The board of the California Public Employees' Retirement System approved a measure to give governance staff members the discretion to vote against directors in cases of severely compromised auditor independence. According to Dow Jones, the new policy adopted by the $180 billion pension and retirement fund will be applied to the roughly 1,700 companies that it holds in the Wilshire 2500 index. The measure means that CalPERS would vote against ratification of firms that handle certain types of work for audit clients that the fund believes can potentially compromise their independence. The CalPERS vote mirrored a proposal by the Public Company Accounting Oversight Board that would bar tax services seen as likely to compromise an auditor's independence. As a result of the vote, the staff will make decisions case-by-case to withhold votes for the re-election of audit committee members if they see instances where directors have not acted in the best interests of the company shareholders.
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The impending end of support for Windows 10 has been delayed, giving accounting firms a little more time to make upgrades before it is officially obsolete.
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The Internal Revenue Service has declared 83 pieces of old guidance in the Internal Revenue Bulletin to be obsolete in accordance with Trump executive orders.
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The Public Company Accounting Oversight Board gave reminders for auditors who audit smaller public companies in its latest staff publication.
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The IRS's Criminal Investigation division needs to do a better job of keeping track of the billions of dollars in cryptocurrency, says TIGTA.
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The American Institute of CPAs hopes to smooth the Trump administration's move away from paper tax refunds at the Internal Revenue Service.
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Making use of refunds; playing defense; how to use thin air; and other highlights of recent tax cases.
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