Audit & Accounting

The Illinois CPA Society and the city of Chicago are marking the 75th anniversary of when the first African-American woman became a CPA in the U.S.

The Internal Revenue Service issued a revenue procedure Wednesday providing information on how companies can change their method of accounting if they have switched from being an S corporation to a C corporation in response to the Tax Cuts and Jobs Act.

In an unusual event for an outsourced financial services firm, Consero earns a significant cash infusion from BV Investment Partners.

The Institute of Internal Auditors and the Internal Audit Foundation are seeking teams for a case study competition at the 2018 Internal Auditing Education Partnership Exchange in Orlando this September.

The trustees of the Financial Accounting Foundation reappointed Candace Wright as chair for a second three-year term on Tuesday, while also reappointing two other members to another two-year term.

While it cannot guarantee any negative publicity will result from an issue, it can help to manage the situation and minimize the reputational damage.

Steinhoff International Holdings NV suspended former Chief Financial Officer Ben La Grange and ex-director Stehan Grobler in the first action taken against current employees of the company following an accounting scandal.

The Public Company Accounting Oversight Board released a report Monday on its inspections last year of auditors of brokers and dealers, indicating a continuing high number of audit deficiencies overall, albeit with fewer independence violations than in previous years.

The Financial Accounting Standards Board released a proposed accounting standards update Monday to amend the transition requirements and scope of the credit losses standard that it issued in 2016.

A group of CPAs is stepping up its efforts to force the American Institute of CPAs to change its decision about opening the Accredited in Business Valuation credential to non-CPAs.