News

At first glance, it might appear that the growing number of regulations related to sustainability will affect only the largest CPA firms.

Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule that brings certain investment advisers within the standards of FinCEN's anti-money-laundering and countering-the-financing-of-terrorism (AML/CFT) programs.

Both the number of enforcement actions and monetary sanctions surged in the first half of this year.

Changes address general responsibilities of an auditor conducting an audit as well as technology-assisted analysis and contributory liability rule for associated persons.

Finance leaders from DUDE Products, e.l.f Beauty, Fireworks Over America and the Portland Pickles share how they are using AI within their finance teams.

The National Association of State Boards of Accountancy (NASBA) President and CEO elect Daniel J. Dustin, CPA, has selected Kent A. Absec, Brenner Allen, Esq., William A. Emmer, CPA, and Sedrik Newbern to join the leadership team at NASBA, effective August 1, 2024. These changes to leadership follow the retirement of current NASBA President and CEO Ken L. Bishop.

A large majority of finance chiefs say they feel the heat on sustainability issues from multiple stakeholder groups.

An effort aimed at streamlining access to pertinent information for auditors of employee benefit plan (EBP) financial statements is creating concerns that auditors and firms may be subject to the risk of violations of laws, regulations, and professional standards, as well as increased financial risk.

At the beginning of the legislative session, CTCPA's Governmental Accounting and Auditing (GAA) Committee proposed a change to state law to assist many municipalities and governmental auditors. The committee requested extending the deadline for filing certified reports required by the State Department of Education (SDE) from December 31 to January 31. This extension would provide much-needed relief for municipalities and auditors, recognizing the challenges school districts face in meeting the December 31 deadline and allowing for a more systematic and less stressful process.

A study conducted by the Center for Audit Quality (CAQ) found that the number of financial restatements filed with the SEC fell by more than 50% over a recent 10-year period.

CFOs and finance leaders share their takes on whether CPA requirement changes are necessary to address talent issues within corporate finance.

While many accountants are determined to stay as far away from artificial intelligence as possible, others have found ways to use the technology to yield tangible benefits for their firms (see "Accounting's reluctant AI revolution").

In a recent letter to the Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), the American Institute of CPAs (AICPA) and CTCPA, together with 54 state CPA societies, expressed serious concerns with the rollout and push to implement FinCEN’s Beneficial Ownership Information reporting requirement without regard for the impact to the small business community.

In a recent letter to the Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), the American Institute of CPAs (AICPA) and CTCPA, together with 54 state CPA societies, expressed serious concerns with the rollout and push to implement FinCEN’s Beneficial Ownership Information reporting requirement without regard for the impact to the small business community.

The Department of Labor has announced a six-factor test for determining whether a worker is an independent contractor or an employee under the Fair Labor Standards Act. This new rule takes effect on March 11, 2024.

Richard Spencer, ICAEW’s director of sustainability, talks to Neil Cutting about the need for finance leaders to view sustainability through a business lens.

An employee retention credit (ERC) grant is a fully refundable payroll tax credit that eligible businesses and tax-exempt organizations can claim for qualified wages paid to their employees. This credit was designed to help businesses retain their employees during periods of economic hardship during the COVID-19 pandemic. Eligible employers must meet certain criteria, such as experiencing a significant decline in gross receipts or being fully or partially shut down by a government order. The credit is claimed by amending payroll tax returns.

Despite the known value of engagement letters, CPAs may not use them for small services or when responding to client questions. Is there an alternative?

Starting January 1, 2024, a significant number of businesses are required to comply with the Corporate Transparency Act (“CTA” or “the Act”). The Financial Crimes Enforcement Network (“FinCEN”) estimates that in the first year approximately 32.6 million[3] businesses will need to comply with the Act and report information related to the business’ owners, officers, and controlling persons.

The business world is undergoing a profound transformation that extends far beyond traditional financial statements and profit margins. The pace of societal change and environmental impacts has elevated the focus around the impact of business activities on the environment and society. Environmental, Social, and Governance (ESG) considerations have often become embedded into the enterprise risk management process, influencing investment decisions, shaping corporate reputations, and impacting regulatory requirements.