Accounting & Auditing


AuditAdvice

AICPA best practices for conducting remote audits in uncertain times

2020-04-06T17:02:00+01:00By

Auditors facing higher audit risks and new accounting and reporting issues as a result of the coronavirus pandemic and downturns in the economy have some new guidance from the AICPA.

KPMG

FRC sanctions KPMG, former senior partner for audit failings

2020-04-06T15:46:00+01:00By

The U.K. Financial Reporting Council has reprimanded and fined KPMG and one of its former senior partners for a failure to exercise “sufficient professional skepticism” and for failure to obtain “sufficient appropriate audit evidence.”

CalendarSchedule

FASB to address coronavirus impact at April meeting

2020-04-02T16:19:00+01:00By

The Financial Accounting Standards Board announced its intent to meet April 8 and address standard-setting issues related to the ongoing coronavirus pandemic.

AccountingCoronavirus

How to account for coronavirus impact during CECL implementation

2020-03-30T14:00:00+01:00By

The challenge facing companies that choose to report CECL in the first quarter despite reporting relief announced Friday is how to reasonably reflect the potential effects of the coronavirus in estimates of current expected credit losses.

Congress

CECL delayed amid U.S. government’s coronavirus response

2020-03-27T18:51:00+00:00By

FASB’s controversial standard on credit losses was dealt two significant blows Friday as the U.S. government scrambles to respond to the financial impact of the escalating coronavirus pandemic.

TugOfRope

Coronavirus pandemic elicits opposing views on CECL, TDRs

2020-03-25T15:06:00+00:00By

Two regulatory chairs are battling over whether a delay is needed for financial institutions to implement the updated credit loss standard; also expressed are opposing views on how loan modifications should be viewed in terms of troubled debt restructurings.

CalendarSchedule

PCAOB grants auditors 45-day relief period from inspections

2020-03-24T14:45:00+00:00By DeAnn Orie

The Public Company Accounting Oversight Board is giving audit firms a maximum 45-day relief period from the inspection process during the COVID-19 pandemic.

Accounting

Coronavirus begins disrupting public companies’ financial reporting

2020-03-23T21:08:00+00:00By

Companies are reporting ways in which the coronavirus pandemic is hurting their bottom lines, as well as steps they are taking to reduce spending as disruptions ripple through their supply chains and rattle their customer bases.

PCAOB

PCAOB vet Mark Adler to depart

2020-03-23T19:43:00+00:00By

The Public Company Accounting Oversight Board announced Mark Adler, former acting director of its Division of Enforcement and Investigations, is leaving after more than nine years with the agency.

SEChq

SEC filer definition changes aim to promote going public

2020-03-19T15:42:00+00:00By

The SEC’s revisions to definitions of accelerated and large accelerated filers should provide relief to smaller issuers and reduce costs for certain public companies.

Accountingbestpractices

New FASB guidance eases transition from LIBOR

2020-03-19T14:33:00+00:00By

FASB has issued a temporary standards update intended to reduce the costs and complexities surrounding reference rate reform.

ControlScan_Ebook_v4Cover

White paper: 5 Ways to Reduce Document Sprawl During Audits

2020-03-17T10:03:00+00:00Provided by

Reduce document sprawl by automating your file request, sharing, and tracking processes

PwCcrop

PwC survey: Finance leaders worried about global recession

2020-03-16T20:10:00+00:00By

The potential for the coronavirus outbreak to lead to a global recession topped the list of concerns among finance leaders based in the United States and Mexico, according to a new survey released by PwC.

Taxes

AICPA calls for IRS to provide tax relief during coronavirus pandemic

2020-03-13T10:36:00+00:00By

AICPA seeks extended filing deadlines to reassure clients struggling with uncertainty during coronavirus pandemic.

AccountingUpdateFeature

FASB issues improvements to financial instruments guidance, including CECL

2020-03-11T16:45:00+00:00By

FASB has issued an accounting standards update amending several financial instruments topics in order to provide more clarity and improve on such standards as current expected credit losses.

big-four-auditor-changes

Audit client turnover 2019: Deloitte dominates; KPMG, EY, PwC falter

2020-03-10T16:15:00+00:00By

For the fifth consecutive year, Deloitte net positive in new SEC audit engagements while the rest of its Big Four peers saw net decreases in clients, according to the latest annual study from Audit Analytics.

