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News & Articles

GEs Big Goodwill Impairment Draws Scrutiny

Thursday, December 6, 2018
  The struggling conglomerate took the biggest impairment charge in almost a decade

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Lease accounting changes expected to cost millions

Tuesday, December 4, 2018
  The use of outside resources has surged among companies, with budgets ballooning to meet the impending deadline

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Keeping Your Whistleblower Hotline Alive

Friday, November 16, 2018
  Ideas to Maximize Hotline Effectiveness

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SEC looking at Trump proposal on quarterly financial reporting

Monday, November 12, 2018
  A six month system?

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Deadline approaching for lease accounting changes

Tuesday, October 30, 2018
  Companies are still behind schedule

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SEC Probing Honeywell Accounting for Liabilities

Monday, October 22, 2018
  Now estimating asbestos-related liabilities much higher from its prior estimate

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Email Scammers Still Tripping Up Finance Personnel

Tuesday, October 16, 2018
  The SEC finds that internal accounting controls failed to prevent companies from losing money to business email fraud

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Costco Warns of Material Weakness in Controls

Friday, October 5, 2018
  The warning related to IT systems that support the company’s financial reporting processes, and drove Costco's stock down 2.4%

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Ex-Salix CFO Fined $1M for Misstating Inventory

Monday, October 1, 2018
  CFO failed to disclose high wholesaler inventory levels resulting from its practice of overselling demand

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Metric of the Month: Learning Days Per Employee

Monday, September 10, 2018
  Investing in employees’ ongoing learning helps organizations attract, retain, and develop talent

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Why You Should Bring Customers to the M&A Table

Thursday, September 6, 2018
  Deal-makers often don’t consider customers according to a global branding consultancy

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Understanding the 7 Mindsets of International Negotiation

Friday, August 31, 2018
  How to identify the type of person you’re negotiating with and know what makes them tick

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Welcome to year one of ASC 606

Tuesday, August 28, 2018
  These new rules are particularly tricky for any company with recurring revenue

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Small Companies Carry Greatest Cyber-Risk

Tuesday, August 28, 2018
  More than half of top executives at small businesses don't believe their company is a target for cyber-criminals. They're wrong.

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Lessons from Early Lease Accounting Adopters

Monday, August 27, 2018
  Implementation process ideas for the new lease accounting standard

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SEC streamlines disclosure requirements

Friday, August 17, 2018
  SEC sending some accounting-related disclosure requirements to the FASB for consideration into US GAAP

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SEC Charges Cloud Communications Company and Two Senior Executives With Misleading Revenue Projections

Tuesday, August 7, 2018
  The company and executives agreed to pay over $1.9 million in penalties

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Accelerated Share Repurchases Help Execs, Not Investors

Tuesday, August 7, 2018
  Creates an immediate EPS boost that serves to help managers secure bonuses, study suggests

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SEC Proposes Rules to Simplify and Streamline Disclosures in Certain Registered Debt Offerings

Tuesday, July 24, 2018
  Would reduce the costs and burdens for registrants

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All 'Big Four' Auditors to Trial Blockchain Platform for Financial Reporting

Thursday, July 19, 2018
  Will initially allow the auditing firms to conduct external confirmation

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SEC relaxes disclosure requirements for smaller companies

Friday, June 29, 2018
  For now, the SEC isn’t changing for the threshold in the “accelerated filer” definition

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SEC proposes changes to whistleblower program

Thursday, June 28, 2018
  Would be extra consideration given to small and exceedingly large awards

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How blockchain might affect audit and assurance

Thursday, June 28, 2018
  The emergence of blockchain has led to concerns over the future of CPAs in auditing

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SECs Wesley Bricker sees management accountants as 'expert historians', weighs in on revamped PCAOB

Tuesday, June 19, 2018
  Bricker also discussed progress he is seeing with the revenue recognition and lease accounting standards

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Governing Cybersecurity

Monday, June 11, 2018
  Cybersecurity Committees On The Rise

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Lease accounting standard has technology hurdles

Thursday, June 7, 2018
  Companies are not fully prepared for implementing the lease standard

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7 lessons from adopting rev recognition

Monday, June 4, 2018
  Nearly half of private companies are still in the assessment phase

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Companies have spent a stunning $2 trillion on mergers so far this year

Thursday, May 24, 2018
  Merger mania is back

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Do Big Four Auditors Unfairly Raise Fees?

