In Brief Examinations or audits of an organization's quality control assurance system (QCAS) are not presently required, despite the fact that defective products or services…
Last October's column was about the need for change in the way accounting is taught in high school and college (“The Accounting Curriculum Needs a…
In Brief Financial statement fraud is often thought of as an “inside job,” something perpetrated by the management or employees of the organization being audited.…
Fiduciary Duty, Due Care, and the Public Interest
A Practical Dilemma for CPAs
The times have changed dramatically for CPAs. No longer are there only purely traditional CPA firms providing accounting, attestation, and tax services. The major firms…
In Brief The risk of fraud or noncompliance with rules and regulations is ever present in the current business and legal environment. Managing this risk…
In Brief Fraud continues to be a pervasive problem for businesses across the world. Nevertheless, most business ethics programs are compliance driven and thus fail…
Streamlined Disclosure in U.S. v. Brian Nelson Booker
A Former CPA Sets a Dubious Precedent
Brian Nelson Booker has the dubious distinction of being the first person criminally charged by the Department of Justice (DOJ) with allegedly making false statements…
Codifying the Fundamental Principles of ‘Professional Behavior’
Strengthening Professionalism by Enhancing Moral Conduct
In Brief Acts considered “discreditable to the profession” are those that bring harm to one's reputation or that of the profession. Acts of “moral turpitude”…
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…
Since 1973, GAAP (APB Opinion 28) has recognized the acceptability of presenting condensed interim information by public companies as provided for in Article 10 of…
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…
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…
The Lawyer's duty is first of all to his client, and that duty frequently compels him to avail himself of technicalities and other means 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…
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…
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…