Galvanize internal audi cover img

e-Book: Trends, tips, and transparency: Internal Audit

2020-03-09T12:31:00+00:00Provided by

In this e-Book, Compliance Week explores auditor reporting standards issued in May by the Auditing Standards Board to help companies get a head start on their rapidly approaching 2020 reports.

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White paper: The Dramatic Impact of the New Lease Accounting Standards

2020-03-06T14:00:00+00:00Provided by

The new lease accounting standards – ASC 842, IFRS 16 and GASB 87 – impact companies of all sizes and industries.

KPMG

KPMG names firm veteran as U.S. CEO

2020-03-03T21:35:00+00:00By

KPMG has named Paul Knopp—who has been with the company for 36 years—to be its next U.S. chair and chief executive officer.

Accounting fraud

Newell Brands facing SEC subpoena over sales, accounting practices

2020-03-03T19:13:00+00:00By

Newell Brands disclosed in a regulatory filing it is facing a Securities and Exchange Commission subpoena over its sales and accounting practices, particularly related to the impairment of goodwill and other intangible assets.

Panama Papers

Accountant pleads guilty in DOJ Panama Papers probe

2020-03-02T19:11:00+00:00By

A U.S-based accountant who was charged alongside three others for their alleged roles in a decades-long criminal scheme perpetrated by Panama-headquartered law firm Mossack Fonseca and related entities has pleaded guilty.

Clocks

FASB agenda on hold amid chair transition

2020-02-28T19:38:00+00:00By

Outgoing FASB Chair Russell Golden said at a Financial Accounting Foundation meeting this week the rulemaker will look to get his successor, Richard Jones, settle before determining its second-quarter agenda.

LeaseBalanceSheets

Benchmarking report: New lease accounting rules having seismic effect on balance sheets

2020-02-28T14:02:00+00:00By

In LeaseQuery’s first benchmarking analysis of lease liabilities, it found balance sheet liabilities increased nearly 16 times as operating leases came onto the balance sheet for the first time upon adoption of ASC 842.

SEC

SEC settles with RSM over improper conduct

2020-02-27T19:39:00+00:00By

The Securities and Exchange Commission has settled charges with RSM for “improper professional conduct” after the firm assigned unqualified staff to audit a series of private investment funds.

PennedLetter

FRC sends letter to Big Four outlining ‘operational separation’

2020-02-27T18:04:00+00:00By

The U.K. Financial Reporting Council penned a letter to the Big Four outlining expectations for how the auditors should go about separating their audit work from their consultancy business.

Culture

Big Four score: EY, KPMG, PwC, Deloitte among Fortune's 100 best companies list

2020-02-26T21:38:00+00:00By

Fortune’s 2020 list of the 100 Best Companies to Work For is out, and accounting firms are again among them. All four of the Big Four firms are in the top 50, as is Plante Moran.

Mattel

SEC subpoenas Mattel in accounting probe

2020-02-26T20:35:00+00:00By

Mattel announced it has received a subpoena from the Securities and Exchange Commission seeking documents related to a previously disclosed investigation that had uncovered accounting errors.

regulatory events 2019

Regulatory events coming this spring

2020-02-25T20:31:00+00:00By DeAnn Orie

Check out information on upcoming events from such regulators as the SEC, FINRA, CFPB, and more.

Climate

FRC to review how U.K. companies, auditors address climate change

2020-02-21T16:02:00+00:00By

The U.K. Financial Reporting Council announced it will begin reviewing the extent to which U.K. companies and auditors are responding to the impact of climate change to ensure reporting requirements are being met.

Coronavirus-China

SEC: Potential impact of coronavirus on audit quality

2020-02-19T17:37:00+00:00By

The SEC and PCAOB have issued a joint statement updating their recent conversations with audit firm leaders on audit quality oversight challenges in China, including the potential impact of the coronavirus on financial disclosures and audit quality.

Taxes

Tax planning opportunities for 2020 lead to potential tax savings

2020-02-19T17:04:00+00:00By

Grant Thornton has released guidance on tax planning for both public and private companies to help them get started by asking the right questions.

AgendaDiscussion

FASB Chairman Golden’s agenda setting 101

2020-02-13T19:54:00+00:00By

Have you ever wondered how FASB decides what issues to include in its technical agenda? Chairman Russell Golden explained recently the process for identifying the right accounting issues to address.

