the CECL standard on credit losses.
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Accounting & Auditing Update Blog
PCAOB releases KPMG's 2016 report, 3 others
Tammy Whitehouse | January 25, 2019
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.
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Accounting & Auditing Update Blog
EY forms independent audit quality committee
Tammy Whitehouse | January 24, 2019
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.
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Accounting & Auditing Update Blog
When earnings precede audit, auditors cave, study finds
Tammy Whitehouse | January 23, 2019
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.
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Accounting & Auditing Update Blog
Restatements declined with adjustments, analysis shows
Tammy Whitehouse | January 18, 2019
As restatements numbers have fallen in recent years, so too have out-of-period adjustments, according to a recent analysis by Audit Analytics.
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GRC Announcements Blog
EY elects new global chairman and CEO
Tammy Whitehouse | January 18, 2019
EY has elected Carmine Di Sibio as its new global chairman and CEO to succeed Mark Weinberger when he departs July 1, 2019.
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Accounting & Auditing Update Blog
AICPA develops new benefit plan auditing standards
Tammy Whitehouse | January 17, 2019
With new professional standards soon to be finalized, auditors are working on a plan to improve the quality of employee benefit plan audits.
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Accounting & Auditing Update Blog
Treasury, IRS issue proposed regulations on BEAT
Tammy Whitehouse | January 16, 2019
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.
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Accounting & Auditing Update Blog
FASB issues Q&A on CECL method, sets roundtable date
Tammy Whitehouse | January 11, 2019
To answer CECL implementation questions, FASB issued a Q&A focusing on the weight average remaining maturity, or WARM, method some entities are exploring.
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Accounting & Auditing Update Blog
SEC fines company over non-GAAP prominence issue
Tammy Whitehouse | January 10, 2019
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.
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Accounting & Auditing Update Blog
Comment letters show SEC forced restatement on ASC 606
Tammy Whitehouse | January 9, 2019
After a 15-part comment letter exchange with the SEC over its compliance with new revenue recognition rules, Kingsway Financial Services opted to restate.
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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 settles accounting charges with no monetary penalty
Tammy Whitehouse | January 4, 2019
The SEC recently settled charges with a company over accounting and control errors tied to sales incentives, but imposed no monetary penalty.
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Accounting & Auditing Update Blog
Study: Audit costs on rise again in 2017
Tammy Whitehouse | January 4, 2019
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.
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Accounting & Auditing Update Blog
Goodwill impairments are on the rise, latest study says
Tammy Whitehouse | January 3, 2019
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.
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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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