All PwC articles – Page 6

  • Blog post

    Internal audit faces more change, technology, papers say


    A pair of recent white papers by Big 4 firms suggest transformation for the internal audit profession is far from finished. In, fact, some of the biggest changes in store for the profession may still be around the bend. EY focuses its attention specifically on internal auditors in financial services, ...

  • Article

    Treasury’s efforts to overturn long-standing tax law creates massive compliance headache


    The federal government is trying to close a $40B tax loophole big enough to completely fund NASA twice every single year. But the way it’s doing it is causing some major corporate pushback. Tammy Whitehouse reports.

  • MagnifyingGlassOnMoney
    Blog post

    FRC announces investigations into KPMG and PwC


    The U.K. Financial Reporting Council, an independent investigative body that monitors and enforces accounting standards, is looking into audits made of financial services companies in the days preceding the global financial crisis of 2008-2009, starting with a delve into the work of two key accountancy firms—KPMG and PwC. Paul Hodgson ...

  • Article

    To be a great internal auditor, be a great communicator


    For internal audit leaders to deliver the most value to their audit committees, they need to develop a suite of skills that are not always stressed as being part of the audit profession. But without great communication and presentation skills to present their findings, auditors can’t be truly great at ...

  • Blog post

    PwC elects Tim Ryan new U.S. chairman


    Image: /*--*/ PwC has appointed former audit leader Timothy Ryan as its new U.S. chairman for a four-year term. Ryan succeeds Bob Moritz, another former audit leader who was recently appointed global chairman of PwC after two terms as U.S. chairman. Ryan has served since 2013 ...

  • Blog post

    FASB complete gross versus net guidance for revenue recognition


    The Financial Accounting Standards Board has issued an update to accounting standards meant to put to rest any confusion that may still exist on how to apply the principal-versus-agent guidance in the new revenue recognition rule.

  • Blog post

    Experts advise companies to brace for goodwill impairment scrutiny


    Image: Calcbench, with their research tool powered by XBRL-gathered financial statement data, identified a number of companies posting quarterly goodwill impairments in the range of $250 million for five consecutive quarters, including Yahoo’s massive $4.46 billion impairment charge. “The total number … is trending up, from the mid-teens last year ...

  • Blog post

    Internal audit intelligence calls for elevated service levels


    Image: At a recent Institute of Internal Auditors conference, audit executives heard the early returns from the annual IIA Common Body of Knowledge study that suggest North American audit stakeholders would welcome more help in identifying strategic risks. Brian Christensen, executive vice president at consulting firm Protiviti, which assisted with ...

  • Blog post

    PwC taps U.S. leader as global chair


    Image: PwC U.S. Chairman Robert Mortiz has been elected to serve a four-year term for the global network of PwC firms beginning July 1. PricewaterhouseCoopers International Network has selected Moritz, a career auditor, to replace Dennis Nally, who will retire in June after two terms as the global chairman. Mortiz ...

  • Blog post

    PwC and LRN Forge Strategic Relationship to Elevate Corporate Values


    PwC and LRN have announced a long-term strategic relationship to better help organizations elevate behavior, define and scale their values. Together, the PwC network of firms and LRN will develop innovative solutions in governance, culture and leadership, and in areas such as strategy, talent, forensic investigations, enterprise risk management, and ...

  • Blog post

    PwC Reports on Efforts to Raise Audit Quality


    Image: PwC has issued a report to answer questions about what it is doing to better address regulatory demands for better audits. The company is investing in technology, developing talent, and adjusting its audit approach to meet rising expectations. “We understand the importance of maintaining our focus on delivering quality, ...

  • Article

    Revenue Standard Update: Companies Still Ducking It


    Image: Corporate finance departments are playing the silent type right now about how they plan to implement the new revenue recognition standard—which is not quite the amount of disclosure the SEC and others want to see in year-end filings. Those businesses not doing or saying much could be in for ...

  • Article

    Consequences for Cloud Computing Accounting Start to Roll In


    Image: Companies applying new guidance on accounting for cloud computing fees are finding the guidance is not so simple, and doesn’t always provide a sunny outcome on the financial statement, either. Prepare for detailed reviews of your contract, and possibly changes to key metrics and disclosures. “If someone thinks this ...

  • Blog post

    PwC Shows Small Improvement in Latest Inspection Report


    The Public Company Accounting Oversight Board found fault with 29 percent of the 58 audits inspected at PwC in 2014, a slight improvement over the 32 percent reported in 2013. The PCAOB says out of 17 of the flagged audits, nine contained problems with both the financial statement audit and ...

  • Blog post

    Internal Audit Wrestles With Pace of Change, Survey Suggests


    A PwC poll suggests internal audit still struggles to keep up with the rapid pace of change in the business environment. Nearly 70 percent of organizations said they are going through or have recently gone through a significant transformation in the business, yet only 11 percent of chief audit executives ...

  • Article

    NY Regulators Pose New Challenges to Compliance Officers


    Image: The state of New York is muscling its way into financial regulation, with regulator Benjamin Lawsky proposing moves in anti-money laundering compliance far more bold than anything the feds are doing. Inside is a look at what the Empire State wants to achieve, and the potentially severe liability CCOs ...

  • Blog post

    Study: Companies Taking Own Action on Clawbacks


    Even ahead of any new clawback rules mandated by Congress or the SEC, companies are moving ahead themselves to add clawback provisions to executive compensation arrangements—and are swallowing some added accounting and financial reporting complexity to do so. PwC recently analyzed 100 large public companies and found 40 percent of ...

  • Blog post

    Companies Still Sorting Through Revenue Recognition Rule, Survey Shows


    Image: PwC and the Financial Executives Research Foundation are offering fresh evidence that companies are behind on FASB’s new revenue recognition standard. In their joint survey of 174 companies, 54 percent said they are familiar with the standard, but only 29 percent said they would be prepared to adopt it ...