Monday, May 21, 2018
  The longer the tenure, the greater the fee per a scholarly paper

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FERF report examines blockchain use by financial execs

Wednesday, May 9, 2018
  The report predicts that fundamental precepts of accounting and auditing will need to be rethought

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Private companies falling behind on new accounting standards

Monday, April 23, 2018
  It is now becoming front and center

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Accounting class-action suits hit record levels

Wednesday, April 18, 2018
  Although the total settlement value declined significantly, according to a new report

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Life sciences companies adjust to new accounting rules

Monday, April 9, 2018
  Dealing with recent accounting standards, plus a new tax law, amid a changing landscape for their industry

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Ex-FASB member would like to see changes

Thursday, April 5, 2018
  Revenue recognition has been a particularly heavy lift for some companies

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CAQ Tool Helps Audit Committees Oversee Implementation of New Leases Accounting Standard

Wednesday, April 4, 2018
  The new standard will likely require significant time and resources

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Controller Charged in Revenue Recognition Scheme

Tuesday, March 27, 2018
  Sales scheme should have been detected by the former CEO and former controller

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Audit firms goof more after lowering fees and providing non-audit services

Thursday, March 8, 2018
  Increases rate of client misstatements

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How organizations can streamline month-end close

Thursday, March 1, 2018
  This process is a time of stress and long hours for employees, despite technological improvements

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SEC wants cybersecurity disclosures

Monday, February 26, 2018
  Cybersecurity incidents and risks should be disclosed

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Supreme Court Whistleblower Ruling: Analysis

Friday, February 23, 2018
  Significant protections for whistleblowers remain in place

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Why Is Blockchain Suddenly So Hot?

Friday, February 9, 2018
  Corporate treasury departments are embracing it to manage FX more efficiently

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Don’t Forget Cybersecurity in M&A Due Diligence

Tuesday, January 30, 2018
  Traditionally, cybersecurity oversight has been relegated to an add-on check

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FASB Seeks Cut in Lease-Accounting Costs

Thursday, January 11, 2018
  The board offers an option to cut paperwork and other expenses

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Visible CFOs Linked to Lower Stock Volatility

Friday, January 5, 2018
  A company providing souped-up sentiment analyses for earnings calls and central-bank speeches spots the trend

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Kmart whistleblower awarded $9 million for prescription drug overcharges

Friday, December 29, 2017
  The federal False Claims Act permits private parties to sue on behalf of the government and share in any recovery

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Candela Solutions and Pt. Platinum Consulting Merge to Form Kral Ussery, a Certified Public Accounting Firm

Wednesday, December 13, 2017
  Taking our strategic partnership to the next level with the formation of Kral Ussery LLC is a natural next step

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FASB plans to ease lease accounting requirements

Wednesday, November 29, 2017
  FASB is also providing a transition approach

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Anti-Fraud Collaboration encourages reporting on financial misconduct

Thursday, November 16, 2017
  Overcome obstacles to create a retaliation-free environment

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Fraud and fraudsters: A quick guide for CPAs

Tuesday, November 14, 2017
  Fraud is a huge problem for businesses worldwide

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SEC approves PCAOB expanded audit report standard

Monday, October 23, 2017
  A discussion of critical audit matters

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What PCAOB inspectors are looking for

Wednesday, August 30, 2017
  Compliance with new transparency rules and preparation for new accounting standards targeted

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Leveraging COSOs Internal Control - Integrated Framework

Wednesday, August 16, 2017
  How to Integrate a Compliance & Ethics Program with a Control Framework

