News

The PCAOB pushes for harsher enforcement while the SEC urges audit firms to "apply an appropriate fraud lens throughout the audit."

Proposed changes to the standard are designed to provide a reference framework for auditors when making judgements about audit evidence throughout the audit.

Countless companies, not-for-profits, and government agencies are facing the prospect of needing a single audit or similar compliance audit as a result of receiving COVID-19 relief funding.

A tentative board decision by FASB would use fair value to measure certain cryptoassets in financial reporting.

The Financial Accounting Standards Board (FASB) today issued a proposed new chapter of its Conceptual Framework that describes a reporting entity. The Conceptual Framework is a body of interrelated objectives and fundamentals that provides the FASB with a useful tool as it sets standards.

CFOs need to be prepared for more audits and ones that will be more difficult to defend.

The SEC adopted amendments Wednesday that modernize how broker-dealers and other entities are allowed to preserve the electronic records they share with the commission.

Paul N. Iannone, CPA, J.D., MST, and Danny A. Pannese, CPA/ABV/CFF, CVA, CSEP, MST, both associate professors in the Jack Welch College of Business & Technology at Sacred Heart University in Fairfield, wrote the Tax Advisor magazine cover story: 10 good reasons why LLCs should not elect to be S corporations.

Sen. Jack Reed of Rhode Island and two other Senate Democrats have filed legislation that would establish new SEC registration triggers for certain large private companies.

By Timothy P. Hedley, PhD, CPA, CFF, CFE, Executive in Residence – Fordham University, CTCPA Chair-elect, and ESG Committee Chair

ESG is not new. Business and government leaders have been discussing corporate social responsibility for decades. But the heightened turbulence of the last two years has ignited a sharper focus on environmental, social and governance matters that’s shaking up every organization and industry around the world — and presenting significant opportunities for the accounting and finance profession.

Despite the differences between state and federal cannabis laws, "cannabusinesses" are at the expanding forefront of a $25 billion industry with enormous potential.

A U.S. accounting firm is not prohibited by a White House executive order regarding U.S. sanctions against Russia from providing tax advisory and preparation services to the U.S. subsidiary of a Russian company in certain scenarios, according to guidance issued Thursday by Treasury's Office of Foreign Assets Control (OFAC).

The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) intended to better align hedge accounting with an organization’s risk management strategies.

Staffs are working above capacity, so more skill is needed.

The Institute of Internal Auditors is repositioning to embrace areas like environmental, social and governance reporting and other issues.

Auditors had to quickly find ways to adapt to continue to add value, just as our clients were also changing their operations. The silver lining is that in learning how to adapt, we have changed the profession for the better. We’ve proven that remote auditing works.

As a result of U.S. Department of Health and Human Services (HHS) coronavirus relief funding, numerous for-profit health care entities will need a single audit, a program-specific audit, or a financial audit under Government Auditing Standards (known as a GAGAS financial audit).

What accountants want is the right data at the right time, to, for example, complete an efficient, timely and accurate audit, or help their clients manage compliance and regulatory changes. Having the tools to quickly mine and interpret this data are essential.

Last week at the inaugural IFRS Sustainability Symposium in Montreal, the International Sustainability Standards Board (ISSB) wrapped up deliberations on its first two sustainability standards aimed at creating a global baseline, announcing plans to release IFRS S1 and IFRS S2 in June with an effective date of January 2024.