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Understanding Financial Reporting: Views from Regulators and the Profession

Recent developments in financial reporting were the subject of Baruch College’s 13th Annual Financial Reporting Conference, hosted by the Robert Zicklin Center for Corporate Integrity on May 1, 2014. The speakers and panelists included regulators, standards setters, financial statement preparers, financial statement users, and auditors. The featured speakers were FASB Chair Russell G. Golden, outgoing SEC Chief Accountant Paul Beswick, and PCAOB Chair James R. Doty.

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Essentials
Publisher's Column
Perspectives

Levels of Assurance under the SSAEs

CPAs perform many services beyond the audit of financial statements under a general-purpose framework (such as GAAP or IFRS) or the audit of financial statements under special-purpose frameworks (such as cash, tax, regulatory, or contractual bases).
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IRS Taxpayer Regulation Program Misses Its Target

According to the IRS, 60% of paid preparers filing tax returns each
year do so with little or no oversight by the federal government. For an agency that collects more than $2.9 trillion per year, that’s a lot of good faith with little assurance.
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The Importance of Data Integrity

A staff auditor named Brandon queried Tom, the firm’s audit partner, for what seemed like the thousandth time that day: “Why is it necessary to validate the initiating location on a data transfer from an overseas branch?”
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The CPA Journal is broadly recognized as an outstanding, technical-refereed publication aimed at practitioners, educators, regulators, and other financial professionals. Our goal is to provide the Journal’s readers with insight and analysis on developments in the areas of accounting, auditing, taxation, finance, management, technology, and professional ethics.

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