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Microsoft Scales Accounting Mountain

Friday, August 4, 2017
  Microsoft adopts both the new revenue recognition and lease accounting standards early

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Executives fret over lease accounting standards

Monday, July 31, 2017
  Nearly half of corporate executives are concerned

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As Sarbanes-Oxley nears 15-year anniversary, ethics fall short

Monday, July 24, 2017
  Only 41.3% of execs said their organizations’ global ethics cultures are strong

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Concern that disclosure burdens may be deterring some companies from going public

Wednesday, July 12, 2017
  SEC Chair Says Disclosure Burden Excessive

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Companies grapple with leasing standard complications

Thursday, July 6, 2017
  Many are underestimating the amount of work involved

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SEC clears the way for stealth IPOs for all companies

Thursday, June 29, 2017
  Chairman Jay Clayton has said he wants more startups to go public

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Companies off to a slow start on lease accounting standard

Tuesday, June 27, 2017
  Two new surveys from PwC and EY

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New auditing disclosure requirement takes effect June 30

Monday, June 26, 2017
  Need to disclose on Form AP information about other accounting firms that participated in the audit

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FASB proposes changes to consolidation guidance

Thursday, June 22, 2017
  The proposal aims to address some of the concerns of private companies

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Don't Be Held For Ransomware

Wednesday, June 7, 2017
  Five fundamental steps your company can follow to curb its chances of falling victim to a ransomware attack

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AICPA advises on cybersecurity risk management

Wednesday, May 24, 2017
  Helps to examine and report on cybersecurity risk management programs

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Advice to Cyber Insurance Buyers: You Are Not Alone

Tuesday, May 9, 2017
  Cyber underwriters are using "security scores" to assess their clients' risks

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Why finance executives should care about blockchain

Monday, May 8, 2017
  Businesses must prepare as the digital ledger for cryptocurrency and wide swaths of documentation gains mass acceptance

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SEC registrant number continues to decline

Monday, April 24, 2017
  The number of audit opinions from companies filing financials with the SEC plunged from 13,337 in 2000 to 8,094 in 2015, a nearly 40 percent decrease

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Revenue Recognition Disclosure Requirements: A Challenge That Can't Wait

Monday, April 17, 2017
  Treating them as a minor detail that can be quickly and easily addressed once the other requirements have been satisfied is a mistake

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Study finds some breaches have wiped as much as 15% off companies' stock market valuations

Wednesday, April 12, 2017
  Cyber Attacks Can Cause Major Stock Drops

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Wells claws back $75 million from top execs in sales scandal

Monday, April 10, 2017
  Overly aggressive sales culture date back at least 15 years

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Investors paying more attention to nonfinancial info

Friday, April 7, 2017
  Survey respondents said public company CEOs should provide an explicit strategy for long-term value creation

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Why Workday Adopted New Revenue Recognition Rules Early

Friday, March 24, 2017
  The sooner we could provide transparency around ASC 606 the better

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Financial CHOICE Act Would Be Big Boost for Banks

Wednesday, March 22, 2017
  CHOICE Act would significantly increase penalties for securities law violations

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Settlements Skyrocket in Securities Class Actions

Wednesday, March 15, 2017
  The 2016 aggregate dollar amount in the cases was nearly double the 2015 total

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Why Boards Must Step Up To Deter Corporate Scandals

Monday, March 13, 2017
  CEOs often suffer cultural myopia and outside directors frequently fail to provide adequate oversight

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Managements Annual Report on ICFR

Wednesday, February 22, 2017
  Public Company Reminders & Lessons

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5 tips to ease CFOs worst worries

Wednesday, February 8, 2017
  Economic and political conditions, demographics, and culture shape the challenges CFOs encounter

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Preparing for the new revenue recognition standards

Wednesday, February 8, 2017
  Choosing the right adoption method

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Better Data, Better Decisions

Tuesday, February 7, 2017
  Step up their efforts to leverage data within their risk management programs

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IIA chief wants internal auditors to focus on five key areas

