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.
The U.K. Competition and Markets Authority (CMA) has recommended reform of the audit market aimed at increasing quality and competition and breaking the stranglehold of the Big Four accounting firms.
The PCAOB wants to engage more directly with audit committees, but they may get a cool response from some audit committee members wary of the risks.
Accounting class action filings in 2018 remained “uncharacteristically high,” according to the latest analysis by Cornerstone Research.
Still looking for some help on revenue recognition? The AICPA has published an audit and accounting guide meant to work through industry-specific issues.
Nearly one-fourth of filings with the SEC in the fourth quarter contained admissions of material weaknesses in internal control over financial reporting.
FASB is preparing a proposal to amend accounting standards in a way that is intended to ease the accounting for income taxes.
Analysts are advising investors to buckle up in preparation for first-quarter results that will, for the first time, include leases on the balance sheet.
Under rising pressure to be more transparent about how they oversee auditors, proactive audit committees are upping their game for evaluating all aspects of their audit
A little more than half of the S&P 500 have disclosed something about how they expect to be affected by CECL reporting when it begins next year.
As many public companies near the finish line in the race to get leases onto corporate balance sheets, many others are still straggling behind. This e-Book will help you toward that final sprint.
The SEC and the Department of Justice brought civil and criminal charges against three former executives of transportation company Roadrunner Transportation Systems for their alleged role in a complex securities and accounting fraud scheme that resulted in a loss of more than $245 million in shareholder value.
Audit reports are about to get a lot longer, and companies would be wise to give financial statement users some advance warning to head off any knee-jerk reactions.
The Financial Accounting Standards Board has rejected a proposal by some banks to revise the pending credit losses standard, due to take effect Jan. 1, 2020.
Car rental company Hertz is suing former executives to recoup losses related to its 2015 restatement to correct aggressive accounting.
About half of public companies expect to spend as much time—or even more—on lease accounting adoption after the first quarter reporting under the new rules.
Audit regulators issued their 2017 inspection report on PwC, showing an uptick in the percentage of audits with deficiencies.
Grant Thornton earned a record low deficiency rate on its newest audit inspection report, the first major firm to deliver a rate in the teens since 2009.
Preparers are facing some brutal accounting judgments as they approach the end of a reporting period straddling key dates in a chaotic Brexit.
FASB has revised its proposed changes on tax disclosures to respond to feedback to an earlier proposal and to reflect changes under tax reform.
As companies wrap up their first year under the new revenue recognition standard, evidence of the learning curve and challenges with comparability are abundant.
Appealing a court ruling, PwC reached a $335 million settlement with the FDIC over professional negligence claims in the failure of Colonial Bank.
See how the big accounting firms compare in terms of audit deficiency rates for 2009 through 2016 and internal control deficiencies for 2016 based on PCAOB inspection report results.
Even with clear-cut expectations, audit firms still find new and unique ways to run afoul of the SEC’s independence rules. Among the culprits: the money-making potential of non-audit services.
Jan Babiak, a current audit committee chairman formerly of EY, offers her perspective on the roles ans responsibilities of the audit committee.
Big Four accounting expert James Peterson discusses ways in which the United Kingdom may dismantle the Big Four, the possible consequences of each of the proposals, and which he thinks is the better solution.
The never-ending quest to improve audit quality has firms and the audit committees of their corporate clients eyeing how to best deploy new technologies.
Audit deficiencies are just part of the picture when it comes to the reputational damage suffered by nearly every big firm. Jaclyn Jaeger looks at how the big audit firms are tackling bad marks from the PCAOB.
In recent years, major audit firms have begun producing voluntary quality reports. We offer a sampling of findings from six of the biggest firms to accompany our auditing special report.
Analyzing public company regulatory filings, we explore the factors behind why companies change external auditors.
Under rising pressure to be more transparent about how they oversee auditors, proactive audit committees are raising their games when it comes to evaluating all aspects of their audit.
Various initiatives on producing audit quality indicators give audit committees some questions to ask or data points to consider in assessing their audits and their auditors.