News
SEC Approves New and Updated PCAOB Audit Standards and an Amendment to the PCAOB’s Contributory Liability Rule
August 20, 2024
Changes address general responsibilities of an auditor conducting an audit as well as technology-assisted analysis and contributory liability rule for associated persons.
CFO Peer Audit: How is your progress on AI implementation and guidance?
July 19, 2024
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.
NASBA CEO Elect Daniel Dustin Appoints Four to Leadership Team
July 18, 2024
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.
90% of CFOs say ESG issues will be a major focus over the next 5 years
July 17, 2024
A large majority of finance chiefs say they feel the heat on sustainability issues from multiple stakeholder groups.
Warning for EBP audit firms: Service agreements creating headaches
July 17, 2024
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.
Surprise Victory for Governmental Accounting and Auditing Committee’s Proposed Legislation!
July 15, 2024
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.
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").
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.
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.
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.
Generative AI revolution: How auditors are leading the way
November 09, 2023
Reliance on generative artificial intelligence (GenAI) in the financial reporting space is rapidly expanding, as is reliance on auditors to play a leading role in all aspects of the revolution.
Danny Pannese, Benoit Boyer, Paul Iannone Pen 'The Fair Market Value-Fair Value Dichotomy: Valuation Discounts in Recent Shareholder Dissent Cases' for The Value Examiner
October 19, 2023
In shareholder litigation, a frequent issue is whether, under state law, valuation discounts are permissible in determining the value of a minority shareholder’s interest. This article discusses a 2022 Connecticut court case dealing with this subject. It also examines and compares recent disputes in other jurisdictions where valuation discounts became an issue in calculating the appropriate value of minority shares under a fair value standard.