Sunday, February 5, 2017
  Need to stay relevant in a rapidly changing risk landscape in the business environment

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Class-Action Filings Hit Record in U.S. Courts

Tuesday, January 31, 2017
  The 43% increase in securities cases largely reflects "forum shopping" in the wake of a Delaware court ruling

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FASB updates goodwill impairment standard

Thursday, January 26, 2017
  The new standard requires a one-step impairment test

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Focus Points for 2017

Thursday, January 12, 2017
  10 Action Items for CFOs and Controllers

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FASB clarifies business definition

Friday, January 6, 2017
  Clarifies the official definition of a “business” for purposes of the accounting rules

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Trump to tap Wall Street lawyer Jay Clayton to head SEC

Thursday, January 5, 2017
  Clayton brings decades of experience helping companies navigate complex federal regulations

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CAQ helps audit committees assess rev rec standard

Tuesday, December 13, 2016
  Only 17 percent of public companies said they are in the implementation phase

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'Tis the Season for Distractions and Accounting Mistakes

Wednesday, December 7, 2016
  The only way to make sure this doesn't happen is to be proactive

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Accounting Officials Scrutinize Non-GAAP Measures

Monday, December 5, 2016
  Effort to rein in the use of non-GAAP financial measures

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Risky Business: SEC Focuses on Internal Controls

Friday, December 2, 2016
  A decline in accounting fraud has freed up time for SEC staff to prioritize internal controls over financial statements

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Audit Fees Rise Again

Friday, December 2, 2016
  However, the largest filers are keeping a lid on costs by improving internal controls

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Goodwill Impairment on the Rise at U.S. Companies

Wednesday, November 16, 2016
  Record degree of goodwill impairment happened in spite of a robust year for M&A activity

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Internal Auditors Confront Ethical Pressures

Monday, October 31, 2016
  Nearly one out of four internal auditors around the world face pressures to either suppress or change their audit findings

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SEC Enforcement Hits Records in 2016

Wednesday, October 12, 2016
  The commission also obtained judgments and orders totaling more than $4 billion in disgorgement and penalties

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Board Directors Split on Non-GAAP Reporting

Tuesday, October 11, 2016
  Majority indicated they believe auditor involvement would provide higher investor confidence in the reporting of non-GAAP measures

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Groups Push FASB to Require Multinational Companies to Disclose More Tax Information

Friday, September 30, 2016
  Want FASB to require multinational companies to disclose their revenues, profits and taxes on a country-by-country basis

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FASB Technical Corrections Signal Progress on New Rev Rec Standard

Wednesday, September 28, 2016
  FASB proposed four technical corrections and improvements this month

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3 Trends Driving Changes in Accounting

Tuesday, September 27, 2016
  Those in favor of change have reached a critical mass

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Cybercrime and the CPA

Wednesday, September 14, 2016
  Cybercrimes now negatively affect at least a third of all U.S. companies

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FASB Plots Out Future Agenda

Monday, August 8, 2016
  The Financial Accounting Standards Board is asking for feedback on its future agenda

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Epic CEO fails: From chronically poor judgment to disguised malice

Monday, August 1, 2016
  Recent post about toxic tone at the top and corporate train wrecks

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PCAOB Outlines Priorities for 2016 Audit Firm Inspections

Thursday, July 14, 2016
  The Public Company Accounting Oversight Board released two documents Thursday describing what its staff is looking for this year when inspecting auditors of public companies and broker-dealers.

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AICPA Drafts Industry Guidance for Rev Rec Standard

Wednesday, July 6, 2016
  The American Institute of CPAs’ Financial Reporting Executive Committee has drafted a set of implementation issues for nine different industries that it plans to incorporate in a guide to the new revenue recognition standard next year.

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COSO Updates Enterprise Risk Management Framework

Tuesday, June 14, 2016
  The Committee of Sponsoring Organizations of the Treadway Commission, also known as COSO, has unveiled a proposed update to its 2004 enterprise risk management framework.

