All Accounting & Auditing articles – Page 100
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Blog
FASB Approves One-Year Deferral for Revenue Recognition
As long expected, FASB has approved a one-year deferral of the effective date of the new standard on revenue recognition, pushing the adoption requirement out to 2018. The board will also allow companies to adopt the standard as of the original effective date, January 2017, if they are inclined to ...
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Blog
Deloitte Survey Shows Audit Stakeholders Want More From Audit
Image: A Deloitte survey shows that a big majority want to see auditors providing assurance on more than just financial statements, and they want to see auditors making better use of technology. “Many investors are looking for broader and deeper insights that can help them make smarter, more informed decisions,” ...
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Article
PCAOB, SEC Redouble Efforts on Audit Quality
Image: The SEC and PCAOB are pushing this summer to clarify and improve “audit quality.” That might be a proposal to name the engagement partner working on corporate audits (PCAOB idea), or an exploration of new disclosure requirements for audit committees (SEC idea), or both. “I would urge commenters to ...
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Blog
Internal Auditors Get Revised Global Framework to Govern Practice
Image: The Institute of Internal Auditors has unveiled the latest enhancements to its nearly 70-year-old framework that governs the internal audit profession globally. Larry Harrington, senior vice chairman of the IIA’s global board, says the updates are intended to strengthen the position of internal audit as a key player in ...
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Blog
EY Americas Makes Leadership Changes
EY has appointed Michael Inserra as EY Americas vice chair. Anthony Caterino will succeed Inserra as Ernst & Young vice chair and regional managing partner of the Financial Services Organization. Details inside.
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Blog
BWise Launches SOX Solution for New Public Companies
BWise, a Nasdaq company that provides enterprise governance, risk management and compliance (eGRC) solutions, has launched the Nasdaq Sarbanes-Oxley Software Solution in collaboration with Nasdaq's Listings Services business. The offering will provide private companies preparing for their initial public offering with an integrated solution to better support their financial statement ...
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Blog
KPMG, D&B Alliance Address FATCA Due Diligence
Audit, tax, and advisory firm KPMG and data analytics provider Dun & Bradstreet have launched a new database tool to help global financial institutions comply with the Foreign Account Tax Compliance Act. “Classifying entity accounts to comply with FATCA can be time consuming for financial institutions and cumbersome for their ...
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Blog
SEC Poses Long List of Possible Audit Committee Disclosures
Only a day after audit regulators have proposed a new method for extracting from audit firms the names of engagement partners on each public company audit, the SEC blew open the discussion with a long list of its own questions about whether audit committees should provide that and many more ...
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Blog
SEC Slaps Deloitte for Auditor Independence Violations
The SEC has charged Deloitte & Touche with violating auditor independence rules after it failed to notice a consulting affiliate had a business relationship with an audit client. Deloitte says it discovered the violation and reported it after the firm put in place enhanced independence measures. Deloitte will settle charges ...
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Blog
EY Shows Improvement in Latest Inspection Report
EY earned a 36-percent deficiency rating in its latest audit inspection report, with the majority of the busted audits showing problems in both the financial statement audit and the audit of internal control over financial reporting—an improvement over its 2013 record failure of 49 percent, but not enough to beat ...
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Blog
PCAOB Revisits Naming Engagement Partner, Audit Quality Metrics
Audit regulators are trying again to propose a rule that would give investors more information about who is working behind the curtain when an audit firm files its final report on a company’s financial statements.
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Blog
Cyber-Breaches and Other Threats Involving Conscious Opponents
Cyber-security is now a very real risk, with the potential for staggering costs and reputational harm. Cyber-security has another unusual feature as well: It falls into the realm of conscious harms, where companies must play a cat-and-mouse game to stay ahead of attackers. How do you build, maintain, and audit ...
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Article
A Debt Is Owed, No Matter How You Want to Account for It
Image: Even the simplest accounting issues, it seems, can be anything but simple. Rulemakers were reminded of that recently when they tried to simplify how companies account for the cost of securing debt. “Most people get confused by it,” says Diana Gilbert of RoseRyan. “People get wrapped around the axle ...
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Blog
Consortium, Filing Agencies Form XBRL Quality Initiative
If the Securities and Exchange Commission is dragging its heels on enforcing the quality of data gathered through XBRL, then the market will do what it can to enhance quality on its own.
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Blog
IT Pros Dread Prospect of Compliance Audits
Image: Corporate IT teams aren’t prepared to face a compliance audit. In fact, nearly half of respondents to a recent survey said they would rather have a root canal, work over a holiday, live without electricity for a week, or even eat a live jellyfish. “Companies talk about the importance ...
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Resource
Integrated Compliance: Always Audit Ready
The burden and complexity of compliance is growing, and the repercussions for failing to comply fully with laws and rules are damaging and far reaching. Many regulations apply to companies regardless of industry, such as data privacy, safety, and work rules, while others are specific to an industry. Non-compliance in ...
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Blog
FASB, IASB Work Out Guidance on Gross vs. Net
FASB and IASB have reached tentative decisions on how to address questions in the new revenue standard around when to report revenue on a gross versus net basis. While the boards are moving in different directions of how they will amend their respective guidance, FASB says the amendments to each ...
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Article
Smaller Companies Struggle Forward on SOX Compliance, System Investments
More grist for smaller reporting companies unhappy with your compliance burdens: A new report finds that although all businesses continue to invest in SOX compliance, smaller companies still report less benefit from the effort. Inside, we look at which parts of compliance are most troublesome for small filers (“If they ...
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Article
Revisiting Financial IT for Better Monitoring, Testing, Compliance
A funny thing happened on the way to the Shangri-La of automated monitoring and testing: It didn’t happen—at least, not yet. Advanced IT to improve monitoring and testing exists, but integrating those solutions into corporate data warehouses and business operations is harder than first thought. Inside, a look at how ...