Wes Bricker, former SEC chief accountant, has rejoined PwC as vice chair and assurance leader for the United States and Mexico.
It’s more than big change prompting major deferrals for pending accounting rules. It’s also about the growing tension between estimation and precision.
FASB has signaled it plans to extend CECL for smaller public companies to 2023, along with delaying a number of other effective dates.
Webcast details: August 20, 2019 – 2 p.m. ET | CPE Credit(s): 1
Internal auditors are buffing up their longstanding Three Lines of Defense model for how to provide organizations with optimal coverage of risk and control functions.
FASB is formally considering delaying the required effective date of some of its standards, including credit losses for small public companies.
U.K. audit regulators saw no improvement in audit quality in their most recent inspections, indicating none of the major firms achieved targeted pass rates.
While companies adopt CECL, auditors are gearing up for new rules requiring them to more closely scrutinize estimates and the specialists who produce them.
The SEC has filed insider trading charges against a former Illumina accountant and friend whose alleged scheme resulted in $6.2 million in profits.
FASB is looking for input on how to address ongoing problems in the reporting of certain intangible assets, especially goodwill.
Here’s a look at some upcoming events and training from regulators like the SEC, DOJ, and PCAOB.
The SEC has approved final standards issued by the PCAOB giving auditors new requirements for auditing estimates and relying on the work of specialists.
It may be summertime, but the living is not so easy for corporate finance staff preparing for CECL—a major change to the reporting of credit losses.
The PCAOB says it found fault with 39 percent of the audits inspected at BDO USA in 2017 – the firm’s first time with a deficiency rate below 50 percent since 2011.
FASB has issued a proposed revision to the CECL standard to address a handful of implementation questions as companies prepare for the new accounting.
After new allegations at KPMG of cheating on internal training tests, audit committees now have another area of questioning for their external auditors.
The SEC has canceled sanctions imposed by the PCAOB on a now-retired KPMG auditor connected with a mortgage lender failure at the height of the financial crisis.
The SEC has finalized its revision of auditor independence rules to change the threshold around lending relationships with clients that would raise concerns.
The SEC has fined KPMG for not only allegations of cheating on regulatory inspections, but also new charges of numerous auditors cheating on training exams.
Nearing the end of their second quarter observing new lease accounting rules, many public company accounting departments are still cursing their software.
In a recently filed restatement, Kraft Heinz reduced its reported net income by $150 million going back to 2015 to correct employee misconduct in accounting.
Offering no specific reason for his early departure, Grant Thornton says Mike McGuire is stepping aside as CEO.
While encouraged by the trend in audit inspection results, global audit regulators report they are still seeing levels of audit deficiency that command continued focus on improvement.
Bipartisan legislation proposes to increase oversight on China-based companies listed on U.S. exchanges and delist those that fail to comply in three years.
The PCAOB has disciplined two former Big Four auditors—one over an audit of internal control and the other over inspection issues.
SEC staff members met with the Center for Audit Quality’s SEC Regulations Committee to acknowledge concerns and answer questions associated with new lease accounting rules.
The Public Company Accounting Oversight Board issued guidance to auditors to explain how they should handle communication with audit committees under Rule 3526.
Wes Bricker, chief accountant at the Securities and Exchange Commission, is leaving his post in June, to be succeeded by Sagar Teotia as acting chief accountant.
SEC staff members are signaling to public companies that they still have concerns over uses of non-GAAP measures that seem to thumb their nose at GAAP.
A new bill intended to block CECL is awaiting action in the Senate Banking Committee, much to the delight of big banks.
The SEC has stuck to its promise to focus on initiatives that can improve capital formation and lighten the regulatory burden.
While the rancor appears to have softened a bit, General Electric shareholders are still signaling to the audit committee that they want a new auditor.
Companies have new reasons to dial up internal audit in light of recent DOJ guidance on how its prosecutors should evaluate corporate compliance programs.
FASB has finalized a small change to CECL to help companies that were facing a conundrum based on a fair-value election elsewhere in GAAP.
Efforts to adopt CECL are generally underway in the banking sector, but companies outside financial services may still have plenty to do.
Despite regulatory efforts to make auditors more independent and more skeptical, companies have been able to shop for audit opinions, a new study says.
FRC CEO Stephen Haddrill confirmed that during the transition to the new statutory regulator, the Audit, Reporting and Governance Authority, the FRC will remain committed to tackling “deficiencies in audit and reporting quality vigorously.”
Citigroup raised its expected loan loss reserves under CECL as it prepares for parallel testing of its methodology, but plenty of organizations have barely started.
The Center for Audit Quality is giving audit committees a hand in overseeing implementation of the new credit losses standard.
Auditors are still struggling with many of the same issues that have appeared prominently in inspection reports the past several years—but many firms are taking steps to address recurring problems, audit regulators say.
Kraft Heinz will restate nearly three years of financial results after determining employee misconduct in procurement caused a net $208 million misstatement in product costs.
Lack of clarity in how companies use non-GAAP measures to calculate executive compensation prompted investors to petition the SEC for change.
Accountants and auditors are getting a lighter touch from enforcement authorities, according to an analysis that shows actions dropped significantly from 2017 to 2018.
Non-GAAP reporting is obscuring executive compensation disclosures in proxy statements, investors say, and they are asking the SEC to revise its rules.
First-quarter reports reflecting new lease accounting rules are beginning to trickle into the market, adding billions in assets and liabilities to balance sheets.
FASB issued an update to accounting standards to clarify new rules on CECL, hedging, and recognition and measurement of financial instruments.
Overwhelmed by an onslaught of requirements, data, and technology, tax departments are beginning to look for new ways to achieve compliance.
Trucking company Celadon Group entered into a corporate resolution for securities fraud and will pay total restitution of $42.2 million for filing materially false and misleading statements to investors and falsifying books, records, and accounts.
Company executives may be more likely to take on risk when their compensation is based more on stock options than stock awards, a new study says.
Delaware’s Secretary of State is inviting corporations incorporated in that state to join it in resolving any outstanding unclaimed property issues. The invite comes with a catch: Companies must respond within 60 days or face an unclaimed property audit.