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SEC Bars Two for False Accounting

Thursday, June 9, 2016
  Inappropriately inflated the company’s work-in-process inventory to meet budgeted gross profit margins

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IOSCO Surveys Audit Committee Oversight of Auditors

Tuesday, May 31, 2016
  A new report providing an overview of how audit committees around the world oversee audit firms

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Boards are still failing to fix culture in their organizations; though financial services is leading the way

Tuesday, May 31, 2016
  Defining corporate culture is still an issue at many companies, new research has revealed.

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Total SEC Enforcement Actions Against Public Companies and Subsidiaries Rise

Tuesday, May 17, 2016
  The SEC brought 84 actions against public companies in FY 2015, compared to 55 actions in the previous fiscal year

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SEC Awards More Than $5 Million to Whistleblower

Tuesday, May 17, 2016
  “Employees are often best positioned to witness wrongdoing”

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SEC Official Registers Objections to Non-GAAP Reporting

Friday, May 6, 2016
  Certain staff interpretive guidance had resulted in some unintended consequences

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PCAOB Mulls Changes in Inspections and Enforcement

Thursday, May 5, 2016
  PCAOB is seeing some “slivers of hope” in audit quality improvement

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Worth MacMurray: The DOJ is emphasizing a "culture of compliance"

Monday, April 18, 2016
  “An effective compliance and ethics program"

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SEC Questions Widespread Use of Non-GAAP Measures

Monday, April 18, 2016
  Approximately two-thirds of companies that make up the Dow Jones Industrial Average reported non-GAAP earnings per share

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Companies Seeking Accountants with Data Analytics Skills

Friday, April 15, 2016
  Businesses are facing a significant shortage of accounting and finance professionals who have data analytics skills, according to a new report.

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SEC seeking input on disclosure effectiveness

Wednesday, April 13, 2016
  "We need to take account of how various investors actually interact with companies’ disclosures"

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Las Vegas Sands antes $9 million to settle corruption case

Saturday, April 9, 2016
  The SEC alleges Las Vegas Sands violated anticorruption laws

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Rethinking Disclosure - Encouraged by the SEC, companies are finding new ways to make 10-Ks and other disclosures more relevant and reader-friendly

Thursday, April 7, 2016
  A growing number of companies are pursuing disclosure improvement on their own

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Which non-GAAP metrics will catch the SECs eye?

Monday, April 4, 2016
  Scrutiny of companies’ use of financial metrics that don’t comply with generally accepted accounting standards is going to increase

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Staff Observations of Custom Axis Tags

Wednesday, March 30, 2016
  Filers should carefully evaluate their need for custom axis tags and, where possible, eliminate their use

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SASB Debuts Advisory Partner Program

Tuesday, March 29, 2016
  To encourage corporate and investor application of SASB's standards and guidance on sustainability accounting

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Remarks before the 12th Annual Life Sciences Accounting and Reporting Congress

Wednesday, March 23, 2016
  James V. Schnurr, thoughts and perspectives on the continuing transition activities

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FASB Amends Revenue Recognition Standard

Monday, March 21, 2016
  The Financial Accounting Standards Board has amended the converged revenue recognition standard it developed with the International Accounting Standards Board to add more guidance about principal versus agent considerations.

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Shareholder Meetings Likely to Focus on Audit Committees and Other Issues

Friday, March 11, 2016
  Audit committee oversight, mergers and acquisitions, currency risk, cybersecurity, foreign currency risk and executive compensation are among the big topics likely to dominate annual shareholder meetings this spring

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Internal Audit and its Bosses Stuck in Value Gap

Friday, March 11, 2016
  The primary concern is effectiveness and efficiency

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FASB Releases Lease Accounting Standard

Thursday, February 25, 2016
  The Financial Accounting Standards Board issued its long-awaited lease accounting standard Thursday, one of the major convergence projects on which it has collaborated for a decade with the International Accounting Standards Board.

