- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Tammy Whitehouse2019-07-12T15:31:00
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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Big banks are making progress in preparing for CECL, but non-bank operating companies are likely to face a heavier lift as they approach the fourth quarter.
Auditors are comparing notes on how they will interact with audit committees regarding CECL, developing a practice aid that might also interest preparers.
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.
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
