Non-farm payroll The U.S. economy continues its modest growth trajectory, with non-farm payroll growing by 195,000 per month on average. The overall labor market remains…
CPAJ News Briefs
IRS, FASB, AICPA News
IRS News IRS Issues Official Guidance on Filing and Payment Deadline Postponements In Notice 2020-18, the IRS has made official the earlier announcement by Treasury…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Editor's Note: This article is the first in an occasional series planned for this, our 90th year of publication, wherein the editors will look in the Journal's past…
The AICPA's December 2019 exposure draft, “Maintaining the Relevance of the Uniform CPA Examination,” includes a discussion of the growing importance of “SOC 1 reports,”…
About the Panelists Ron Hauben, JD, vice chair and general counsel at Ernst & Young LLP; Claudius B. Modesti, JD, partner at Akin Gump Strauss Hauer & Feld…
CPAJ News Briefs
IRS, FASB, IASB News
IRS News IRS Creates Coronavirus Website The IRS has created a new website, http://www.irs.gov/coronavirus, that it says is “focused on steps to help taxpayers, businesses,…
ICYMI | The Importance of Audit Partners’ Background
Insights from the New PCAOB Form AP
Public company audit partners are trusted as watchdogs of the capital markets. A forthcoming study by the authors of this article finds that audit partners'…
In Brief Many companies have increasingly turned to the reporting of non-GAAP measures, which fall outside the realm of generally accepted accounting principles and must…
When Is a Business ‘Shielded’ from Financial Harm?
Impending New York State Law Imposes Stringent Requirements
I recently had a conversation with a prospective client about cybersecurity readiness. The client is a law practice, owned and run by a member of…
Reporting Critical Audit Matters
A First Look
About the Panelists Lisa Smith, managing director of quality and professional practice at Deloitte & Touche LLP; Megan Zietsman, CPA, the chief auditor and director of professional standards,…
Operating against a backdrop of global volatility and economic uncertainty, with business and regulatory risks becoming more complex and challenging, audit committees will need to…
CPAJ News Briefs
FASB, IASB, GASB News
FASB News Leases Roundtable Could Avert Private Company Adoption Costs FASB plans to hold a roundtable on April 9 to discuss the implementation experiences of…
In Brief What does the future hold for public company auditing in the United States, and what are the implications for professionals, regulators, and educators?…
CPAs need to be aware of current tax developments in key states to properly advise taxpayers doing business in multiple jurisdictions. Below is an overview…
About the Panelists Brandon Brown, CPA, CISA, managing director of the risk and financial advisory group at Deloitte & Touche LLP; Jeremy Goss, CPA, audit partner, banking and…
The Myth of Auditor Independence
Waking Up to Unconscious Bias
The AICPA Code of Professional Conduct requires that members in public practice be objective, free of conflicts of interest, and independent in fact and appearance…
CPAJ News Briefs
FASB, IASB News
FASB News FAF Appoints New Executive Director John Auchincloss, acting president of the Financial Accounting Foundation (FAF), the parent organization of FASB, has been appointed…
ICYMI | The PCAOB as Third-party Payer
A Proposal to Address Concerns over Public Company Auditor Independence
The idea of introducing a third-party payer into the auditor-client relationship has received some attention from regulators, academics, and accounting firms in recent years. Years…
Reforming the Auditing Profession
Improving Quality, Transparency, Governance, and Accountability
In Brief Independent audits of public company financial statements are a cornerstone of the global financial system. Recent events, however, demonstrate that these audits are…
Foreign asset reporting—including the reporting of foreign retirement plans—is a high priority for the IRS, which in 2019 listed the “failure to report offshore funds”…
About the Panelists Beverly Bahlmann, CA(SA), deputy director at the IAASB; Bob Dohrer, CPA, CGMA, chief auditor at the AICPA; Shawn P. O'Brien, CPA, senior consultant for business development in…
Making Progress in Albany on Electronic Signatures
Publisher’s Column
In many things, New York is a recognized leader, standing at the forefront of finance, culture, and innovation. Yet it remains behind in terms of…
CPAJ News Briefs
PCAOB, FASB, GASB News
PCAOB News SEC, PCAOB Discuss Coronavirus Impact with Big Four Audit Firms During discussions over the past two weeks with Big Four audit firms, SEC…
In Brief The Tax Cuts and Jobs Act of 2017 (TCJA) is generally considered the most significant tax legislation since the Tax Reform Act of…
Ensuring Integrity: A New Strategic Vision for Improving Audit Quality
Annual Auditing Conference at Baruch
The 14th Annual Audit Conference, hosted by Baruch College on December 3, 2019, once again brought together auditors, regulators, standards setters, and preparers to discuss…
Keynote Address: William D. Duhnke III
Annual Auditing Conference at Baruch
Currently, the PCAOB is in the middle of a significant change. As many of you know, I joined the PCAOB just under two years ago.…
Regulators and Standards Setters: Updates and Discussion
Annual Auditing Conference at Baruch
About the Panelists The panel featured Marc Panucci, CPA, deputy chief accountant of the Office of the Chief Accountant, SEC; Megan Zietsman, CPA, the chief auditor and director of…
Industrial Production Index Industrial production improved in the latest report, due largely to better output of automobiles and parts following the settlement of the GM…
With stocks at or near record levels, prudent financial planning might call for taking defensive measures. One strategy could be to focus on dividend-paying stocks.…