The Financial Accounting Standards Board proposed an update designed to further align its derivatives and hedging standard with risk management strategies employed by organizations.
Because of the recent SPACs craze, the first quarter of 2021 saw the highest IPO activity in U.S. markets in at least 20 years, according to Audit Analytics. David Bukzin, leader of the SPAC team at Marcum, provides context.
The use of blockchain technology brings with it a number of risks that prudent auditing and accounting professionals must smartly manage. It’s all described in a new risk matrix released jointly by the ISACA, AICPA, and CIMA.
Under Armour agreed to pay $9 million to settle charges brought by the SEC concerning accounting practices by the sports apparel company that rendered statements it made misleading.
Richard Chambers, former president and CEO of the Institute of Internal Auditors, has partnered with AuditBoard as a senior internal audit advisor.
The Securities and Exchange Commission announced settlements with eight companies for incomplete reporting related to “not timely” form disclosures.
The PCAOB has added Belgium to its list of countries with which it has a cooperative agreement to exchange information concerning the oversight of audit firms.
The Financial Accounting Standards Board has tentatively ruled to move forward with a pair of updates to its leases standard aimed at certain sales-type leases and discount rates for lessees.
The former chief risk officer of the PCAOB says she was subjected to a campaign of harassment and discrimination before she was unlawfully fired last year.
A new law in New York provides contracts that reference LIBOR with a fallback provision and safe harbor once the benchmark interest rate permanently ceases to be published at the end of the year.
The Securities and Exchange Commission recently reinforced its focus on the importance of corporate governance and financial reporting by special purpose acquisition companies (SPACs).
The impact of the coronavirus pandemic on internal audit was not nearly as severe as it was for organizations overall, states a new report from the Institute of Internal Auditors.
Experts weigh in on the hurdles to be overcome and clarifications needed if U.K. auditors are going to be mandated to detect and prevent fraud as spelled out in new proposals.
More than a quarter of companies citing COVID-19 in their critical audit matters filed with the PCAOB are part of the financial services industry, according to research from Audit Analytics.
The Financial Accounting Standards Board announced the adoption of an accounting standards update that provides an alternative for goodwill triggering event evaluation.
Examiners from the Federal Reserve are being encouraged to consider supervisory actions against firms not ready to stop issuing LIBOR-based contracts by Dec. 31.
Evaluating potential going concern issues was a hot topic for companies and their auditors in 2020. With first-quarter 2021 reporting around the corner, Maria Murphy offers five key considerations to be thinking about.
The SEC is seeking comment on new submission and disclosure rules related to foreign public companies that are not allowing U.S.-based auditors to review their financial statements.
Nathan Anderson, senior director of internal audit at McDonald’s, discusses ways internal audit can better answer management questions about cyber-risks and become a more independent cyber-security testing function overall.
The U.K. government has unveiled proposals designed to end the Big Four accounting firms’ dominance of the region’s audit market while also making companies and executives more directly accountable—and liable—for failures in corporate reporting.
The former chief financial officer at then-Och-Ziff Capital Management Group has agreed to pay $35,000 in a settlement with the SEC for his role in the firm’s notorious bribery scheme.
The U.K. Financial Reporting Council has commenced an investigation into Deloitte over its audit work of car dealership chain Lookers.
Ernst & Young and Deloitte each had net increases in new public company audit engagements in 2020, while Big Four peers PwC and KPMG saw net decreases, according to the latest annual study.
The U.K. Financial Conduct Authority put the nail in the coffin of LIBOR, confirming the widely used benchmark interest rate will cease to be available in most forms at the end of this year.
The Center for Audit Quality and American Institute of Certified Public Accountants released a new roadmap that provides tools for independent auditors to support companies in achieving their ESG reporting goals.
Goodwill impairment recorded by U.S. public companies fell 10 percent from 2018 to 2019, according to Duff & Phelps’ latest study. An early look at 2020 figures suggests a big rise in next year’s results as a result of the pandemic.