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Accountants Need to Do More to Deter Cybercrime

Wednesday, February 24, 2016
  Cybercrime is becoming too pervasive for accountants to ignore, according to a new report from the Institute of Management Accountants and the Association of Chartered Certified Accountants.

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How the PCAOB AS #18 Impacts Audit

Tuesday, February 23, 2016
  Conversations on related party relationships and transactions are raging this year within audit firms, audit committees and management groups of public companies, thanks to a relatively new auditing standard.

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Board Directors Worried about Corporate Strategy

Tuesday, February 16, 2016
  One in three U.S. board members and executives are “very concerned” that the climate of uncertainty and volatility may pose a significant threat to their corporate strategy, according to a new survey by KPMG.

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Boeing Said to Face SEC Accounting Probe

Friday, February 12, 2016
  The U.S. Securities and Exchange Commission is investigating whether Boeing Co. properly accounted for the costs and expected sales of two of its best known jetliners, according to people with knowledge of the matter.

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SEC Will Only Target Directors in Egregious Cases

Wednesday, February 10, 2016
  "We need to take account of how various investors actually interact with companies’ disclosures“Enforcement isn't second guessing good-faith decisions by the board"

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Internal Audit Function Looks Externally for Help

Friday, February 5, 2016
  Thirty-eight percent of organizations are turning to outside services to supplement the efforts of their internal audit function

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Will new accounting rule slow adoption of cloud computing?

Wednesday, February 3, 2016
  FASB changed a rule that will make it harder to capitalize the cost of cloud set-up and implementation expenses

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Companies Expected to See Biggest Impact from New Leasing Standard

Monday, February 1, 2016
  The lease accounting standard that the Financial Accounting Standards Board plans to release this quarter is expected to have a major impact on many companies, requiring current off-balance sheet leasing activities to be reflected on balance sheets for ...

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FASB Issues Standard for Financial Instruments Recognition and Measurement

Tuesday, January 12, 2016
  The Financial Accounting Standards Board issued Tuesday a long-awaited accounting standards update for the recognition and measurement of financial instruments that it has been developing for over a decade with the International Accounting Standards ...

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Cybersecurity predictions for 2016

Monday, January 4, 2016
  Last year I quoted late, great sage and Hall of Fame baseball player Yogi Berra. Yogi once noted, "It's tough to make predictions especially about the future."

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M&A bankers toast a bumper year discreetly

Wednesday, December 23, 2015
  Bankers are celebrating the biggest year on record for mergers and acquisitions

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SEC Penalizes Grant Thornton for Ignoring Red Flags in Audits

Sunday, December 6, 2015
  Agreed to pay $4.5 million

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SEC Chief Accountant: Auditors Need to Keep Improving

Thursday, November 19, 2015
  Public company audits are improving, according to SEC

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Most Companies Unprepared for Revenue Recognition Standard

Tuesday, November 3, 2015
  78 percent said their companies have not yet attempted to even quantify the financial statement impact of the new revenue recognition standard

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More Issuers Revealing Pre-IPO Weaknesses

Friday, October 30, 2015
  The percentage of IPOs revealing material weaknesses in their internal controls before they go public has been rising steadily

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Audit Fees for Public Companies Up 3.4%

Thursday, October 15, 2015
  Audit fees for public companies rose 3.4% last year, reflecting in part the impact of completed mergers or acquisitions, according to a new survey by the trade group Financial Executives International.

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SEC Charges Former Tech Execs with Accounting Fraud

Friday, October 9, 2015
  A scheme to materially inflate OCZ’s revenues and gross margins

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FASB Proposes Materiality Improvements for Financial Disclosures

Monday, September 28, 2015
  The Financial Accounting Standards Board has issued for public comment two exposure drafts related to materiality and its Disclosure Framework project with the goal of making financial disclosures more effective.

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FASB Proposes to Clarify Revenue Recognition Standard

Monday, August 31, 2015
  The Financial Accounting Standards Board has issued a proposed accounting standards update to clarify the implementation guidance on principal versus agent considerations contained in the new revenue recognition standard.

