All Accounting & Auditing articles – Page 37
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Article
Ex-KPMG leader atop 'chain of corruption' gets a year and a day in jail
A former KPMG leader was sentenced to one year and one day in federal prison and three years of supervised release for his role in a scheme to subvert the regulatory inspection process.
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Article
Merrill Lynch to pay $300K for failing to ‘promptly’ produce audit trail data
Merrill Lynch must pay a $300,000 civil monetary penalty for failing to promptly produce to the CFTC certain required records and, separately, failing to supervise its employees and agents.
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Article
PCAOB sanctions Marcum over auditor independence issues
The PCAOB has settled disciplinary actions with audit firm Marcum, an affiliated firm, and its former auditor independence leader over independence violations.
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Article
Deloitte, Workiva partner on financial reporting
Deloitte has announced an alliance with Workiva designed to improve financial and managerial reporting.
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Article
Investors want more from banks on CECL, says FASB member
Investors want more information from leading banks over how financial statements will be affected by the adoption of the new CECL approach to credit losses.
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Article
FASB offers changes to ease reference rate transition
FASB is proposing guidance intended to ease the potential accounting burden companies expect to face as they navigate reference rate reform.
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Article
Government watchdog group targets PCAOB performance
The PCAOB is taking heat from a government watchdog group, which says the audit regulator is “doing a feeble job” protecting investors.
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Article
Migration to new SOX technology picks up pace, report says
Amid persistent cost and compliance challenges with internal controls, the pace of migration toward new accounting technologies appears to be picking up.
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Article
Unclaimed property filing deadlines loom large
Deadlines are fast approaching for state unclaimed property filings, with roughly 40 states setting filing dates on Oct. 31 or Nov. 1.
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Article
Auditors ID 1.8 CAMs per large accelerated filer, report says
Large accelerated filers saw an average of 1.8 issues called out as critical audit matters in their first round of reporting, according to a new analysis.
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Article
GE whistleblower report shines light on insurance liability
Recent whistleblower allegations against GE have put a spotlight on mounting liabilities that will hit corporate balance sheets when insurance accounting rules shift.
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Resource
e-Book: CECL: Don’t get left behind on FASB’s credit loss standard
The Financial Accounting Standards Board has approved delays for its credit loss standard, a.k.a. CECL, but companies—especially financial institutions—still have a long way to go.
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Article
KPMG CEO elects not to seek second term
Lynne Doughtie, chairman and CEO of KPMG, has decided she will not seek re-election when her term expires next summer.
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Article
SEC settles with RSM over audit independence issues
The SEC has settled charges with RSM related to numerous auditor independence violations, spanning more than 100 audit reports across 15 clients.
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Article
SAExploration ousts senior leadership amid SEC probe
SAExploration Holdings announced the SEC has launched an investigation into areas of its accounting from 2015-16. The company also disclosed a significant reshuffling of its senior leadership team.
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Article
Revenue recognition drove 2018 restatements, new report says
Revenue recognition drove more restatements in 2018 than in prior years and caused more restatements than any other area of accounting, a new study finds.
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Article
PCAOB issues new guidance on auditing estimates
The PCAOB has issued new guidance to auditors about how to comply with new rules on auditing estimates, supervising specialists, and relying on their work.
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Article
Amid industry crackdown, U.K. audit firms evolving with the times
It’s been an intense year for the audit industry in the United Kingdom—and things are expected only to get tougher as a new audit regulator, with new leadership and stronger statutory powers, prepares to take the reins.
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Article
FASB plans delay for new insurance standard
FASB is proposing another accounting delay, this time for a standard that will change the way companies recognize long-term insurance obligations.
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Article
Is whistleblowing working? New claims raise questions
Sweeping, open allegations of fraud against major public companies raise fresh questions about the effectiveness of regulatory whistleblower programs.