All Accounting & Auditing articles – Page 39
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SEC: Transition from LIBOR has taken on ‘urgency’
Regulators are starting to freak out a little over what will happen in U.S. financial markets in 2021 when a major benchmark interest rate is expected to vanish.
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Grant Thornton, Ephesoft announce alliance
Grant Thornton has formed an alliance with enterprise content capture and data discovery solutions provider Ephesoft.
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ICFR findings rose in 2018, pending report to say
Adverse auditor attestations on the state of internal controls at public companies made a bit of a comeback in 2018 after a brief retreat, according to a coming report from Audit Analytics.
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SEC, DOJ charge 3 former Power Solutions executives with fraud
Three former executives of a smaller reporting company are facing multiple fraud charges connected to a $25 million overstatement of revenue.
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Bricker returns to PwC; Teotia named permanent chief
Wes Bricker, former SEC chief accountant, has rejoined PwC as vice chair and assurance leader for the United States and Mexico.
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Estimation vs. precision: tension in accounting grows
It’s more than big change prompting major deferrals for pending accounting rules. It’s also about the growing tension between estimation and precision.
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FASB to push CECL to 2023 for small public companies
FASB has signaled it plans to extend CECL for smaller public companies to 2023, along with delaying a number of other effective dates.
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IIA seeks comments on update to ‘three lines’ model
Internal auditors are buffing up their longstanding Three Lines of Defense model for how to provide organizations with optimal coverage of risk and control functions.
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FASB tees up CECL delay for small public companies
FASB is formally considering delaying the required effective date of some of its standards, including credit losses for small public companies.
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IIA announces global chair and board for 2019-20
The Institute of Internal Auditors announced the election of a newly structured global board of directors for 2019-20.
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U.K. audit regulators see no improvement in audit quality
U.K. audit regulators saw no improvement in audit quality in their most recent inspections, indicating none of the major firms achieved targeted pass rates.
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Another CECL sleeper? Auditors get new rules on estimates
While companies adopt CECL, auditors are gearing up for new rules requiring them to more closely scrutinize estimates and the specialists who produce them.
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SEC charges former Illumina accountant with insider trading
The SEC has filed insider trading charges against a former Illumina accountant and friend whose alleged scheme resulted in $6.2 million in profits.
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FASB seeks comment on how to sort out goodwill issues
FASB is looking for input on how to address ongoing problems in the reporting of certain intangible assets, especially goodwill.
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Regulatory events: What’s hot this summer!
Here’s a look at some upcoming events and training from regulators like the SEC, DOJ, and PCAOB.
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SEC approves new audit rules on estimates, specialists
The SEC has approved final standards issued by the PCAOB giving auditors new requirements for auditing estimates and relying on the work of specialists.
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CECL in summer: Get ready for models, data, auditors
It may be summertime, but the living is not so easy for corporate finance staff preparing for CECL—a major change to the reporting of credit losses.
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BDO shows improvement in latest PCAOB inspection
The PCAOB says it found fault with 39 percent of the audits inspected at BDO USA in 2017 – the firm’s first time with a deficiency rate below 50 percent since 2011.
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FASB proposes small changes to CECL standard
FASB has issued a proposed revision to the CECL standard to address a handful of implementation questions as companies prepare for the new accounting.
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CAQ governing board elects new leadership
The governing board of the Center for Audit Quality (CAQ) has elected EY’s Kelly Grier and BDO’s Wayne Berson as its chair and vice chair, respectively.