All Accounting & Auditing articles – Page 39
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ArticleGE 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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Resourcee-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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ArticleKPMG 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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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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ArticleSAExploration 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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ArticleRevenue 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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ArticlePCAOB 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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ArticleAmid 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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ArticleFASB 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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ArticleIs 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.
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ArticleSealed Air dumps EY & hires PwC, as SEC investigates
Under investigation over how it appointed EY, Sealed Air cut ties with its auditor and appointed PwC after clearing independence concerns.
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GE rails against new whistleblower allegations of fraud
GE picks apart new whistleblower allegations of $38 billion accounting fraud. “Market manipulation—pure and simple,” says Chairman and CEO Larry Culp.
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ArticleFed study minimizes lending, volatility concerns of CECL
A new analysis out of the Federal Reserve suggests concerns over the expected economic effects of CECL, the new rule on credit losses, may be overstated.
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ArticleFASB formally proposes accounting change delays, including CECL
FASB is formally proposing major changes to effective dates for several significant accounting standards, including a CECL delay for smaller reporting companies.
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ArticleMarket punishes auditors who flag control issues, study says
Auditors walk a fine line in reporting adverse internal controls, straddling regulators when they fail to flag weaknesses but punished in the market when they do.
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ArticleRegulatory events coming this fall
Check out information on upcoming events from such regulators as the PCAOB, FDIC, SEC, DOJ, and more.
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ResourceWhite paper: ASC 842 and IFRS 16: 5 Lessons Learned for a Smoother Transition
The long-term impact of the new lease accounting compliance standards has yet to be seen, but the implementation issues facing many entities have become increasingly evident.
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ArticleFormer KPMG, PCAOB leader gets prison time in inspections scandal
A former audit inspector and executive director at KPMG was sentenced to eight months in prison after entering a guilty plea related to a scheme to steal inspection plans.
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Ex-KPMG partner to pay $125K in insider trading case
A former KPMG partner charged by the SEC with insider trading has been ordered to pay a civil penalty of $125,000 and suspended from appearing or practicing before the Commission as an attorney or accountant.
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ArticleBoth investors, companies unhappy with FASB’s tax disclosure proposal
Accounting rulemakers have their work cut out for them trying to determine how to meet investors’ needs for information about corporate tax risks without breaking preparers’ backs.