In the 11th edition of its annual public company audit fee study, the Financial Education & Research Foundation reported an increase of 6 percent in average audit fees largely due to expanded scope.
Grant Thornton appointed Beatrix Bernauer to serve as the firm’s first chief risk officer, in addition to her current role as chief compliance officer.
Hubert Barth, head of EY’s Germany practice for the past five years, will step down and take on a “new role at the European level” as the firm seeks to restore its tarnished reputation following its missteps leading up to the collapse of Wirecard.
Former KPMG Partner Christopher Stanley and Senior Manager Jennifer Stewart were suspended by the SEC for improper professional conduct during an audit of the now-defunct College of New Rochelle.
KPMG UK Chairman Bill Michael has resigned after controversial remarks he made about the coronavirus pandemic during a virtual town hall meeting offended several employees and were subsequently made public.
At the end of the sorry Wirecard saga, James Freis may be one of the very few former senior employees who can hold his head high, writes Martin Woods.
The Financial Accounting Standards Board ruled tentatively to move forward with and expand the scope of its proposed standard update regarding goodwill triggering events under Topic 350. The standard is expected to be finalized in March.
Jaclyn Jaeger lauds two oil companies for raising the bar on ESG commitment in the industry, while Dave Lefort assesses new developments in the Wirecard saga that point to greater failures in the firm’s internal controls.
There’s no question that F&A teams have been disrupted by the ongoing pandemic. In fact, nearly half of respondents in a recent survey said that closing virtually with a distributed workforce impacts the audit and other third-party engagements.
Three of the Big Four audit firms—Deloitte, EY, and KPMG—improved their year-over-year deficiency percentage in the PCAOB’s 2019 inspection reports, while PwC’s deficiency rate increased for the third straight year.
The Securities and Exchange Commission charged two former executives of WageWorks with making false and misleading statements and omissions that resulted in the improper recognition of $3.6 million in revenue.
For many companies, SOC 2 Compliance can be an unexpected requirement to work with a big new client. This complex, time-consuming compliance effort is often much more costly than business leaders expect, and can easily lead to more hiring, delayed product launches, and slow business growth.
Compliance Week caught up with Anthony Pugliese, the incoming president and chief executive officer of the Institute of Internal Auditors, to discuss his plans for the future of the IIA and the internal audit profession at large.
Did you rush to meet lease accounting requirements (ASC 842, IFRS 16) in time for the compliance deadline? You’re not alone.
The Public Company Accounting Oversight Board announced J. Robert Brown Jr. will conclude his service on the Board this month.
SEC Chief Accountant Sagar Teotia joins the growing list of senior officials at the agency set to depart amid the presidential transition to the Biden administration.
A new report from the Anti-Fraud Collaboration analyzes the most common financial statement fraud themes noted in SEC enforcement actions and offers insights to mitigate the top risk areas.
The International Auditing and Assurance Standards Board has issued a trio of new and revised standards intended to strengthen and modernize the way audit firms on an international level approach quality management.
RPM International and its general counsel and chief compliance officer have agreed to a $2 million settlement with the SEC for accounting and disclosure rules violations relating to a prior DOJ investigation.
The Financial Accounting Standards Board proposed a standard update to provide an accounting alternative to the goodwill triggering event assessment for certain private companies and nonprofit organizations.
The Center for Audit Quality released its review of the first year of auditor reports for over 2,000 large accelerated filers that included the PCAOB’s new critical audit matters requirements.
President Donald Trump signed into law a measure that will kick publicly traded Chinese companies off U.S.-based exchanges if they refuse to allow U.S. regulators to examine their finances.
A member firm of EY Global has been fined $1.5 million by the SEC to settle audit violations and improper conduct charges connected to a $3.3 billion accounting fraud committed by one of its customers.
China-based Luckin Coffee has agreed to a $180 million penalty as part of a settlement with the U.S. Securities and Exchange Commission to resolve charges related to the coffee chain’s inflated-sales scandal.