All Accounting & Auditing articles – Page 96
-
Blog
Doty Projects Year-End Completion of Engagement Partner ID
Image: More than a decade after regulators began mulling how to give some transparency to investors around who actually performs public company audits, PCAOB Chairman James Doty said he is hopeful that the board is on track to “get this done by the end of the year.” Doty recently said ...
-
Blog
EY Finds More Voluntary Audit Committee Disclosures
According to a recent report from EY, audit committees for the largest companies continue to raise the bar on what they voluntarily say in their reports about their responsibility for and oversight of the external audit. In its analysis, EY says 21 percent of audit committees disclosed in 2015 that ...
-
Article
Audit Fees Are Up; What’s Interesting Is Why
Audit fees are rising—which you probably already knew—but the latest data on audit fees raises questions about what’s behind that increase. PCAOB audit firm inspections are part of it; but many big jumps in fees seem due to external events like a merger more than vigorous audits for SOX compliance, ...
-
Blog
FASB Plans Disclosure Changes for Uncertain Tax Positions
FASB has tentatively decided to revise disclosure of uncertain tax positions, by dropping the current requirement for companies to disclose the nature and estimate of the range for a reasonably possible change in the unrecognized tax benefit balance in the next 12 months. More inside.
-
Blog
FASB Explains Changes to 2016 GAAP Taxonomy
FASB has issued notes explaining the changes to the proposed 2016 XBRL taxonomy, including simplifying the income statement and the presentation of debt issuance costs, among other changes. “While some of these changes may impact a significant number of filers, the feedback received from constituents was to eliminate inconsistencies and ...
-
Blog
FASB Proposes Gross-Net Guidance on Revenue Recognition
FASB has proposed an update to its revenue recognition standard to clarify when an entity is acting as the principal in its interaction with a customer or when it is an agent for some other entity, helping a company determine if it should recognize revenue on a gross or net ...
-
Article
Feel the Churn: Big 4 Get Squeezed on Audit Engagements
Image: The Big 4 audit firms have lost more audit clients this year than they have gained, and second-tier firms seem to be picking them up. That churn is probably due to a variety of factors, from cost to PCAOB inspection reports to ease of working relationship, but the overall ...
-
Blog
FASB, Congressman Dispute Lease Standard’s Economic Effect
Image: FASB is pressing on with its planned fourth-quarter release of the final new accounting standard on leasing despite House Financial Services Committee member Brad Sherman’s (left) plea to FASB Chairman Russ Golden to consider analysis that says the standard will exact a heavy toll on the U.S. economy. Golden ...
-
Blog
Audit Fee Data Reveals New Departure from Non-Audit Services
According to a recent Audit Analytics study of fees paid in 2014 by 2,300 accelerated filers, 80.3 percent were focused on the integrated financial statement internal control audit; fees for non-audit services dipped to 19.7 percent of the total bill from the audit firm, a drop from 20 percent during ...
-
Blog
Study Shows Better Audit Reports Lead to Better Audits
Expanded audit reports and audit committee reports have led to better audits in the United Kingdom, according to new research, perhaps because expanded reporting has given auditors more leverage over financial statement assertions. The authors of the study said the new U.K. reporting requirements led to better-quality audits, as measured ...
-
Article
More Questions, and Evidence, on Undisclosed Control Weaknesses
Image: Fresh data from the PCAOB is raising awkward questions about whether companies and audit firms really are disclosing all the weaknesses in internal control over financial reporting that the Sarbanes-Oxley Act requires. PCAOB board member Jeanette Franzel presented the data in a recent speech that should prompt some soul-searching ...
-
Blog
Gleaning Enforcement Insights From Accounting Missteps
A confession from Compliance Week columnist Robert Herz: He spends time each summer reading Accounting & Auditing Enforcement Releases the SEC publishes as part of its enforcement against corporate misconduct. This week, Herz looks over the various AAERs of the last 12 months to pluck out common themes: more enforcement ...
-
Resource
e-Book: Leading Practices for Audit Committees
Serving on a corporate audit committee has not been easy for some time now. Required disclosures are likely to increase; the workload in dealing with the external audit firm will increase as well. Without careful attention, your audit fees will go the same way too.To help audit committees—and the corporate ...
-
Blog
Logentries Launches Free Logging for Docker Community
Logentries, a provider of scalable, real-time log management and analytics, announced the launched of a free log management and analytics service available exclusively for the Docker Community. As a Docker Technology Partner, Logentries' newest offering will ease the transition many organizations are facing as they migrate to container environments. More ...
-
Blog
PwC Appoints Assurance Diversity Leader
Laura Martinez has been appointed assurance (audit) diversity leader at PwC, United States, the firm announced. Martinez has 25 years of experience, primarily with financial services clients and has held a variety of practice leadership roles. More inside.
-
Blog
SEC Action Suggests Focus on Valuations, Experts Say
A new study from valuation firm NERA Consulting suggests that the SEC is renewing its interest in pursuing valuation-related accounting issues. The findings are based on an enforcement action against Miller Energy Resources and certain officers for inflating oil property values. “Reporting entities are well advised to make full disclosures ...
-
Blog
PCAOB to Air Corporate Angst Over Internal Control Audits
Image: The PCAOB will convene its Investor Advisory Group in September to explore criticisms that the regulatory approach around internal controls is out of step with risk. Specifically, the group will address a recent letter from Tom Quaadman, vice president of the Center for Capital Markets Competitiveness at the Chamber ...
-
Blog
IIA Reports Calls Internal Auditors to Better Leverage Technology
Image: A recent report from the Institute of Internal Auditors found that nearly 40 percent of audit departments worldwide are getting their arms around technology at what they consider to be appropriate levels. However, the study also found only one in 10 internal auditors entering the profession has education in ...
-
Blog
Compliance Line of Sight: Evaluating Your Program’s Structure and Oversight
The chief compliance officer does not need to manage every compliance risk your company has—but he or she does need to know how every compliance risk is managed. This week, columnist Jose Tabuena explores how “line of sight” should work in a compliance program, and how internal audit can help ...
-
Article
Trying for More Clarity on Work of Audit Specialists
Image: Another question on the way to a better corporate audit: whether audit firms need new rules to scrutinize the work of specialists, crucial players in producing fairly stated financial statements. The PCAOB wants to end confusion over specialists, which should help auditor and client company alike. “If you look ...