- The Center for Audit Quality published a guide to explain the PCAOB’s auditor reporting requirements. The guide is intended to help investors and audit committees better understand the requirements for auditors to describe critical audit matters (CAMs) in their reports.
- The SEC’s rule that requires public companies to embed eXtensible Business Reporting Language (XBRL) data tags directly into their financial statements may improve the reliability and consistency of financial information in an interactive format. But the lack of an audit requirement for the XBRL tags may limit the information’s value for investors.
- Wisconsin's new law may make unclaimed property audits less aggressive for holders, but might also signal a ramping up of these types of audits.
- The Financial Crimes Enforcement Network (FinCEN) issued new FAQs regarding its customer due diligence (CDD) rule to help identify the core owners of their legal entity customers.
- The FASB agreed to clarify its new accounting standard requiring earlier recognition of credit losses to ensure that community banks and credit unions have extra time to comply with it compared to larger financial institutions. The proposed change to the effective date is intended to match what the FASB wanted when it published the standard in 2016.
- Previous Next