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Most U.S. Firms Can't Find Source of "Conflict Minerals"

Thursday, August 27, 2015
  GAO found that 67% of a sample of companies had been unable to trace the source of the conflict minerals used

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The Role Of The Board In Appointing And Dismissing The CEO

Friday, August 7, 2015
  "The most important job of the board is to decide whether a CEO’s time is up or not"

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FASB Streamlines Accounting for Employee Benefit Plans

Wednesday, August 5, 2015
  The Financial Accounting Standards Board has issued a three-part accounting standards update for employee benefit plans accounting as part of its efforts to simplify the accounting rules.

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"Controls" Is Not a Dirty Word - Insights Into Controls Challenges and Solutions

Wednesday, July 29, 2015
  Few words spark more angst in business circles than “controls”

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PCAOB Sanctions 7 Audit Firms and Individuals

Tuesday, July 28, 2015
  For violations of the Engagement Quality Review standard and other requirements

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Companies Need To Do More To Help New CEOs Succeed

Monday, July 27, 2015
  A succession of corporate scandals and recessions, culminating in the financial crisis that began in 2008, has led to great attention on both sides of the Atlantic to the running of the boards of publicly-quoted companies.

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How to Respond to a Data Breach

Wednesday, July 15, 2015
  It’s been a bad year (or several) for information security. Incidents seem to be getting bigger and more frequent.

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What the Delay of FASBAs Revenue Recognition Standard Means

Tuesday, July 14, 2015
  This deferral does not mean that companies should wait to start their implementation efforts

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SEC proposes rules requiring clawbacks after company restatements

Thursday, July 2, 2015
  Public companies that re-state their financial results would be required to recover, any excess incentive compensation earned by their corporate executives

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Group Formed to Improve XBRL Filing Quality

Tuesday, June 30, 2015
  XBRL US has joined up with five companies to improve the quality of financial filings in Extensible Business Reporting Language with the Securities and Exchange Commission.

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PCAOB has new plan for naming audit engagement partners

Monday, June 29, 2015
  Identification of the engagement partner has been a hotly debated issue in the United States for many years

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FASB issues 2 more proposals aimed at simplification

Tuesday, June 9, 2015
  FASB continued its efforts to simplify financial reporting by issuing separate proposals designed to simplify the equity method of accounting and improve employee share-based payment accounting.

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PCAOB Scrutinizes Audit Firms' Use of Specialists

Monday, June 1, 2015
  Focuses on the objectivity and oversight of specialists and the use of their work in audits

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Herz and Tweedie Reflect on Convergence Efforts

Monday, May 25, 2015
  Baruch College in New York brought together the former chairman of the Financial Accounting Standards Board, Bob Herz, and the former chairman of the International Accounting Standards Board, Sir David Tweedie, last month to discuss the evolution of ...

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Cybercrime Costs to Soar to $2T By 2019

Monday, May 18, 2015
  Cybercrime will cost businesses over $2 trillion by 2019, almost four times the estimated cost of security breaches this year, according to a report by Juniper Research.

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FASB formally proposes revenue recognition changes

Thursday, May 14, 2015
  FASB’s efforts to resolve challenges with the new revenue recognition standard continued Tuesday when the board formally proposed targeted changes that are intended to clarify guidance related to identifying performance obligations and licensin

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PCAOB Broadens Outreach to Audit Committees

Monday, May 11, 2015
  Highlights key areas of recurring concern in PCAOB inspections of large audit firms as well as certain emerging risks to the audit

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Investors Unhappy with FASB Simplification of Accounting Standards for Private Companies

Friday, May 8, 2015
  A new study questions the wisdom of the Financial Accounting Standards Board’s initiative to simplify accounting standards for private companies

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The Board's Role with Risk

Thursday, April 30, 2015
  Where does the board’s role begin and end regarding risk?

