June 24, 2016

Will the Brexit Break E.U. Audit Firm Rotation?

The European Union’s new rules for mandatory audit firm rotation took effect on June 17, only a week before the United Kingdom voted to “Brexit” from the E.U. How will that affect audit firm rotation in the U.K. and Europe?

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Posted by Michael Cohn at 05:48PM | Comments (1)

June 23, 2016

Small Business Lender OnDeck Partners with Accountants

A small business lending company, OnDeck, has recently launched an Accountant Advisor Program that helps accountants arrange financing for their small business clients.

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Posted by Michael Cohn at 05:58PM | Comments (0)

June 22, 2016

Galleon Insider Trading Witness Shares Details of Fraud

Roomy Khan, a technology executive and financial analyst who helped convict Galleon Group founder Raj Rajaratnam on fraud charges, told a group of fraud examiners last week about how she became enmeshed in the insider trading scheme.

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Posted by Michael Cohn at 06:01PM | Comments (0)

June 21, 2016

New PwC Assurance Leader Aims to Increase Diversity

PricewaterhouseCoopers recently announced PwC’s new leadership team, including Maria Moats, a Latina who has been working as chief diversity officer at the firm and will assume the role of U.S. assurance leader, effective July 1.

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Posted by Michael Cohn at 05:43PM | Comments (1)

June 20, 2016

FASB Credit Loss Standard Will Prompt Changes at More than Banks

The long awaited credit loss standard that the Financial Accounting Standards Board released last week is expected to have a wide-ranging impact beyond only banks and financial services firms.

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Posted by Michael Cohn at 04:02PM | Comments (0)

June 15, 2016

Judge Rakoff Sees Resistance to Fraud Prosecutions

Judge Jed Rakoff told attendees at the Association of Certified Fraud Examiners' Annual Global Fraud Conference in Las Vegas that prosecutors are falling short on prosecuting fraud.

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Posted by Michael Cohn at 05:11PM | Comments (0)

June 13, 2016

South Korea Mulls Ousting Negligent Accounting Firm CEOs

South Korea is considering a bill that would allow regulators to oust the CEO of an accounting firm that is found to be negligent in controlling audit quality.

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Posted by Michael Cohn at 05:24PM | Comments (1)

June 10, 2016

Staggered Board Elections Hurt Audit Committees

Staggered terms of board directors at public companies have fallen out of favor in recent years, in part because they give shareholders less influence over management, and new research suggests a staggered board structure could also hurt the effectiveness of audit committees.

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Posted by Michael Cohn at 03:54PM | Comments (0)

June 8, 2016

There's Gold in Them Thar Accounting

The World Gold Council, a market development organization for the gold industry, has some ideas about developing a common accounting framework for gold that could be used by central banks in countries around the world.

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Posted by Michael Cohn at 05:17PM | Comments (0)

June 7, 2016

Finance Execs Anticipate Growing Compliance Costs

The costs of the finance and accounting function at many companies are expected to climb in the next few years, according to a new survey.

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Posted by Michael Cohn at 05:09PM | Comments (0)