The Securities and Exchange Commission is exploring the possibility of new rulemaking regarding auditor independence.
Big banks are making progress in preparing for CECL, but non-bank operating companies are likely to face a heavier lift as they approach the fourth quarter.
Despite warnings to prepare, financial institutions still face a lot of work and uncertainty around the demise of LIBOR, a new assessment suggests.
Halfway through the first year reporting under new lease accounting rules, only one-fourth of public companies said their implementations were complete, according to a recent Deloitte poll.
Auditors are comparing notes on how they will interact with audit committees regarding CECL, developing a practice aid that might also interest preparers.
Audit committees continue to increase the amount of disclosures they are providing to shareholders across a wide variety of categories, according to a recent analysis conducted by EY.
Company management and their auditors might not see eye to eye on everything. But clients and their third-party examiners typically agree that the audit process could be improved.
A former KPMG leader was sentenced to one year and one day in federal prison and three years of supervised release for his role in a scheme to subvert the regulatory inspection process.
Merrill Lynch must pay a $300,000 civil monetary penalty for failing to promptly produce to the CFTC certain required records and, separately, failing to supervise its employees and agents.
The PCAOB has settled disciplinary actions with audit firm Marcum, an affiliated firm, and its former auditor independence leader over independence violations.
Investors want more information from leading banks over how financial statements will be affected by the adoption of the new CECL approach to credit losses.
FASB is proposing guidance intended to ease the potential accounting burden companies expect to face as they navigate reference rate reform.
The PCAOB is taking heat from a government watchdog group, which says the audit regulator is “doing a feeble job” protecting investors.
Amid persistent cost and compliance challenges with internal controls, the pace of migration toward new accounting technologies appears to be picking up.
Deadlines are fast approaching for state unclaimed property filings, with roughly 40 states setting filing dates on Oct. 31 or Nov. 1.
Large accelerated filers saw an average of 1.8 issues called out as critical audit matters in their first round of reporting, according to a new analysis.
Recent whistleblower allegations against GE have put a spotlight on mounting liabilities that will hit corporate balance sheets when insurance accounting rules shift.
The Financial Accounting Standard Board’s new accounting standard on current expected credit loss, or CECL, takes effect January 2020 for large public companies.
Lynne Doughtie, chairman and CEO of KPMG, has decided she will not seek re-election when her term expires next summer.
The SEC has settled charges with RSM related to numerous auditor independence violations, spanning more than 100 audit reports across 15 clients.
SAExploration Holdings announced the SEC has launched an investigation into areas of its accounting from 2015-16. The company also disclosed a significant reshuffling of its senior leadership team.
Revenue recognition drove more restatements in 2018 than in prior years and caused more restatements than any other area of accounting, a new study finds.
The PCAOB has issued new guidance to auditors about how to comply with new rules on auditing estimates, supervising specialists, and relying on their work.
It’s been an intense year for the audit industry in the United Kingdom—and things are expected only to get tougher as a new audit regulator, with new leadership and stronger statutory powers, prepares to take the reins.
Organizations are failing to solve the employee-spend challenge as travel and expense (T&E) transactions continue to suffer from non-compliance and fraud. Companies also have unnecessarily high audit costs and inadequate risk coverage thanks to manual testing of T&E transactions.
FASB is proposing another accounting delay, this time for a standard that will change the way companies recognize long-term insurance obligations.
Sweeping, open allegations of fraud against major public companies raise fresh questions about the effectiveness of regulatory whistleblower programs.
Many organizations today need to adhere to stringent audit and compliance rules to prove they’re following established guidelines and regulations. An automated compliance approach centralizes audit information, and provides easier access to key controls and status. Furthermore, automation can reduce labor intensive costs and non-value-added time often associated with manual ...
Under investigation over how it appointed EY, Sealed Air cut ties with its auditor and appointed PwC after clearing independence concerns.
GE picks apart new whistleblower allegations of $38 billion accounting fraud. “Market manipulation—pure and simple,” says Chairman and CEO Larry Culp.
A new analysis out of the Federal Reserve suggests concerns over the expected economic effects of CECL, the new rule on credit losses, may be overstated.
FASB is formally proposing major changes to effective dates for several significant accounting standards, including a CECL delay for smaller reporting companies.
Auditors walk a fine line in reporting adverse internal controls, straddling regulators when they fail to flag weaknesses but punished in the market when they do.
Check out information on upcoming events from such regulators as the PCAOB, FDIC, SEC, DOJ, and more.
The long-term impact of the new lease accounting compliance standards has yet to be seen, but the implementation issues facing many entities have become increasingly evident.
A former audit inspector and executive director at KPMG was sentenced to eight months in prison after entering a guilty plea related to a scheme to steal inspection plans.
A former KPMG partner charged by the SEC with insider trading has been ordered to pay a civil penalty of $125,000 and suspended from appearing or practicing before the Commission as an attorney or accountant.
Accounting rulemakers have their work cut out for them trying to determine how to meet investors’ needs for information about corporate tax risks without breaking preparers’ backs.
Midway through the first year of complying with new lease accounting rules, only a little more than half of public companies said they completed their transition.
U.S. audit regulators have fined PwC’s affiliate in Mexico for a seemingly brazen failure to observe auditor independence rules.
Among the first to disclose critical audit matters, Microsoft’s auditor, Deloitte, identifies revenue recognition and uncertain tax positions as CAMs.
Packaging company Sealed Air, currently under investigation by the SEC, has received a grand jury subpoena from the U.S. Attorney’s Office for the Western District of North Carolina and faces a related investigation by the DOJ.
The U.S. Department of Justice and the Securities and Exchange Commission are pursuing fraud charges over manipulation of a non-GAAP metric at a publicly traded real estate investment trust.
The House is considering a bill that would give the PCAOB a whistleblower system under Sarbanes-Oxley like the one operated by the SEC.
FASB has issued new lease accounting guidance allowing options for how to reflect uncertain operating lease receivables, which is sure to produce reporting differences.
FASB has issued a proposal on the distinction between liabilities and equity meant to cut through complexity known to compromise reporting quality.
FASB is proposing amendments to GAAP to clarify interactions among different rules on measuring investments and securities.
SEC comments on early reports under the new revenue recognition standard tended to sway companies to revise their reporting, analysis shows.
Regulators are starting to freak out a little over what will happen in U.S. financial markets in 2021 when a major benchmark interest rate is expected to vanish.
Adverse auditor attestations on the state of internal controls at public companies made a bit of a comeback in 2018 after a brief retreat, according to a coming report from Audit Analytics.