Lawsuit

Spirit AeroSystems faces class action over accounting woes

2020-02-12T21:07:00+00:00By

In the wake of an ongoing accounting probe and the resignation of two top finance executives, Spirit AeroSystems is facing a class-action lawsuit filed on behalf of shareholders.

Powell

Powell: Legislation to address LIBOR transition unlikely

2020-02-12T20:04:00+00:00By

Federal Reserve Chair Jerome Powell told Congress he does not expect federal legislation will be needed to address the demise of the London Interbank Offered Rate, which is set to expire in 2021.

Accounting

Big banks start to report CECL impacts

2020-02-10T20:29:00+00:00By

Fourth-quarter earnings calls of large U.S. public financial institutions provide insights into FASB’s current expected credit loss (CECL) standard.

Questions raised

FASB Q&A tackles revenue recognition implementation

2020-02-04T17:10:00+00:00By

Determining transaction price and identifying performance obligations are among the most challenging implementation issues in accounting for revenue recognition, according to recent guidance from FASB.

ESGReporting

Benefits of sustainability reporting: takeaways for accounting

2020-02-03T17:37:00+00:00By

A former FASB member and current board member at the Sustainability Accounting Standards Board offers tips to accountants facing a heightened investor interest in sustainability.

Boeing 737

Spirit AeroSystems CFO resigns amid accounting probe

2020-01-31T22:24:00+00:00By

The chief financial officer and principal accounting officer at aerospace giant Spirit AeroSystems have resigned amid an ongoing accounting probe triggered by a compliance review.

AccountantStruggle

Can CPA firms help with new revenue recognition standard?

2020-01-29T15:28:00+00:00By

Robert Durak of the AICPA provides seven requests companies should make of their auditors when tackling revenue recognition implementation to avoid putting auditor independence at risk.

DecliningStockPrice

Study: Adopting lease accounting could hurt stock prices

2020-01-28T19:21:00+00:00By

A new study from Florida International University professors says retailers such as Urban Outfitters, Foot Locker, and Abercrombie & Fitch—that have a significant use of operating leases—reported abnormal stock returns when they disclosed earnings.

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Webcast: Understanding risks & compliance

2020-01-23T14:04:00+00:00Provided by

Fraud and restatements are happening every day, and it’s important to recognize that your company is consistently exposed to risk. Change is constant, and the stakes are high.

Accounting fraud

SEC charges Hill International with accounting fraud

2020-01-21T18:09:00+00:00By

The SEC has brought charges against Hill International, its former chief accounting officer, and a former senior accountant for engaging in accounting fraud and disclosure violations at the construction management consulting firm.

AuditOpinionFeature

Audit fees level off in 2018, study shows

2020-01-21T15:36:00+00:00By

Public company audit fees remained virtually unchanged in 2018, according to the latest annual study by Audit Analytics.

AccountingUpdates

FASB issues first ASU of 2020

2020-01-17T22:52:00+00:00By

FASB has issued the first accounting standard update of the new year, clarifying the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives.

KPMG

SEC bars former KPMG leader atop ‘chain of corruption’

2020-01-15T20:06:00+00:00By

The Securities and Exchange Commission has suspended a former KPMG leader from appearing or practicing before the SEC after he was convicted of a felony last year.

2020Strategy

Tip sheet: 2020 priorities for accounting and audit regulators

2020-01-14T15:10:00+00:00By

With the new year under way, we highlight some focus areas of accounting and audit regulators—SEC, PCAOB, and FASB—that should be top of mind for boards of directors.

CodeCover

Chartered IIA publishes new Internal Audit Code of Practice

2020-01-09T14:50:00+00:00By

The Chartered Institute of Internal Auditors announced the publication of new guidance intended to serve as an industry benchmark to improve the effectiveness of internal audit functions.

HotTopics

Hot topics for 2019 year-end audits

2020-01-09T13:36:00+00:00By

As auditors get ready for year-end audits, internal controls and new accounting standards are on their radar.

Chartered IIA names interim CEO

2020-01-07T20:50:00+00:00By Scuttlebutt

The Chartered Institute of Internal Auditors announced the appointment of John Wood as interim CEO.

APlus

PCAOB: Best practices in improving audit quality

2020-01-03T14:55:00+00:00By

The PCAOB has published a document that offers insights from audit committee chairs on what procedures have worked best for them in improving audit quality.