All articles by Tammy Whitehouse – Page 34
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Rising cost of SOX compliance is pushing companies to rethink compliance strategies
A recent Protiviti survey notes that the bigger the company, the bigger the SOX compliance costs. Smaller companies audited by regional firms have lighter requirements, writes Tammy Whitehouse, but at the end of the day, SOX compliance is expensive for everybody.
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FASB seeks input on future rules, principles
The Financial Accounting Standards Board is looking for some guidance from capital market participants that could prove critical to how the board moves forward on accounting changes in the future. Tammy Whitehouse has more.
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SEC bars 2 KPMG auditors over bank loan loss reserves
Tammy Whitehouse looks at the case of two KPMG auditors barred by the SEC from public company practice over their role as engagement partner and senior manager on the audit of a failed financial institution in the aftermath of the financial crisis.
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Board needs more time for strategy, risk, directors say
A recent KPMG roundtable series revealed that corporate boards just don’t spend enough time on strategy, strategic risk, technology, cyber-security, executive succession planning, or talent development. Tammy Whitehouse has more details.
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The pros and cons of using stock buybacks
It’s become commonplace for public companies to use stock buybacks to distribute excess cash to shareholders. Tammy Whitehouse hears from accounting experts on accelerated stock repurchases—what pitfalls and unintended consequences companies should beware when structuring shareholder contracts.
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Alert calls out audit risks under new revenue rule
With implementation of the revenue standard looming, the American Institute of Certified Public Accountants has issued some guidance to help companies keep audit risks in mind. More from Tammy Whitehouse.
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BlogLatest survey suggests uneven costs for Sarbanes-Oxley
A recent survey from Protiviti finds that half of those accelerated and large accelerated filers participating in the survey claim their external audit fees related to Sarbanes-Oxley compliance increased in fiscal 2015, while 52 percent of non-accelerated filers said their fees decreased. Tammy Whitehouse has more.
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Retailer pushes back on Delaware unclaimed property audit
Office Depot is taking on the state of Delaware over its unclaimed property audit tactics, asking the U.S. District Court in Delaware to declare that the state’s unclaimed property law violates federal law and the U.S. Constitution. Tammy Whitehouse reports.
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Strength through diversity: Q&A with Maria Castañón Moats
The former chief diversity officer for PwC is now the leader of the firm’s U.S. assurance practice. With her strong background and bright future, what does Maria Castañón Moats have in store? Tammy Whitehouse has the answers.
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BlogFASB proposal would target income tax disclosures
FASB proposed a change to the disclosure requirements under Topic 740 in the Accounting Standards Codification that would require public companies to add nearly a dozen new items to their existing income tax disclosures, including income or losses from continuing operations along with income tax expense or benefit, separated by ...
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Accounting leaders advocate looking at non-GAAP accounting measures
As the Securities and Exchange Commission continues its focus on use of non-GAAP accounting measures, accounting experts are advising companies to take a look at their internal controls and assure they are appropriate. Tammy Whitehouse reports.
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Inside the quest for better corporate reporting
Laura Phillips is in the trenches trying to help key capital market players understand why so many public companies sense a misalignment between how audits and managers deal with internal controls. Tammy Whitehouse gets the inside track.
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Even CAEs see need for change, latest poll shows
It’s not just regulators or professional associations calling the internal audit profession to transformation. Even chief audit executives in the trenches recognize the internal audit function needs to evolve to remain relevant, according to a recent Deloitte study that surveyed 1,200 CAEs worldwide to get a pulse on the state ...
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FERF report spotlights audit possibilities via technology
For companies still struggling to get their arms around financial compliance, especially with respect to internal control over financial reporting, technology may provide the answer, according to the Financial Executives Research Foundation. Tammy Whitehouse reports.
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Profession rolls out more guidance for internal audit
Tammy Whitehouse explores new guidance and intelligence that has emerged recently on how internal audit can raise its game in the face of rising regulatory expectations and market demands.
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Despite SEC approval, inline XBRL filings still provide challenges
Is the cure worse than the disease? That’s what some compliance officers are wondering as inline XBRL, a method to help facilitate the harmonization between XBRL and HTML formats for machine-readable financial data, might just be adding one more complication to an already complicated process. Tammy Whitehouse has more.
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PCAOB targets controls, related parties in 2016 inspections
As inspectors are fanning out this year to scrutinize 2015 financial statement audits, they are looking for all the usual problem areas that have plagued audit firms the past few years, but they’re also looking at economic risks and how well auditors have observed a new standard on related-party transactions. ...
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Internal audit faces more change, technology, papers say
A pair of recent white papers by Big 4 firms suggest transformation for the internal audit profession is far from finished. In, fact, some of the biggest changes in store for the profession may still be around the bend.EY focuses its attention specifically on internal auditors in financial services, where ...
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Audit regulators globally pen agreement to share information
The International Forum of Independent Audit Regulators has adopted a memorandum of understanding around how audit regulators will cooperate in exchanging information for audit oversight purposes. Tammy Whitehouse has more.
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Treasury’s efforts to overturn long-standing tax law creates massive compliance headache
The federal government is trying to close a $40B tax loophole big enough to completely fund NASA twice every single year. But the way it’s doing it is causing some major corporate pushback. Tammy Whitehouse reports.