All Accounting & Auditing articles – Page 104
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Blog
Sovos Compliance and ShipCompliant Combine
Sovos Compliance, a tax compliance and reporting provider, has acquired Boulder-based ShipCompliant, a compliance and tax solution provider for the beverage alcohol market.
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Blog
Workiva Adds New Feature to Wdesk for Sarbanes-Oxley Compliance
Workiva, creator of the Wdesk cloud-based productivity platform for business data collaboration and reporting, this week introduced a new feature called Evidence Management for Wdesk that significantly improves how companies document and test their internal controls over financial reporting required by the Sarbanes-Oxley Act. Details inside.
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Resource
e-Book: The Evolving Role of Internal Audit
Corporations have seen an explosion in the number, type, and complexity of risks facing them today. Internal auditors are crucial players helping companies to manage those risks, which means the complexity of their role has exploded in the last decade, too. This e-Book, produced by Compliance Week in cooperation with ...
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Blog
PCAOB Routs Nevada Firm Where Beckstead Landed
The PCAOB has thrown the book at a small Nevada audit firm for a long list of audit violations, including a suspension for Brad Beckstead, former partner with Beckstead and Watts. Beckstead challenged audit inspections and the existence of the PCAOB before the U.S. Supreme Court, which has created uncertainty ...
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Blog
Accounting-Related Class-Action Lawsuits Jump in 2014
Image: A Cornerstone Research report says securities class-action filings involving allegations of accounting improprieties jumped sharply from 47 in 2013 to 69 in 2014. Senior adviser Laura Simmons said Cornerstone expected the SEC’s increased focus on financial reporting issues might lead to an increase in class actions with these issues. ...
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Blog
FASB Votes for One-Year Deferral on Revenue Recognition
Image: FASB will propose a one-year delay in the effective date of its new revenue recognition standard, while allowing adoption of the original effective date for companies ready to move forward. FASB member Daryl Buck, though initially skeptical of a delay, said, “It would be very difficult to expect [media ...
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Blog
Sustainability Group Issues Standards for Resource Transformation Sector
The Sustainability Accounting Standards Board issued its latest set of standards, this time for companies in the resource transformation sector to help them improve disclosure of environmental, social, and governance risks. The standards represent the seventh set in a planned industry-focused series of sustainability standards. Details inside.
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Blog
Setting Objectives for Risk Avoidance, Value Creation
One criticism of the Three Lines of Defense model is that it dwells too much on risk mitigation, and too little on risk opportunity. If you connect the Three Lines model to the COSO framework for internal control, however, a more elegant appreciation of risk management emerges. Inside, columnist Jose ...
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Blog
PCAOB Reorganizes Auditing Standards by Topic
The PCAOB is reorganizing its audit standards, integrating standards the board wrote with historical standards it adopted on an interim basis under Sarbanes-Oxley. “The standards will be organized by topics that generally follow the flow of the audit process, making their use easier and more efficient for auditors,” said PCAOB ...
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Article
PCAOB Inspection Reports at 5: What Can We Learn
The compliance and audit community have pored over PCAOB inspection data on audit firms for five years now. What does the data tell us, really? This week Compliance Week begins a special series looking at the insights that the inspection process can give—starting with how much value the disclosure of ...
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Blog
FASB Mulls Deferral on New Revenue Rule
Image: FASB will review research behind a possible delay in the new revenue recognition standard. The board might also consider allowing early adoption, currently prohibited under FASB’s standard. SEC Chief Accountant James Schnurrif said, “If the parties determine there are implementation issues that require additional standard setting, I would think ...
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Blog
Study Finds Blind Spot in Audit Quality Reviews
New research suggests audit reviewers may sometimes give audit teams the benefit of the doubt when reviewing a team’s work. The study found reviewers who had no knowledge of any ill feelings on the part of the audit manager reached judgments consistent with the audit evidence. Those who were aware ...
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Blog
Internal Audit Wrestles With Pace of Change, Survey Suggests
A PwC poll suggests internal audit still struggles to keep up with the rapid pace of change in the business environment. Nearly 70 percent of organizations said they are going through or have recently gone through a significant transformation in the business, yet only 11 percent of chief audit executives ...
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Blog
The Strains Emerge on Revenue Standard Convergence
Here we are with a converged standard for revenue recognition, a profound achievement for financial reporting. Now comes the hard part, Compliance Week columnist Scott Taub writes. Already we see some differences in how to interpret the standard in the United States and overseas, he writes, and we’ll need some ...
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Article
Report Spotlights the Underbelly of ‘Audit Politics’
Image: A new report finds corporate political pressure on chief audit executives to alter audit plans or results is “extensive and pervasive,” and it underlines the need for audit professionals to master the art of office politics. “We were really surprised by the extent of pressure,” says Larry Rittenberg, co-author ...
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Blog
Former CIA Inspector General Joins KPMG
Audit, tax and advisory firm KPMG has appointed David Buckley, former Inspector General for the Central Intelligence Agency (CIA), as a managing director in its Forensic Advisory Services.
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Blog
New Lease Accounting May Favor IFRS Filers
Image: New standards on accounting for leases are likely to be more flattering to the bottom lines of companies that use international accounting standards rather than U.S. GAAP, the International Accounting Standards Board said recently. Beth Paul, a partner with PwC, said during a webcast that the key difference will ...
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Blog
Big 4 Lose Audits to Smaller Firms in 2014, Data Shows
Big 4 firms lost a combined 64 public company audit engagements in 2014 as second-tier national firms snatched up a combined 58 new clients, according to Audit Analytics. The company’s annual summary of auditor changes says KPMG is the only Big 4 firm to win more new engagements than it ...
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Article
Audit Voices Try to Calm Tensions on Evidence
Image: Leaders of the auditing world are calling for a truce in arguments between internal and external auditors over how much evidence external auditors should collect themselves while scrutinizing internal controls—and are calling on audit committees to intervene earlier to prevent such disputes. “Essential value will be lost if external ...
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Blog
Deloitte Advances Ucuzoglu to Lead Audit Practice
Image: After Deloitte advanced its head of audit to CEO in February, the firm has appointed Joseph Ucuzoglu chairman and CEO of subsidiary Deloitte & Touche. Ucuzoglu says he has a handful of near-term priorities that focus on innovating the audit practice to elevate audit quality. “We want to really ...