Audit & Accounting

20 years: Looking back, around and forward

The American Institute of CPAs is encouraging firms to modernize the way they conduct audits by using data analytics technology and working to improve the way employee benefit plan audits are conducted in response to a critical Labor Department report.

American Institute of CPAs president and CEO Barry Melancon said the AICPA is pushing the Internal Revenue Service to improve its services for both taxpayers and CPAs while preparing to become a more international organization.

The Financial Accounting Standards Board has issued two proposed accounting standards updates to improve financial reporting by employers related to defined benefit pension and other post-retirement benefit plans.

The lease accounting standard that the Financial Accounting Standards Board plans to release this quarter is expected to have a major impact on many companies, requiring current off-balance sheet leasing activities to be reflected on balance sheets for the first time.

Nearly a third of financial reporting executives in a new poll said internal control over financial reporting was their highest concern beyond their financial reporting responsibilities.

The American Institute of CPAs’ Auditing Standards Board has issued an amendment to its auditing standards to clarify the format of the auditor’s report.

Companies are taking steps to prepare for a reputational crisis by employing an internal audit function, but less than half the board members polled in a new survey feel they are “well-versed” in the issues.

The Association of Chartered Certified Accountants and the Institute of Management Accountants have released a new report on how accountants can play a key role in the trend toward integrated reporting.

Bloomberg BNA is releasing its annual report on the year ahead in tax and accounting, containing a collection of over 20 articles from its reporters on the outlook for tax legislation, international taxation, state taxes, Supreme Court tax cases, accounting standards and other topics.