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Handling Cybersecurity Disclosures

Tuesday, April 28, 2015
  Cyber-attack headlines are all too common nowadays, and involve some of the biggest names in business. With numerous cyber-attacks and threats occurring each year, the Securities and Exchange Commission has taken a keen interest in cybersecurity ...

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Auditors Worried about Cyber Risks in Power Industry

Monday, April 27, 2015
  Chief audit executives in the power and utility industry rank cyber security as the highest risk and biggest concern for their industry, according to a new report from PricewaterhouseCoopers.

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Corporate Directors Confront The Impacts Of Economic And Geopolitical Risks On Strategy

Tuesday, April 14, 2015
  The need for corporate directors to think like emerging market investors was a key message at the National Association of Corporate Directors (NACD)‘s recent NACD Directorship 2020 forum. During the event, more than 100 corporate directors convened to ...

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FASB agrees to propose revenue recognition standard delay

Thursday, April 2, 2015
  Financial statement preparers may get the option to take more time implementing the new revenue recognition standard. FASB agreed Wednesday to propose delaying the effective date by one year for both public and private companies.

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Directors get a seat at the table

Wednesday, April 1, 2015
  In an age of disruption, investor activism, cyberwar, and regulator pressure, corporate boards are taking on ever more authority.

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SECs Stein calls for ending debate over dueling accounting rules

Tuesday, March 31, 2015
  Called for an end to the long-running debate over whether the United States should switch to global accounting standards

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Internal auditors confident in risk assessment but face possible talent shortage

Tuesday, March 17, 2015
  Survey released by the Institute of Internal Auditors (IIA)

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Forging cooperation between internal audit, external audit, audit committee

Wednesday, March 11, 2015
  Although internal audit, external audit, and audit committees have different roles, their duties often intersect.

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Latest GRC Survey Shows Disconnect on Risk

Friday, March 6, 2015
  survey to show chief audit executives and audit committees are not on the same page in their view of the highest priority areas for internal audit attention

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Revenue recognition - New differences emerging

Thursday, February 26, 2015
  Revisions to clarify the standard to reduce diversity in practice

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Revenue recognition implementation concerns finance executives

Wednesday, February 25, 2015
  Nearly 1/3 of the corporate finance executives surveyed listed revenue recognition implementation as their top concern

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Goodyear pays 16 million to settle Africa bribe charges

Wednesday, February 25, 2015
  Goodyear Tire & Rubber Co. agreed to pay $16.2 million to settle SEC charges that subsidiaries in Kenya and Angola paid bribes to increase tire sales.

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Three Governance Lessons Learned from the NFL

Monday, February 16, 2015
  Both public companies and NFL teams are complex organizations focused on profit and victory

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SEC Claws Back Money from Tech CFOs for Accounting Fraud

Friday, February 13, 2015
  Two former CFOs have agreed to return nearly a half-million dollars in bonuses and stock sale profits they received while their company was committing accounting fraud

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FASB Moves to Finalize Leasing Standard, Sets Effective Dates

Friday, February 13, 2015
  The Financial Accounting Standards Board voted to proceed to issuing a final standard on its long-delayed project for overhauling the accounting for leases and set the dates for when the new standard will take effect.

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House GOP chairman: Cyberattacks now threaten EVERY BUSINESS

Friday, February 6, 2015
  A leading House Republican is responding angrily to news that hackers breached the health insurance giant Anthem and gained access to the personal information of as many as 80 million people.

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SEC OKs PCAOB Budget and Accounting Support Fee

Thursday, February 5, 2015
  Both fees were lower than last year

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Viewing cybersecurity through a COSO lens

Tuesday, January 20, 2015
  Cybersecurity is a constant source of concern for businesses as high-profile breaches make headlines almost daily

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No more extraordinary items - FASB simplifies GAAP

Wednesday, January 14, 2015
  FASB’s simplification initiative is designed to reduce cost and complexity while maintaining the usefulness of the information provided to users of financial statements

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Should U.S. Companies Get an IFRS Option

Monday, January 5, 2015
  Possible approach by the SEC's Office of the Chief Accountant

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