All Accounting & Auditing articles – Page 62
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Blog
CCO learning from the KPMG indictments
There is no doubt KPMG was under pressure to improve the firm’s audit practices, but how much pressure does it take for three national practice leaders to actively participate in an illegal scheme? CCOs need to study this case and think about their firm’s regulatory oversight.
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Tax law changes could shift executive comp strategies
Massive changes in tax law with respect to executive compensation may give public companies reason to rethink how they pay their top brass.
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Amid fraud, conspiracy charges, should inspection results be restated?
Former KPMG leaders gamed up to two years of inspection results, federal authorities say, but no one will discuss whether those results can or should be corrected.
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FASB proposes rule change, offers guidance on tax reform
FASB is churning out guidance on how to account for the Tax Cuts and Jobs Act with a proposed change to accounting standards and a series of questions and answers.
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DOJ charges fraud, conspiracy over PCAOB inspection leaks
The Department of Justice and the SEC are bringing charges including fraud and conspiracy against former KPMG and PCAOB staff over a leak that compromised inspections.
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Former FINRA Associate General Counsel Brant Brown joins Willkie
Brant Brown, former associate general counsel at the Financial Industry Regulatory Authority, has joined the international law firm Willkie Farr & Gallagher as counsel in the Washington office.
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Recent findings raise fresh questions over auditors and fraud
Recent findings against PwC illuminate audit failures that the PCAOB has been harping on for years, although its ultimate weight on auditors' duty to find fraud is not yet clear.
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FERF finds more evidence of audit cost creep in 2016
Another new study confirms public company audit costs inched upward in 2016, albeit by a smaller amount than in 2015.
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PCAOB findings on PwC, EY show small improvements
The PCAOB released its latest inspection reports for EY and PwC, documenting another year of small change in audit deficiency findings.
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Disclosures will be key under new revenue rule, group says
Accounting leaders recognize companies will have to be vigilant in fulfilling various disclosure obligations as they transition to new revenue recognition rules.
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Wells Fargo still suffering financially from scandals
Wells Fargo is one of the poster children over what can happen when compliance is not taken seriously or perhaps not at all in an organization.
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FASB plans to change income classification under tax law
The FASB has decided it will fast-track a change to accounting rules to allow reclassification of the income tax effects of the recent tax reform law.
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How FASB can ease the tax law time crunch
While corporate America sorts through the most sweeping change in tax law in more than 25 years, one thing is becoming increasingly clear: Accountants have limited time to determine how financial statements should reflect the new law.
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Article
SEC gives relief from tax reform year-end reporting crisis
Swift SEC guidance on how to book tax reform in year-end financials provides relief, but it’s not a free pass, nor does it answer all accounting questions.
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FASB proposes lease accounting transition relief
FASB proposes a change to the new lease accounting standard taking effect in 2019 that promises to ease the implementation.
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PCAOB names Chief of Staff
Public Company Accounting Oversight Board Chairman William Duhnke has named Francis “Abe” Dymond chief of staff for the PCAOB, effective immediately.
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KPMG acquires Cyberinc's Global Identity and Access Management unit
Audit, tax, and advisory firm KPMG announced that it has acquired the Identity and Access Management business of Silicon Valley-based Cyberinc, a provider of cyber-security solutions globally.
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Blog
‘CAE Checkup’ evaluates effectiveness of AI-based audit investigations
QuantaVerse has launched a new service, CAE (Chief Audit Executive) Checkup, that enables companies and financial institutions to evaluate the effectiveness of an artificial intelligence (AI)-based approach to audit investigations.
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FASB considers guidance on accounting for tax reform
FASB is considering whether to take up any new rulemaking as a result of the accounting consequences of the Tax Cuts and Jobs Act.
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FINRA sanctions Citigroup Global Markets $11.5M for inaccurate research ratings
The Financial Industry Regulatory Authority has fined Citigroup Global Markets $5.5 million and required the firm to pay at least $6 million in compensation to retail customers for displaying inaccurate research ratings for numerous equity securities during a nearly five-year period, and for related supervisory violations.