News
PCAOB updates general auditor responsibilities, quality control rules
May 14, 2024
The PCAOB on Monday adopted a pair of foundational auditing standards with ties to AICPA standards.
When ESG reporting becomes a maze, technology provides a map
May 13, 2024
Ninety-two per cent of professionals across finance, accounting, sustainability, and audit roles think technological transformation will enable an integrated and improved approach to ESG reporting.
Can CPA requirement changes solve finance’s talent shortage?
May 10, 2024
CFOs and finance leaders share their takes on whether CPA requirement changes are necessary to address talent issues within corporate finance.
Accountants share how they're using AI
May 06, 2024
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").
53% of CFOs have adopted or are adopting ESG principles: Report
May 01, 2024
The proportion of CFOs integrating ESG concerns into core business strategies has soared in the past year.
Root cause analysis: Auditor tool gaining traction on multiple fronts
April 30, 2024
A new PCAOB spotlight report provides staff observations regarding the potential positive impact of performing a root cause analysis on the quality of audits performed by PCAOB-registered public accounting firms.
CTCPA Joins AICPA, State Societies in Letter to Address 'Grave Concerns' with BOI Reporting, Request One-Year Delay
April 08, 2024
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.
CTCPA Joins AICPA, State Societies in Letter to Address 'Grave Concerns' with BOI Reporting, Request One-Year Delay
April 08, 2024
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.
A&A Focus recap: Lease challenges, SAS 145, and fraud
March 18, 2024
The March 6 installment of the AICPA's monthly A&A Focus Series webcast updated members on critical accounting, auditing, and assurance issues.
4 things CPAs need to know about SEC climate rule
March 15, 2024
The 886-page rule on climate-related disclosures adopted last week by the SEC doesn't make for light reading, but a resource published by the AICPA and the Center for Audit Quality (CAQ) sheds some light in 883 fewer pages.
DOL Enacts New Independent Contractor Test
March 06, 2024
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.
With 340,000 fewer accountants, companies pay the price
March 01, 2024
Mistakes continued to pile up this earnings season in the wake of Lyft Inc.'s market-roiling typo: Planet Fitness Inc., Mister Car Wash Inc. and Rivian Automotive Inc. all had to correct their quarterly earnings statements. These types of errors shake investor confidence and in extreme cases can result in heavy fines from the Securities and Exchange Commission.
GASB's 40th Anniversary
February 20, 2024
The GASB held its first meeting on June 14, 1984, at the Board’s offices in High Ridge Park in Stamford, CT. Since that day, our Board and staff have worked to develop and maintain high-quality accounting and financial reporting standards for state and local governments across the United States. Ultimately, those standards have helped ensure that users of government financial statements have access to information they can use to make decisions and assess accountability.
ESG needs business – not just environmental – focus
January 24, 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.
Auditor options when finding ineligible ERC claims
January 10, 2024
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.
Do I really need a new engagement letter for that?
January 08, 2024
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?
Risk Alert: Navigating Corporate Transparency Act/Beneficial Ownership Reporting
January 08, 2024
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.
Connecticut CPA Magazine Excerpt: The Role Accountants Can Play in Preparing for Future ESG Requirements
December 18, 2023
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.
CTCPA Supports Letter Asking for Bills to be Included in Year-End Legislative Package to Delay BOI Reporting Requirements
December 14, 2023
In a letter addressed to members of the House Financial Services Committee and Senate Banking Committee, the AICPA and all 54 state CPA societies, including the Connecticut Society of CPAs asked that H.R. 4035 and S. 2623, the Protecting Small Business Information Act of 2023, or similar legislation to delay, be included in any year-end legislative package. The bills would delay the Beneficial Ownership Information (BOI) reporting requirement until all three rules under the Corporate Transparency Act have been finalized to specify that all such rules would take effect on the same date.
Connecticut Small Business Boost Fund – Low-Interest Loans Tailored to Small Businesses and Nonprofits
November 09, 2023
The average small business loan interest rates range from 5% to more than 11%. High-interest rates and limitations on traditional loans can impede small business owners’ ability to borrow money to reinvest in or expand their businesses. Supported by the Connecticut Department of Economic & Community Development (DECD), the Connecticut Small Business Boost Fund is focused on helping small businesses and nonprofits thrive. This low interest, fixed 4.5%, loan program provides access to flexible funding for capital expenditures and working capital and connects business owners with free support services. Supported by the Connecticut Department of Economic & Community Development (DECD), the Connecticut Small Business Boost Fund is focused on helping small businesses and nonprofits thrive. This low interest, fixed 4.5%, loan program provides access to flexible funding for capital expenditures and working capital and connects business owners with free support services.