- If your organization is in the process of adopting, or still researching, the new revenue recognition accounting standard, then this comprehensive, yet easy-to-read, 60+ page eBook is for you.
- PCAOB officials believe their recent focus on internal controls has brought about a necessary improvement in financial reporting and audit quality, despite it leading to some frustration among financial reporting professionals. Some of the tension may be no more than the result of the natural tension between auditing and financial reporting, said one member of the audit regulatory board.
- PCAOB officials have been pressing accounting firms to step up their efforts to promote diversity among their employees. At least one member of the audit regulatory board believes that the quality of an audit firm’s work is closely tied to the diversity of its workforce.
- The chief accountant of the SEC wants audit committees to increase their monitoring of the services auditors provide to clients that may compromise the auditor’s independence. Regulators have observed some auditors bid on providing non-audit services to soon-to-be former clients near the end of an auditing contract, and they are trying to clamp down on the trend.
- The House Financial Services Committee advanced a far-reaching bill to roll back the Dodd-Frank Act, ease disclosure and accounting rules on public companies, and place new constraints on financial regulators. H.R. 10, the Financial Choice Act, still faces substantial legislative hurdles that may prevent it from becoming law.