ISM Manufacturing Index There are further signs of a slowing economy in 2019. The Institute for Supply Management (ISM) Manufacturing Index, while still above 50%,…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
In a speech at Baruch College's 18th Annual Financial Reporting Conference, PCAOB member Kathleen Hamm stated: “Technology offers the promise of combining increased efficiencies with…
Understanding Electronic Medical Records
Reliability and Integrity as Critical Components of Medical Practice Valuation, Profitability, and Compliance
The sale and merger of medical practices into larger medical groups or hospital networks is an ongoing trend that began almost a decade ago. A…
I enjoyed Michael Doron's article in the February CPA Journal (“The PCAOB as Third-party Payer”). The PCAOB as a third-party payer is—as the article correctly puts it—an…
Performing Tests of Internal Controls Using Process Mining
What Could Go Wrong?
Process mining provides a new approach to gathering audit evidence by automatically analyzing the entire population of event logs recorded in a company's IT system.…
Cybersecurity and Data Breaches
Learning from CCH’s Mistakes
By this point, every CPA knows that CCH was attacked by malware in early May, causing a mass outage of its platform for several days…
Cybersecurity Risks and Controls
Is the AICPA’s SOC for Cybersecurity a Solution?
In Brief As high-profile corporate data breaches continue to occupy headline space, businesses are grappling with how to confront a serious risk that changes on…
Technology pervades virtually every aspect of modern American society, including the courtrooms. When technology is sound and used properly, it can yield fantastic results, improving…
Meeting the Challenge of Artificial Intelligence
What CPAs Need to Know
The rapid advance of technology has resulted in CPA firms hiring more nonaccounting graduates in order to integrate new tools into their practice. For example,…
Tax Changes in the 2019/2020 New York State Budget
Summary of Key Provisions
On April 12, Governor Andrew Cuomo signed New York's FY2019/2020 Budget Bill (S. 1509-C, A. 2009-C), allocating $175.5 billion and enacting numerous significant tax and…
Fraud in a World of Advanced Technologies
The Possibilities are (Unfortunately) Endless
In Brief For many years, internal controls have been the focus of auditors' risk assessment as they seek to attest that the control environment is…
Internal Auditing: Trends and Challenges
An Interview with Mark Martinelli
Internal auditors are tasked with bringing objectivity to the assurance functions they perform within an enterprise. They are also increasingly called upon to provide a…
Although some are unaware of the fact, taxpayers can recover fees and costs from the government if the IRS has taken an unreasonable position against…
In Brief With the popularity of and increasing reliance on data analytics to drive strategic business initiatives and achieve organizational objectives, the accounting profession's interest…
The growth of cryptoassets has made it incredibly challenging for regulators worldwide to standardize and issue authoritative guidance. Professional accounting standards setting bodies, including FASB…
Machine Learning in Auditing
Current and Future Applications
In Brief Machine learning provides the potential for significant improvements in audit speed and quality, but also entails certain risks. The authors provide a general…
Around the globe, cybercrime cost society over $3 trillion in 2018, and this cost is forecast to rise to $6 trillion by 2021 (“Cybercrime Damages…