All Accounting & Auditing articles – Page 22
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FASB proposes update to hedge accounting layering method
The Financial Accounting Standards Board proposed an update designed to further align its derivatives and hedging standard with risk management strategies employed by organizations.
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Study: SPACs surge shakes up first-quarter IPO market
Because of the recent SPACs craze, the first quarter of 2021 saw the highest IPO activity in U.S. markets in at least 20 years, according to Audit Analytics. David Bukzin, leader of the SPAC team at Marcum, provides context.
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Risk matrix breaks down problem areas of blockchain technology
The use of blockchain technology brings with it a number of risks that prudent auditing and accounting professionals must smartly manage. It’s all described in a new risk matrix released jointly by the ISACA, AICPA, and CIMA.
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Under Armour to pay $9M to settle SEC accounting probe
Under Armour agreed to pay $9 million to settle charges brought by the SEC concerning accounting practices by the sports apparel company that rendered statements it made misleading.
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Former IIA CEO Richard Chambers partners with AuditBoard
Richard Chambers, former president and CEO of the Institute of Internal Auditors, has partnered with AuditBoard as a senior internal audit advisor.
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SEC settles with 8 companies over untimely reporting disclosures
The Securities and Exchange Commission announced settlements with eight companies for incomplete reporting related to “not timely” form disclosures.
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PCAOB reaches cooperative agreement with Belgian counterpart
The PCAOB has added Belgium to its list of countries with which it has a cooperative agreement to exchange information concerning the oversight of audit firms.
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FASB advances targeted updates to leases standard
The Financial Accounting Standards Board has tentatively ruled to move forward with a pair of updates to its leases standard aimed at certain sales-type leases and discount rates for lessees.
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Ex-PCAOB risk officer files lawsuit alleging harassment, discrimination
The former chief risk officer of the PCAOB says she was subjected to a campaign of harassment and discrimination before she was unlawfully fired last year.
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New York law provides LIBOR fallbacks as rate nears end
A new law in New York provides contracts that reference LIBOR with a fallback provision and safe harbor once the benchmark interest rate permanently ceases to be published at the end of the year.
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Accounting considerations for companies merging with SPACs
The Securities and Exchange Commission recently reinforced its focus on the importance of corporate governance and financial reporting by special purpose acquisition companies (SPACs).
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IIA survey: COVID-19 impact on internal audit smaller than expected
The impact of the coronavirus pandemic on internal audit was not nearly as severe as it was for organizations overall, states a new report from the Institute of Internal Auditors.
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How might U.K. mandate for audit to find fraud work in practice?
Experts weigh in on the hurdles to be overcome and clarifications needed if U.K. auditors are going to be mandated to detect and prevent fraud as spelled out in new proposals.
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Study: Financial services leads way in COVID-related CAMs
More than a quarter of companies citing COVID-19 in their critical audit matters filed with the PCAOB are part of the financial services industry, according to research from Audit Analytics.
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FASB finalizes goodwill triggering event standard update
The Financial Accounting Standards Board announced the adoption of an accounting standards update that provides an alternative for goodwill triggering event evaluation.
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Enforcement an option as LIBOR deadline nears
Examiners from the Federal Reserve are being encouraged to consider supervisory actions against firms not ready to stop issuing LIBOR-based contracts by Dec. 31.
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Five key going concern considerations for 2021 reporting
Evaluating potential going concern issues was a hot topic for companies and their auditors in 2020. With first-quarter 2021 reporting around the corner, Maria Murphy offers five key considerations to be thinking about.
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SEC seeking comment on new foreign audit oversight rules
The SEC is seeking comment on new submission and disclosure rules related to foreign public companies that are not allowing U.S.-based auditors to review their financial statements.
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Internal audit’s role in cyber-security testing: Where to start
Nathan Anderson, senior director of internal audit at McDonald’s, discusses ways internal audit can better answer management questions about cyber-risks and become a more independent cyber-security testing function overall.
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U.K. government proposals spell out Big Four breakup, new audit responsibilities
The U.K. government has unveiled proposals designed to end the Big Four accounting firms’ dominance of the region’s audit market while also making companies and executives more directly accountable—and liable—for failures in corporate reporting.