Audit

Highlights of some of our favorite tax-related blogs from the past week.

The Public Company Accounting Oversight Board is considering changes in its approach to audit firm inspections and enforcement, according to PCAOB board member Jeanette Franzel.

Two years ago, the Supreme Court held in Lawson v. FMR that employees of contractors of public companies, including employees of accounting and audit firms, are protected under the whistleblower protection provision of the Sarbanes-Oxley Act.

Finance is changing, and that much is clearly evident whether you are employed at a public firm, private industry or academia.

Anne-Lise Vivier of Thomson Reuters explains in this video some of the differences in the lease accounting standards under U.S. GAAP and IFRS.

Check out the digital edition of the May 2016 issue of Accounting Today.

As a management accountant and a CEO, I know first-hand the field continues to grow and expand. I was happy to learn that the Bureau of Labor Statistics expects management accountants and auditors to experience double-digit growth through 2024.

The Financial Accounting Standards Board is expected to release a scaled-back set of changes in accounting standards for nonprofit organizations this summer, with more far-reaching changes planned for the future, probably depending on whether they can also apply to for-profit businesses.

Anne-Lise Vivier of Thomson Reuters discusses some of the changes in FASB's new lease accounting standards in this video.

The Financial Accounting Standards Board’s Emerging Issues Task Force has issued an exposure draft proposing changes in how restricted cash should be treated on the statement of cash flows.

Mandatory rotation of auditing firms could lead to more “opinion shopping” by companies looking for clean opinions on their internal controls, a new study suggests.

Abbott Laboratories may be worried it has another Valeant on its hands in its proposed merger with Alere -- and investors should be on the lookout for future look-a-likes.

The Securities and Exchange Commission has agreed to settle charges with a Maryland firm and one of its partners that their surprise examinations of an investment advisor were inadequate.

Disruptive technologies are adding urgency across all industries, accounting included, with clients and staff alike held to greater expectations regarding the quality and timeliness of services and products.

An update on the board’s proposed ASU for NFPs

The Financial Accounting Standards Board has voted to proceed with issuing a long-awaited standard in June on credit losses on loans and other financial instruments, a key component of its financial instruments convergence project with the International Accounting Standards Board, and to defer the effective date for one year.

The Vatican’s Holy See has suspended its contract with PricewaterhouseCoopers but stressed that the suspension is not due to problems with PwC’s work.

To improve accountability around the world, representatives of the U.S. Government Accountability Office’s Center for Audit Excellence and the U.S. Agency for International Development signed a memorandum of understanding on Monday to set up a framework for collaboration on training and technical assistance efforts.

Drew Bernstein of Marcum Bernstein & Pinchuk discusses the challenges and benefits of auditing companies in China in this video.

The Public Company Accounting Oversight Board has published an alert describing concerns from the PCAOB staff about auditors improperly altering audit documentation in connection with a PCAOB inspection or investigation.