Internal Control over Financial Reporting
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Blog postKraft Heinz discloses probe, takes $15.4B impairment charge
Following a string of accounting and reporting problems, Kraft Heinz Co. disclosed it is under investigation by the SEC and reported a $15.4 billion impairment charge.
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Article
Earliest revenue restatements fix adoption problems
While most public companies have yet to complete a full year of reporting under new revenue recognition rules, some are already finding reasons to restate.
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Blog post
SEC settles with 4 companies over prolonged control lapses
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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Blog post
PCAOB report gives Deloitte its lowest deficiency rate
Deloitte Touche’s recently published 2017 audit inspection report reflects the lowest deficiency rate the firm has ever earned.
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Blog post
SEC plans focus on internal controls at year-end
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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Blog post
PCAOB plans continued focus on review controls in 2019
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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Blog post
New GAAP rules drive audit fee increases, poll says
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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Blog post
Two big holdouts still follow 1992 COSO framework
A handful of holdouts are still disclosing they comply with SOX internal control reporting requirements by following a defunct COSO framework.
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Article
Preparers issue self-driven guides on ICFR over leases, CECL
ICFR guides by preparers and for preparers are meant to help the preparer community develop and document internal controls over leases and CECL adoptions.
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Article
Cigna, Wells Fargo describe journey to high-tech ICFR
Technology is permeating internal control over financial reporting, and one of its pioneers says the transition is possible even without a tech background.
