- A proposed change by the Financial Accounting Standards Board (FASB), as outlined in proposed Accounting Standards Update, Financial Instruments—Credit Losses (Subtopic 825-15), could significantly change the way banks account for credit losses.
- A county agency engaged Baker Tilly to perform a review of the project controls related to a facility upgrade.
- A university asked Baker Tilly to perform a review of the policies and procedures in place related to facilities and construction management, in support of its internal audit plan.
- Federal Home Loan Bank of Chicago received an independent and in-depth credit model assessment as Baker Tilly delivered on its promises.
- External bank auditors have new guidance from the Basel Committee on Banking Supervision as of March 31, and banks should understand the updated guidelines before their next audit. The new guidelines, 46 pages in all, replace The Relationship Between Banking Supervisors and Banks' External Auditors, published in 2002, and External Audit Quality and Banking Supervision, from 2008.
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