News

The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of Robert W. Scott to a five-year term on the Governmental Accounting Standards Board (GASB). Mr. Scott currently serves as the director of finance and administration for the city of Brookfield, Wisconsin. His term begins July 1, 2025, and extends through June 30, 2030.

Another large accounting firm has struck a deal with private-equity investors.

The PCAOB adopted a rule amendment that enables the board to address situations in which a registered firm doesn't file annual reports and doesn't pay annual fees for two consecutive reporting years.

Paul N. Iannone, CPA, J.D., MST and Danny A. Pannese, CPA/ABV/CFF, CSEP, MST, associate professors, and Benoit N. Boyer, Ph.D., retired professor, all in the Jack Welch College of Business and Technology at Sacred Heart University in Fairfield, wrote “Cleaning up intercompany debt” for the November 2024 issue of The Tax Advisor.

The AICPA Assurance Services Executive Committee recently provided an update and held a meeting to discuss the evolution of assurance services and the exciting advancements on the horizon. The critical need for CPAs to adapt to emerging non-financial assurance opportunities, including cybersecurity, blockchain, digital assets, and sustainability, was emphasized. The CPA profession is uniquely positioned to provide assurance inthese new areas, thanks to established frameworks, ethical guidelines, and a legacy of trust.

The AICPA Peer Review Board (PRB) voted Monday to approve a standards update designed to better align peer review standards with new quality management (QM) standards and to clarify and improve existing technical guidance.

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that improves financial reporting and responds to investor input by requiring public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.

Audit firms are encouraged to review the supplement and other resources providing transparency around remediation, a critical step in PCAOB inspections and the PCAOB’s efforts to protect investors and improve audit quality.

Artificial Intelligence (AI) has transformed how we live and work, offering immense potential for innovation and progress. However, as with any technology, AI also has its drawbacks. Emerging technologies like deepfakes – AI-generated synthetic media that can convincingly manipulate or fabricate audio, video, and images – have rapidly gained popularity among cybercriminals as a potent tool for cyberattacks. By leveraging deepfakes, they can easily manipulate information, deceive individuals, and exploit vulnerabilities within organizations. The consequences of these attacks can be severe, ranging from financial losses to reputational damage. 

GASB issued guidance that establishes requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures.

A report issued Thursday by the AICPA and the National Association of State Auditors, Comptrollers and Treasurers (NASACT) details the depth of challenges that need to be overcome to ensure strong accounting, auditing, and finance functions in state and local government and to make it easier for governments to find outside auditors.

More than half of finance leaders believe technology will improve audit quality, but the human element is irreplaceable.

The number of firms registered to carry out statutory audit work in the UK and Ireland has dropped again and is close to dipping below the 4,000 mark.

PCAOB inspectors repeatedly noted the value of using experts in a report focused on emerging areas of risks in public company audits.

Earlier this summer, the Private Company Council (PCC) reaffirmed its support for focusing our attention on the financial reporting issues currently most important to U.S. private companies. PCC members unanimously supported conducting preliminary research on:

The AICPA Accounting and Review Services Committee (ARSC) voted Thursday to expose for public comment a proposed revision that would "make explicit" that a CPA preparing financial statements as a byproduct of a consulting services engagement performed in accordance with CS Section 100 is not required to apply AR-C Section 70, Preparation of Financial Statements.

Sustainability is rapidly becoming a business requirement – yet so many companies are still dragging their feet. Immediate Past CTCPA Chair Timothy Hedley, PhD, CPA, CFF, CFE, a Fordham University adjunct professor responsible for the college’s ESG literacy programs and initiatives, joins us to share why companies need to care about ESG.

Imagine that a claim has been brought against your firm and you are sitting on the witness stand defending the firm's services. Your confidence is bolstered by detailed engagement letters used for each service that was delivered to the client by the firm. Yet doubt creeps into your mind as you remember your client's comments.

The SEC approved a PCAOB standard that establishes a risk-based quality control system for public accounting firms.

Outsourcing and internal collaboration have skyrocketed as organizations’ demands and goals outpace their audit teams, according to new Jefferson Wells data.