In Brief The past year has seen inflation reach levels not seen since the early 1980s. Under the circumstances, it can be instructive to revisit…
First Look at the Secure Act 2.0 of 2022
Practical and Legal Considerations
On December 23, 2022, Congress passed the Securing a Strong Retirement Act of 2022 (Secure 2.0) as part of the Consolidated Appropriations Act of 2023,…
Detecting ‘Big Bath’ Accounting in the Wake of the COVID-19 Pandemic
Can Traditional Financial Metrics Find Earnings Management?
In Brief As many companies deal with the aftermath of declining sales and reduced profit margins associated with the COVID-19 pandemic, management may be tempted…
The ABCs of Worker (Mis-)Classification
Recent Developments in New Jersey
Whether a “worker” is properly characterized and treated as an “employee” or as an “independent contractor” is a complex—but increasingly important—inquiry for business owners and…
Regulators and Standard Setters: Updates and Panel Discussion
Highlights from the 17th Annual Baruch College Auditing Conference
The first panel of the conference, “Regulators and Standard Setters: Updates and Panel Discussion,” featured presentations and discussion on current topics in auditing standards and…
My first job out of college in 1992 was as an auditor for Arthur Andersen & Co. in their Baltimore office. Like so many other…
Critical Audit Matter Reporting
A Comparison of Years 1 through 3
In Brief It has been suggested that the recent introduction of Critical Audit Matters (CAM) to audit reports represents the most significant change to reporting…
Reassessing the Erroneous Refund Penalty
The IRS Flexes an Obscure Authority
Under IRC section 6676, the IRS has the authority to assess penalties against taxpayers for making erroneous claims for refund or credit. In a 2013…
PCAOB Chair Keynote Session
Fireside Chat with Erica Y. Williams
About The Speaker The keynote speaker at the conference was PCAOB Chair Erica Y. Williams. Williams was sworn in as the chair in January 2022, coming from…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Forté Capital's Selected Statistics U.S. Existing Home Sales Home sales, new and existing, have weakened due to the sharp increase in mortgage rates last year.…
Alarge majority of respondents to The CPA Journal 2022 Practice Management and Tax Practice Survey reported substantial difficulty in reaching an Internal Revenue Service representative, which…
On February 25, 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (ASC Topic 842) to “increase transparency and comparability among organizations by recognizing lease assets…
Many equity investments do not require the complete acquisition of investees and their consolidations. Depending on circumstances, companies may account for an equity investment as…
The Audit Committee’s Oversight for Cybersecurity
Targeted Key Considerations
Audit committees face increasingly complex demands and expectations when it comes to cybersecurity. Oversight practices have expanded from an initial focus on protecting lost shareholder…
Accounting for Changing Prices
There’s a Better Way Now
In Brief The past year has seen inflation reach levels not seen since the early 1980s. Under the circumstances, it can be instructive to revisit…
A recent up-tick in sales of books about agile internal audit tells the story of a new trend in the profession. The books range from…
Special Purpose Acquisition Companies
Financial Reporting Considerations
In Brief Special Purpose Acquisition Companies (SPAC) had, until recently, demonstrated unbroken growth as a popular alternative to conventional initial public offerings (IPO). Although SPACs…
First Look at the Secure Act 2.0 of 2022
Practical and Legal Considerations
On December 23, 2022, Congress passed the Securing a Strong Retirement Act of 2022 (Secure 2.0) as part of the Consolidated Appropriations Act of 2023,…
Independence Matters
Avoiding Pitfalls for the Unwary
In Brief Auditor Independence is integral to the financial reporting system and trust in the capital markets. But recent cases against large audit firms underscore…
Get Ready for the Future of Auditing
Technology, ESG, and Next-Generation Skills
The increasing use of technology is changing how businesses operate, which methodology and technology auditors use, and what career paths they follow. But the future…
Detecting ‘Big Bath’ Accounting in the Wake of the COVID-19 Pandemic
Can Traditional Financial Metrics Find Earnings Management?
In Brief As many companies deal with the aftermath of declining sales and reduced profit margins associated with the COVID-19 pandemic, management may be tempted…
The ABCs of Worker (Mis-)Classification
Recent Developments in New Jersey
Corey L. Rosenthal, JD, and Lance E. Rothenberg, JD, LLM Whether a “worker” is properly characterized and treated as an “employee” or as an “independent…
My first job out of college in 1992 was as an auditor for Arthur Andersen & Co. in their Baltimore office. Like so many other…
Critical Audit Matter Reporting
A Comparison of Years 1 through 3
In Brief It has been suggested that the recent introduction of Critical Audit Matters (CAM) to audit reports represents the most significant change to reporting…
Reassessing the Erroneous Refund Penalty
The IRS Flexes an Obscure Authority
Under IRC section 6676, the IRS has the authority to assess penalties against taxpayers for making erroneous claims for refund or credit. In a 2013…
Keynote Session
Fireside Chat with PCAOB Chair Erica Y. Williams
About The Speaker The keynote speaker at the conference was PCAOB Chair Erica Y. Williams. Williams was sworn in as the chair in January 2022, coming from…
Ensuring Integrity
Highlights from the 17th Annual Baruch College Audit Conference
The 17th Annual Audit Conference, hosted by Baruch College on November 29, 2022, once again brought together auditors, regulators, standards setters, and preparers to discuss…